wooliebear07 asked:


I currently have my student loans consolidated through citi-bank. The payments are too high for me to keep up with. Can I consolidate again through another company or am I stuck with citi-bank. I desperately need a lower payment and citi-bank will not work with me.

Ryan asked:


This is the deal Graduate Leverage gave me on a 25yr. payment plan for $31,500 in student loans. My payments came out to only $173 a month. Is this as good a deal as I am going to get on consolidation? (1% is taken off the interest rate after 17 timely payments with a .25% deduction taken off for automatic withdrawal )

asked:


I had two student loans each about 2,500 dollars each. I have been out of work for 5 years raising my duaghter and haven’t been able to afford any kind of payments on the loans. Since then a creditor has taken over. I now owe 8,000 to them. Is there any student loan companies that will take it over and I can make payments to them at a low interest rate. I am now working and would like to start paying on my loans. Thanks

dezavala_rd asked:


I’m a college student with bad credit but need to pull out more loans so I can cut back at work. The Stafford Loans aren’t cutting it.

TIFFANY C asked:


I owe about $8000 dollars in student loans from various companies and I would like to consolidate into one monthly payment. Any suggestions?

Parents who wish to take out loans to fund their children’s higher education goals often look to the PLUS loan program issued by the federal government. The PLUS loans offered are of great benefit because they can balance the total amount needed for the education and include books, residence and food programs.

Parents are able to begin repayment on the loans immediately and even opt for PLUS loan consolidation upon beginning paying the installments. Parents tend to do quite a bit more research on their financial undertakings so it is important that they be made aware of the consolidation situation.

The Rush Many people will rush to consolidate their loans thinking that there is a particular closing date to get loans each year. The reality is that on July 1st of each year the interest rate is revised by the US Treasury Department and typically increased by some measure. Prior to this, you can get the rate from the previous year. There is no particular reason to rush into a PLUS loan consolidation to get a great rate. The rates do not change by much each year and the difference can often be within the hundreds of dollars rather than the thousands.

Taking Time It can sometimes take a short period of time to have a loan approve. More often than not, loans take a month or more to have approved. PLUS loan consolidation can take even longer because the borrower has to go through a credit check to make sure they are financially fit enough to repay a consolidation loan. The loan processing time typically does not affect the interest rate you receive.

If your loan application was done before the July 1st deadline you should receive the previous year’s interest rates. Sometimes the delay in loan processing is due to the sheer number of borrowers who want to have their student loans consolidated. There can be tens of thousands of application processed each month.

In some cases there are lenders who seek to take advantage of the delays in hopes the borrower will forget about the application and they can make profit off of the typically short attention span of people in the internet age. The US Department of Education is taking steps to improve the delays in loan processing time. They are imposing penalties on lenders who have excessively long processing periods and go as far as barring them from participating in the federal loan programs.

By: Sara Sentor

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AssociatedPress asked:

President Bush said Saturday that the credit crunch is threatening the availability of student loans. He said his administration is doing what it can to help with emergency loans but prodded Congress for authority to do more. (April 26)

__A_YAHOO_USER__ asked:


I am about to gain a $13000 debt in student loans. In about 6 months we are applying for a home loan. Will that student loan be applied to my debt to owe ratio? Will it be a factor when applying for a home loan?

greg29 asked:


Hello, I am looking for more info on student/college loans for adults.

I am a 28yr old male in Florida looking to complete my bachelors degree in something IT-related,

Does anyone know of any free grants, scholarships, or other free money; also dont you have to make a certain amount of money to qualify for a loan,

Well the reason I am trying to go back, is because my career is not stable(graphic arts) and pays like crap(even with 5 yrs experience. Catch 22 , so how can I qualify for a loan???

Need serious help asap
Any feedback would be appriciated.
Thanks

Any college graduate not only receives a diploma, but lots and lots of college loans to start repaying. In order to survive college, you probably needed to get many loans from a variety of lenders. For many student loans, you must start repaying them a mere six months after graduation, whether you’ve found a job or not. If you got a variety of loans, then perhaps you should consider next getting a student loan consolidation loan. Don’t worry about the paperwork. If you managed four or more years of dealing with class registration and final exam questions like “Why?”, then you are well qualified to deal with banks and other lenders.

What Is It?

Student loan consolidation loans, although sounding a bit strange, are actually quite common. They work on the same principles as debt relief consolidation loans. Basically, the lender contacts all of your creditors (businesses you owe money to), pays it all off; and then you pay the new guy one payment loan at lower interest rates than all of your original loans.

Now, if you owe less than $10,000 in all of your student loans combined, you may have a hard time finding a student loan consolidation lender. They are a business and are primarily interested in making profit. Less than $10,000 in debt might not be enticing enough for them.

Where Do I Go?

If you have enough debt to make it worth a student loan consolidation lender’s time, they’d love to hear from you. There are many reputable in store and online lenders. Don’t use any who send you spam. Chances are they are scams. To start your search for a student loan consolidation lender, you can ask your creditors. Refinancing and consolidation loans happen everyday in the wacky world of finance, so they may have solid references of lenders they prefer to do business with.

When you are checking out your prospective lender, make sure it’s federally insured. They usually will even proudly display this number in their promotional literature. You might even want to check out federal student loan consolidation terms – yup, you’d be paying back the government. The Federal Consolidation Student Loan has a user friendly website where you can print out your application form and get an estimate on how much you’ll save. If you’d rather call, their free number is 1-877-328-1565.

By: Kondwani Nyangulu

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