Get Your Kids A Private School Consolidation Loan

By Mary Foster

Most parents want to send their children to private schools with the aim of providing their kids the best kind of education available. However, since private schools are prohibitively expensive, in most cases many parents have to do some calculated financial management in order to pay private school fees.

Most parents either sacrifice some of their personal needs in order to save money for their kid’s education or take a loan. Most middle class parents have to resort to doing both. And even after all these sacrifices, many parents and kids find it hard to pay back these educational loans. Consolidation loans for private schools help both students and their parents in managing their private school loans easily.

Consolidation loans for private school education are designed to make the loan repayments and management process easier for debtors. So when you take a consolidation loan, then all your previous loans taken to facilitate your child’s education in a private school are clubbed together and paid off by the consolidation agency. You are left with just one single loan with a fixed rate of interest and a single monthly installment. Consolidation loans for private school funds also let debtors avail several benefits, like flexible repayment options and payment deferments etcetra.

Private school consolidation loans can be availed for most federal loans. You can either avail of a Direct Consolidation Loan which is issued by the U.S. Department of Education or contact other lenders like banks and loan companies for taking a FFEL Consolidation Loan.

The interest rate for your government funded direct consolidation loans or your FFEL consolidation loans is based on the average interest rate of all the outstanding loans that you plan to consolidate and is fixed for the entire loan repayment period, no matter how long it might be. As a rule, the rate of interest is not more than 8.25 per cent.

The consolidation agency does not charge anything extra as consolidation charges, but in some cases, the rate of interest is increased by a very slight margin for consolidation loans taken for funding private school debts. While these loan consolidation schemes offer quite a reasonable rate of interest and can be paid back over very long periods of time, it is best to try and pay back your loan within the shortest duration possible, because as a debtor, you almost end up losing all the benefits of loan consolidation if you have to keep paying an eight per cent interest for a period of thirty years.

Mary Foster is a Financial Adviser with 10 years as an Accountant and Student Loan Consolidator. She is the author of Consolidation Loan Private School Weblog. Read her latest articles and recommendations to help find a debt free plan that works.

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When To Consider School Loan Consolidation

By Jon Arnold

If you have recently graduated within the past couple of years, chances are very high that you still have student loans that need to be paid off. Depending on your vocation or area of study, you may be having a difficult time finding the right job in today's business world, but the problem is that in the meantime, your student loans are coming due and need to be paid back so that you don't start to pile up a truckload of interest charges, which only aggravates the problem.

One of the things you may wish to consider is a school loan consolidation service. Depending on your financial status when you were in school and working on your degree, you may even have multiple school loans that need to be paid back now that you have graduated. If you have not yet found the right job, you may be in a situation where the total amount of your combined repayments on those school loans almost exceed the amount of monthly income you have.

A school loan consolidation program can help you immensely here. With a school loan consolidation program, what happens is that you get a personal loan that repays your school loans every month. In this way, you do not default on those loans and you do not incur additional penalties in interest charges, because your loans are being paid back on time and by their due date, assuming you make timely payments on your school loan consolidation program loan.

The benefits of such a program are that you do not get negative remarks or signs in your credit report. Since credit reports are being used these days for a wide variety of purposes, including evaluating you for a job position and even to dictate the amount of premiums you will pay for car insurance, keeping your credit report as clean as possible is a critical step in getting on the right track for your future. In a job situation, the state of your credit report could be the difference between you getting that job or the job being offered to someone else even if they are less qualified than you. Do not underestimate the power of having a very clean credit report.

The additional benefit with a school loan consolidation program is that these companies normally also report to the credit bureaus. So if you make your payments on time on your school loan consolidation loan, those timely payments will be positively reflected on your credit report, as well as showing that you are paying back your original student loans on time with at least minimum payments.

Although many people do not like programs such as this, it appears that such dislike is more based on pride than anything else. From a financial and economic standpoint, it is a wise move since you are protecting your credit rating. It is certainly better than filing for bankruptcy, which is something that would be a huge negative on your credit report for many years to come. Taking out a personal loan to pay off your school loans is not a bad idea, but the temptation to spend that money on something else will be tremendous, and if you do that, you will be in even worse shape than you started with, since you will still have student loans PLUS a personal loan to pay back.

Consider a school loan consolidation program to get your student loans paid back and start your new life on the right financial foot.

For more insights and additional information about School Loan Consolidation as well as getting a free online consolidation quote, please visit our web site at http://www.debtconsolidationstrategies.com

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A School Loan Consolidation Primer

By Jay Stockman

"Hey Dad!", my son screamed from our front door, "I did it, I was accepted to Boston University.". My momentary exhilaration was overshadowed by the financial realities of college, especially private college. A quick calculation of my costs for 4 years of tuition, and expenses came to roughly $250,000, a very intimidating figure. Overwhelmed I thought, how could I possibly afford to send him to college? Fortunately, there are various options available to finance this academic endeavor.

Federal programs are the single, largest source of school loan consolidation. The first step in applying for this type of aid is going on the Free Application for Federal Student Aid (FAFSA) website, at http://www.fafsa.ed.gov/, and fill out a comprehensive questionnaire. It generally takes around 7 days to process, at which point you will receive a Data Release Number, and Estimated Financial Contribution. It is important to find out if the school you will be attending participates in the federal student aid programs, most do.

There are several federal programs available for student aid, assuming school participation. The Federal Stafford Loans, are available to both undergraduate and graduate students. First-year undergraduates are eligible for loans up to $2,625. Amounts increase for subsequent years of study, with higher amounts for graduate students. The interest rate is variable, but never exceeds 8.25 percent. The Federal PLUS Loans are unsubsidized loans made to parents; the interest rate is variable, but never exceeds 9 percent. Federal Work Study provides jobs to undergraduate and graduate students, allowing them to earn money to pay education expenses. These are the major federal sources of loan money for college.

Private education loans are also available from a variety of sources to provide supplemental funding when other financial aid does not cover costs. These loans are not sponsored by government agencies, and are offered by banks or other financial institutions. Sallie Mae is a unique loan that consists of a comprehensive package of both private and federal loans.

After accumulating 4 years of undergraduate education loans, it is best to consider a School Loan Consolidation Program. Very simply, you can elect to combine all your outstanding loans into one student consolidated loan, which may create more favorable terms and simplify repayment, benefiting both the borrower, and the lending agency. Major benefits include the convenience of lower monthly payments, a single fixed rate, and one payment per month. There is a minor downside, however, students who do not consolidate their Stafford loans will have a 6-month grace period after graduation to begin making payments. Students who consolidate must begin making payments within 60 days of their consolidation. Both parents and students are eligible to consolidate student loans. The school loan consolidation program streamlines repayment by eliminating different terms, repayment schedules, and lenders.

Will I be able to afford my son’s college education? Careful financial planning, and research should make this endeavor a reality. While it is true that college tuitions continue to rise, there is more financial aid available to compensate for the increases. Ultimately, a good education is your best investment.

Jay B Stockman is a contributing editor for Online College Loan Refinance Resource Visit http://www.online-college-usa.com/ for more information.

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How School Loan Consolidation Can Help You

By Kelly Hunter

Education is a necessary criterion for success in the current economy that we live in, however the costs of such education especially in a country like the United States, is another matter to be considered. The huge costs required in order to get the best education possible results in a situation where people have to take out loans in order to get the education they need. Often enough one loan hardly covers the expenses associated with a complete education and people have to take out various loans in order to get the education that they need. Lenders may be generous when disbursing loans to individuals but they hardly maintain such generosity when it is time to collect. A reminder of the obligations to pay will come before and as soon as you have graduated from the educational institutions which you attended with the loans that you took out. The stress of coping with various loans that require monthly payments may be difficult to handle especially when you have one loan that requires servicing and another the next and so forth.

School loan consolidation is a means whereby a person who has outstanding loans can group all the loans that are owed into one loan which has a particular repayment plan with a certain interest rate. The repayment plan may be stretched over a longer time period than what was in the initial loan agreement. Also the payment period and terms of the new consolidated loan is much more flexible and you can negotiate lower interest rates.

For eligibility for a particular school loan consolidation program you will have to satisfy certain requirements. These requirements will first entail your submission of the existing information about all previous loans that you are obligated to repay. You either take the necessary time to sort out the details of all these loans yourself or you inquire if there are easier ways of knowing all of the details of every particular loan that you owe. Most loans that are obtained from Federal institutions are easy to remember because details of these loans are collated under certain collective databases. Credit Union loans also provide an easy recollection and retrieval of the details of all your outstanding loans.

If one lender is responsible for the issuance of all your loans, this same lender may also operate a loan consolidation program that you can easily take advantage of. This makes it easier for you since all the paperwork and legwork that you have to do is situated under a single roof. When considering different school loan consolidation programs you should also ensure that you check for the veracity and authenticity of any offers made to you. A number of unscrupulous elements exist who offer mouthwatering interests and prospects only for you to discover much later on that you are the victim of any elaborate scam. One way of recognizing a scam for what it truly is, is if the advertiser of the consolidation program asks you to pay certain fees before your application has been approved.

Kelly Hunter operates http://www.school-loan-consolidation-guide.com and writes about School Loan Consolidation.

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Free Up Cash With a School Loan Consolidation

By Christopher Luck

A school loan consolidation is a great way to think about being able to save yourself some money. Sounds a little too simple, doesn’t it? Well the fact is that it really isn’t much more complicated than that. Take some time to look into what a school loan consolidation is and you will see how easy it is to save yourself some cash.

School loans are loans available to college student and their parents in need of financial assistance. For some, it is either the major source or only source for income while they are in school. However, there are different types of loans, so by the end of school, you may have a number of separate student loans. That is the first place that school loan consolidation comes into play. You can get those separate loans made into one simply loan with one payment.

What a school loan consolidation is, in effect, is the same thing as any other debt consolidation or mortgage refinance. It is basically multiple debts combined into one debt; the consolidation company pays off your debts for you and you pay them back with one payment per month. With a school loan consolidation, like with any consolidation, you will end up with less overhead, lower monthly payments, and thus more money in your pocket for your personal use.

A school loan consolidation is something you really should consider whenever the consolidated loan would have a lower interest rate than the current loans do. Plus, you won’t have to be concerned with making multiple payments each month, since your school loan consolidation is just one monthly payment. In addition, many merged loans result in more flexible repayment options and no prepayment penalties. If you shop around, you can likely even find a school loan consolidation that doesn’t require a credit check.

It is important to keep an eye out for school loan consolidations that do not charge for prepayment. When you consolidate your loans, you will likely be able to refinance the loans for up to 30 years, the length of a typical mortgage. However, you will likely want to pay that off sooner once your post-college job kicks in and your earning power increases. If your school loan consolidation charges a prepayment penalty, you will end up spending more than you should on the loan. Especially since the longer the loan period is, the higher the interest rate will likely be. That is great while you are still in school, since you need more cash available and are on a tighter budget. However, once you are in the working world and have more money available, you will want to either refinance again or just pay your school loan consolidation off early.

If you, like most students, have multiple school loans, a school loan consolidation may be of great help. Students, as you know, are on tight budgets and are just trying to tread water while they are finishing their education. With a well thought out school loan consolidation, you can free up money and then make up the difference later and pay off the loans early, at least as long as you avoid consolidations with prepayment penalties.

If you would like more information on my school loan secrets, or read more articles like the one you just read, please feel free to visit my debt consolidation blog

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Save Money With School Loan Consolidation

By Janice Streets

Education is very important for anyone in order to make sure that the future will be well for you and your family. If you are the parent of a student, you surely want to make sure that the education of your children will continue no matter what you financial condition may be.

Taking student loans may be a helpful avenue for you to ensure that you will be able to support the education of your children. If you are likewise a student trying to pursue higher education, student loans may also be helpful to ensure that you will not sacrifice your children’s future while pursuing your own education.

Too many student loans may become painful in your financial condition. This may possibly lead to serious financial problems such as:

• Harassing collection letters, this may be dreadful because it may affect your general financial status including the possibility of continuing your education.

• Possibility of bankruptcy, you surely have other loan other than your students loans, thus if you fail to pay your regular monthly dues, there is a possibility that if you cannot balance your repayments, you may end up filing for bankruptcy. I know you do not want this so you may need to take other avenues to be able to pay your loans.

• Delinquency, if you cannot pay your monthly dues on time, delinquency may lead to harassment from creditors.

To avoid serious financial problems, you may proactively arrest this by getting school loan consolidation.

What is school loan consolidation?

School loan consolidation is a single loan acquired to secure payment of various student loans. Your school may offer school loan consolidation or a financial entity tied up with your school to give student borrowers payment leeway. Thus, you will only need to pay one creditor.

What are the benefits of school loan consolidation?

• School loan consolidation will give you the convenience of paying only one debtor.

• You will pay lower interest because interests will be computed on the weighed average of all the loans consolidated.

Aside from the ease of paying only one debtor, your school loan consolidation may need to be paid on a schedule and even upon graduation or separation from the school.

This will then assure that you will be able to pay your loans at a specific scheduled that will be convenient for you, the parent who wants to secure the future of your family.

Debt consolidation, in this case, school loan consolidation may be helpful to you and your family. If you however can secure regular payments of your loan, school loan consolidation may not be for you.

Again, education is an important aspect of ensuring good future for your family; do not sacrifice this because you are afraid of being harassed by creditors. All you need is to ensure that you will be able to pay your students loan regularly and if any problems kicks in, get ready to acquire school loan consolidation, it may be your best defense against bankruptcy.

Learn more about school loan consolidation at e-schoolloanconsolidation.com

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School Consolidation Loan Basics

By Shellaine Enfesta

Because of students that are having trouble with their school financial obligations, debt consolidation companies came into existence. They serve as medium or an option on how to deal with the students woes. These types of programs help ease the students multiple monthly bill payments. For most students, they resort to these programs of repaying their financial obligations.

To start, make a list of all your loans, the names of your lenders, the interest rates on each of you loans and debts, the amounts you owe on each of those debts and loans, and the amounts of your monthly payments on each of you loans.

If you make this list in such a way that it is formatted for you to easily see those numbers/amounts, you can readily determine how much you are paying monthly at the moment.

By now you should be able to determine if what you are currently making (income) can meet your monthly payments. If not, there are other options. Like, get another job, a part time job to augment your finances. Or think of other sources of income. If that one is not possible, and your actual payments exceed what your monthly budget is, then probably it is time to consider about School Consolidation Loan.

A school consolidation loan can be easily obtained. But, always shop around for the best- meaning, which program that can reduce your monthly payment and also reduce your interest rate.

The best school consolidation loan is the one that is from the federal government programs. If you go to the website of the US department of Education you can find a lot option on which you like and which type of loan program that suits you and where you can qualify. To name a few, Direct Consolidation Loan which I think is the best. So try going through the Federal Consolidation Loan Program.

You can also make your application online.

Always bear in mind that if you do a school consolidation loan during the grace period, you can lock in an interest rate that would be at least half percent lower than the current repayment rate. There are also a lot of lenders that provide discounted rate if you sign up for their electronic payment program and make a consistent on time payments for some period of time that will specify.

Some programs grants some immediate payment relief if you ask for deferment or forbearance. Reminder: When filing out a school consolidation loan application, always make sure you have all the necessary documents and fill up everything that is needed to be filled to avoid delays.

To lessen your burden and to simplify your debts and school loans, and get it more manageable, take a school consolidation loan.

But before getting into these programs, be sure to do a due diligence or research in finding the right company to handle and negotiate your loan. This would make save more money by reduce interest payments and avoid the other pitfalls of a school consolidation loan.

Students troubled with their financial debts check your options at http://www.LingWellness.com and multiple monthly bill payments, consider your options at http://www.lingwellness.com

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Benefits Of School Loan Consolidation

By Danny Palse

School Loan Consolidation Benefits

Will School Loan Consolidation really help you?

There are many benefits of school loan consolidation. This is applicable even if you have no difficulty in making your monthly payments at present.

Here are some key of the benefits.

Loan payments are made to a single lender :: You need to make a SINGLE payment to ONE Lendeer by doing school loan consolidation, making things easier.

Reduce monthly loan payments :: You will save 10% - 60% by doing school loan consolidation. This will ease the pressure on your monthly budget.

Your credit score will improve:: By doing school loan consolidation, you will help your credit scores and debt-to-equity ratio. These are key factors, if you’re looking to purchase or refinance a home.

You can pay off high-rate debt:: High-rate debt, such as credit cards can be paid off by using saved money, improving your bottom line.

Both school students and parents can cosolidate:: The borrowings of both school students and parent borrowers can be consolidated. Students and parents however, cannot combine their loans through consolidation but can do it separately.

Variety of options and benefits :: The lender who will consolidate your school borrowings sometimes offers variety of benefits some of these are - low rates ,interest rate reductions with on time payments, flexible repayment and deferment options.

Additional benefits from lenders:: The lender can also finance you in other aspects e.g money to go to college after school, establish a business or help in getting a head start on retirement planning.

Danny Palse - http://www.schoolcolleges.com/school-loan-consolidation-1.html

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Student Loan Debt Relief - School Loan Consolidation

By Ivar Rudi

In order to relieve some of the financial burden associated with furthering their educations, many students are opting to consolidate their debt at lower rates, and getting a longer period of time to repay. The following paragraphs will answer some commonly asked questions about the subject, as well describe how it can aid in debt relief.

What Is Student Loan Consolidation?

It is the act of combining your school loans into one in order to help manage your financial burden caused by college or trade school. When you consolidate you will only have one monthly payment to make, which is usually lower than your combined monthly payments of your unconsolidated loans. This is possible because when you consolidate, you are generally offered a longer time period to repay - sometimes up to 30 years. Many consider the lower payment a huge benefit, which it is, but it can also cause you to pay more interest, over a greater length of time, than you would with your combined unconsolidated student loans.

The rates are generally lower, and most often the rate will be fixed. With unconsolidated loans, most commonly the interest rates are variable, which means they can change at any time, sometimes without much warning. With a fixed rate, the monthly interest will remain the same throughout the entire duration of your consolidated loan.

What If I am Default on My Student Loan Payments?

If you are default in making your payments, you may still qualify. It is important to check with your debt holder, to ensure your defaulted loan has not been subject to wage garnishment. If your defaulted debt is subject to wage garnishment, you may not be able to consolidate.

How Can I Obtain More Information Regarding School Loan Consolidation?

There are many ways to obtain more information regarding this issue including:

· by requesting it from the financial aid office at school
· by requesting it from the holder of your original student loan
· by researching the internet

Information is usually available in any financial aid office of any learning institution. If you cannot get to your financial aid office, or if your financial aid office does not have the information you need, please request the information from the holder of your original loans, or search the internet for valuable information on the subject.

Knowledge is the key in finding the best rates available. The more knowledge you have on the subject, as well as knowing your credit scores, the better your chances of getting a good interest rate when consolidating your loan.

Copyright 2006 - Ivar Rudi. Ivar suggests you find great market for less by shopping online today. For more information and resources check out: www.consolidate-student-loan-guide.org/

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