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Free Credit Counseling – Debt Settlement – Management Program, American Debt Enders, debt consolidation counseling.

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Best Student Loan Consolidation Programs for 2017 – Student Loan Consolidation Program Reviews, loan consolidation.#Loan #consolidation


Student Loan Consolidation Loan consolidation

Whether you have federal student loans (such as Stafford, PLUS, or Federal Perkins loans) or private student loans, there are a number of student loan consolidation services that can help you consolidate your loans into one single debt. This can result in lower interest rates, and, in some cases, dramatically reduced monthly loan payments.

Many consolidation services offer fixed interest rates for the life of the loan, which can lock in your savings for years to come. This is good since consolidation loans typically have longer terms than other loans – usually anywhere from 10 to 30 years.

Continue reading below reviews

Loan consolidation

Student Loan Consolidation Reviews

Loan consolidation

Loan consolidation

NATIONAL DEBT RELIEF Loan consolidation

National Debt Relief is a leading provider of financial solutions, and they have an impressive range of options for both private and federal student loans. This company comes with a strong reputation, maintains a strong A rating from the Better Business Bureau, and offers a 100% money back guarantee with their plans. If you’re in the market to consolidate and better manage your student loans, National Debt Relief should be your first choice. Read More. Loan consolidation

Loan consolidation

Loan consolidation

SoFi (which is pronounced SEW-fi , short for SOcial FInance ) is one of the most innovative resources available for both federal and private student loan consolidation. Their user-friendly website, including helpful articles to help students navigate the world of finance, makes it easy to understand all of your options. SoFi is also the only lender we found that offers unemployment protection, which may allow you to suspend your loan repayments for up to 12 months if you lose your job. SoFi should absolutely be on your short list for lenders if you’re looking to consolidate your student loans.

Loan consolidation

Loan consolidation

STUDENT LOAN CONSOLIDATOR

Student Loan Consolidator offers both federal and private student loan consolidation. They also offer special options, such as interest-rate reductions and interest-only payments. Additionally, they provide a toll-free number that enables you to contact loan counselors with any questions you might have. Read More. Loan consolidation

Loan consolidation

Loan consolidation

LENDKEY

LendKey is an online provider of student loan consolidation services with strong customer reviews. Their ability to connect students with community banks and credit unions for both federal and private school loans makes them a good choice for most consumers, though occasional issues with the website may prove frustrating. Read More. Loan consolidation

Loan consolidation

Loan consolidation

CHASE LOAN CONSOLIDATION

Chase is a leading financial services institution and one you can trust when it comes to federal student loan consolidation. Their online application is quick and easy, and you can find out whether you are eligible for their services within moments. Chase has a professional website that is easy to navigate and use. However, Chase does not quite offer the same level of service as our higher-rated selection. Read More. Loan consolidation

Loan consolidation

Loan consolidation

WELLS FARGO LOAN CONSOLIDATION

Wells Fargo offers competitive loan consolidation for those who are consolidating only private student loans. They do not offer consolidation of Federal loans, which dropped them a bit in our ranking.

A recent study by the National Center for Education Statistics shows that half of all recent college graduates have an average student loan debt of $10,000. For some students, this amount is much higher. Many students receive loans from a variety of sources.

There are many advantages to consolidating all of these loans into a single debt. With interest rates at record lows, you will most likely receive a better rate by consolidating your loans now than when you first got your loans. The second advantage is reducing the number of creditors you have, which makes it easier to keep track of monthly loan payments. Consolidating your student loans into a single debt also simplifies the repayment process, making it less likely that you will default on your loan payments.

There are a number of services available to help you in this process. Some only offer federal student loan consolidation, while others enable you to consolidate both federal and private student loans. Therefore, it is important to make sure that the student loan consolidation service you choose meets your student loan consolidation needs.

Additionally, while some websites provide instant, online loan quotes, other websites do not. You will want to make sure that the service you select provides you with the information you need to make consolidation decisions.

There are a variety of issues to consider when looking for a student loan consolidation plan. Some of these include:

  • Information. Does the website provide adequate information to help you make student loan consolidation decisions?
  • Quality of Service. Does the website provide consolidation solutions that meet your needs?
  • Professionalism. Is the website professional and credible? Does the consolidation service have a strong reputation in the industry?


Debt Consolidation, Best Online Advice for personal loans, unsecured debt consolidation loans.#Unsecured #debt #consolidation #loans


Free Ebook

your loan approved

Unsecured debt consolidation loansWhat is loan consolidation?

Loan Consolidation is a process by which you take all your existing credit agreements and roll them into one loan. In order to reduce the total monthly payment, consumers often stretch it out over the longest period possible, typically 5 years or 60months.

One should take not of the fact that one is usually therefore swopping certain existing credit facilities like Credit Cards and overdrafts for a higher interest rate loan. Consolidation loans are therefore usually granted after the maximum credit facilities have been taken up, with affordability being the most common factor for declines. It is also very important to remember that the Credit Facilities, like credit cards and overdrafts, aren’t automatically closed when one transfers the payment received from the consolidation loan. Fees and account charges can easily keep the account active.

It is imperative that the consumer closes any accounts they are not using to avoid unnecessary debits. Download our eBook which contains valuable information on credit score.

Our Free Workshops

Unsecured debt consolidation loansWe currently do talks around financial wellness to the staff of financial institutions like ABSA and Nedbank, but also do employee financial wellness workplace talks at many other companies like Shell, Freddy Hirsch, Woolworths and Multichoice.

The reason for this is usually pretty clear to HR Payroll departments who often have also felt the debt burden of employees in the sense that these employees sometimes borrow money from fellow workers creating friction in the workplace.

They might also try to take on extra jobs on weekends or after hours in an attempt to make ends meet, and therefore come to work tired. At some companies’ employees try to cash in their pensions to pay off unsecured debt, or borrow against it, thereby negating the good advantage the company had in the marketplace by offering the pension in the first place. When creditors are ignored, it sometimes even leads to garnishee orders that impacts on the payroll department. Many companies in Financial services cannot employ staff with impaired credit records as staff cannot then retain things like FAIS accreditation which is one of the main reasons ABSA and Nedbank invite us to speak so regularly.

Minimum and Maximum period for repayment

Personal loans typically have a repayment period of between 2 and 5 years. This calculation is based on a repayment period of 5 years (60 months). Credit Life Insurance has been added in this calculation. Monthly account fee of R60 (excluding VAT) and an Annual Interest Rate of 28% (or current Bank Repurchase Rate plus 21%). This calculation is a no obligation, free assessment and is intended to provide you with the information you need for comparison purposes only. For shorter timeframes, credit facilities (like Credit Cards and Revolving Loans) are more suitable products to use.



Loans for People with Bad Credit, consolidation loans with bad credit.#Consolidation #loans #with #bad #credit


consolidation loans with bad credit

Consolidation loans with bad credit

Loans for People with Bad Credit? No Problem! Bad Credit Loans Up to R150 000

Sick and tired of hearing NO. We say YES!

We specialize in loans for people with bad credit and we can help any financial problem you might have. It does not matter whether you have been blacklisted, are behind (in arrears) on your accounts or have a poor credit record.

Having a bad credit record can be frustrating and trying to get a personal loan from your bank can be a nightmare when you have a poor credit record.

If you re drowning in a sea of debt it can cause a lot of stress if nobody wants to help you with a personal loan. In fact when you re desperate for a personal loan it can be devastating being rejected by lenders who s not prepared to offer any financial assistance.

This is what makes bad credit loans (blacklisted loans) so great, because it was designed for people who have been rejected by lenders that have strict credit requirements. We have lenders who specialize in personal loans for people with bad credit.

Personal Loans For People With Bad Credit Up To R150,000

With a unsecured bad credit loan you do not need any security to qualify for a home loan. In other words lenders will ask you to pledge collateral such as a house for example to get a loan.

Blacklisted loans are ideal for non-home owners who do not own property. Not to say that if you re a homeowner you cannot apply for a bad credit loan, but if you want to borrow in excess of R150,000 then you need to apply for a home loan for people with bad credit.

To apply for a blacklisted loan simple complete the form above or click on the link below

The doors of financial help are not entirely closed for South Africans with a bad credit history. It is very reassuring to know that there are people who want to help you with a personal loan.

It does not matter what you do with your loan, but it is a good idea to settle your debt as soon as possible. By consolidating your debt it can help with your credit record. If you reduce your debt you can start to improve your credit record.

Who Can Qualify For A Bad Credit Loan?

Loans for people with bad credit are intended for people as the name would suggest are blacklisted, have garnishees on their payslip OR someone who does not have enough security to apply for a personal loan.

However, if you have been placed under debt counselling/administration you re not allowed to apply for loan.

How To Qualify For A Bad Credit Loan?

Here are the requirements to qualify:

– You must earn at least R1,500 pm

– You must have proof of income

– You must have a valid ID document

– You must have a valid bank account from a SA bank

– You must be permanently employed.

Click Here – Loans For People With Bad Credit

Consolidation loans with bad credit



CREDIT CARDS and LOANS for BAD CREDIT, consolidation loans with bad credit.#Consolidation #loans #with #bad #credit


Loans and Credit Cards for Bad Credit

Welcome! Since 2005, we have been dedicated to helping those with a bad credit rating rebuild their credit. We provide you with the knowledge and resources necessary for you to find the best loans and credit cards for bad credit, regardless if you have a poor credit score or past credit problems. We continously update our offers to bring you the best bad credit offers available.

If you are looking for the right offer to fit your financial needs or repair bad credit, please begin by choosing a category of offers below:

Compare the top 10 credit cards for those with bad credit and apply online instantly.

Compare auto lenders that approve people with a poor credit score.

Review the best services for debt relief and debt consolidation loans.

Need a cash loan to pay bills, take a vacation, or start a business? Apply now.

Compare options to repair your bad credit history and improve your rating.

Get a new home loan now at a great rate regardless of your past credit history.

Tips and Advice

► 5 Steps to Rebuilding Bad Credit

Consolidation loans with bad credit

► Credit Crunch Shrinking Size of Personal Loans

Consolidation loans with bad credit

► Inside the Brain of an Auto Lender

Consolidation loans with bad credit

► Filing for Bankruptcy: Chapter 7 vs. Chapter 13

Consolidation loans with bad credit

► Which Type of Home Loan is Right for You?

Consolidation loans with bad credit

► Too Much Debt? How to Break the Debt Cycle

Consolidation loans with bad credit



Debt consolidation loans – Money Advice Service, consolidation loans.#Consolidation #loans


Debt consolidation loans

Consolidating all your debts into one loan might appear to make life easier but there might be much better ways of dealing with debts. Find out more about how debt consolidation loans work, then get free debt advice before you make a decision.

What is a debt consolidation loan?

If you’ve got lots of different debts and you’re struggling to keep up with repayments, you can merge them together into one loan to lower your monthly payments.

You borrow enough money to pay off all your current debts and owe money to just one lender.

There are two types of debt consolidation loan:

  • Secured – where the amount you’ve borrowed is secured against an asset, usually your home. If you miss repayments, you could lose your home.
  • Unsecured – where the loan is not secured against your home or other assets.

Secured debt consolidation loans

Debt consolidation loans that are secured against your home are sometimes called homeowner loans.

You might be offered a secured loan if you owe a lot of money or if you have a poor credit history.

You should get free debt advice before you consider taking out a secured debt consolidation loan, as they’ll not be right for everyone and you could just be storing up trouble or putting off the inevitable.

When should you consider a debt consolidation loan?

Consolidating debts only makes sense if:

  • Any savings are not wiped out by fees and charges.
  • You can afford to keep up payments until the loan is repaid.
  • You use it as an opportunity to cut your spending and get back on track.
  • You end up paying less interest than you were paying before and the total amount payable is less (it could be more if you repay over a longer period).

Before you choose a debt consolidation loan think about anything that might happen in the future which could stop you keeping up with repayments.

For example, what if interest rates go up, or you fall ill or lose your job?

If you can’t stop spending on credit cards, for example because you’re using them to pay household bills, this is a sign of problem debt.

You should get free debt advice before taking out a debt consolidation loan.

Warning!

Always think about the potential downside of a secured loan. Your circumstances might change and your home could be at risk if you can’t keep up with repayments

When getting a debt consolidation loan doesn’t make sense

A debt consolidation loan definitely doesn’t make sense if:

  • You can’t afford the new loan payments
  • You don’t clear all your debts with the loan
  • You end up paying more overall (due to the monthly repayment being higher or the term of the agreement being longer), or
  • You really need help sorting out your debts rather than a new loan – a debt adviser might be able to negotiate with your creditors and arrange a repayment plan.

Debt consolidation loans that don’t put your home at risk

A better option might be a 0% or low-interest balance transfer card.

This is the cheapest way if you repay within the interest-free or low-interest period.

You’re likely to need a good credit rating though to get one of these cards.

You could also consolidate your debts into an unsecured personal loan, but again you’ll need a good credit rating to get the best deals.

Fees and charges for debt consolidation loans

Beware of the high fees some companies charge for arranging the loan.

  • Read the small print carefully for any extra fees or charges before you sign anything
  • Check whether there are any fees for paying off existing loans early as this could cancel out any savings you make
  • Avoid paying a fee for a company to arrange the loan on your behalf unless you’re getting advice (and you’re sure it’s worth the cost)


Debt Consolidation, Best Online Advice for personal loans, consolidation loans.#Consolidation #loans


Free Ebook

your loan approved

Consolidation loansWhat is loan consolidation?

Loan Consolidation is a process by which you take all your existing credit agreements and roll them into one loan. In order to reduce the total monthly payment, consumers often stretch it out over the longest period possible, typically 5 years or 60months.

One should take not of the fact that one is usually therefore swopping certain existing credit facilities like Credit Cards and overdrafts for a higher interest rate loan. Consolidation loans are therefore usually granted after the maximum credit facilities have been taken up, with affordability being the most common factor for declines. It is also very important to remember that the Credit Facilities, like credit cards and overdrafts, aren’t automatically closed when one transfers the payment received from the consolidation loan. Fees and account charges can easily keep the account active.

It is imperative that the consumer closes any accounts they are not using to avoid unnecessary debits. Download our eBook which contains valuable information on credit score.

Our Free Workshops

Consolidation loansWe currently do talks around financial wellness to the staff of financial institutions like ABSA and Nedbank, but also do employee financial wellness workplace talks at many other companies like Shell, Freddy Hirsch, Woolworths and Multichoice.

The reason for this is usually pretty clear to HR Payroll departments who often have also felt the debt burden of employees in the sense that these employees sometimes borrow money from fellow workers creating friction in the workplace.

They might also try to take on extra jobs on weekends or after hours in an attempt to make ends meet, and therefore come to work tired. At some companies’ employees try to cash in their pensions to pay off unsecured debt, or borrow against it, thereby negating the good advantage the company had in the marketplace by offering the pension in the first place. When creditors are ignored, it sometimes even leads to garnishee orders that impacts on the payroll department. Many companies in Financial services cannot employ staff with impaired credit records as staff cannot then retain things like FAIS accreditation which is one of the main reasons ABSA and Nedbank invite us to speak so regularly.

Minimum and Maximum period for repayment

Personal loans typically have a repayment period of between 2 and 5 years. This calculation is based on a repayment period of 5 years (60 months). Credit Life Insurance has been added in this calculation. Monthly account fee of R60 (excluding VAT) and an Annual Interest Rate of 28% (or current Bank Repurchase Rate plus 21%). This calculation is a no obligation, free assessment and is intended to provide you with the information you need for comparison purposes only. For shorter timeframes, credit facilities (like Credit Cards and Revolving Loans) are more suitable products to use.



Student Loan Payoff vs, student loan consolidation calculator.#Student #loan #consolidation #calculator


Student Loan Payoff vs. Invest Calculator

It’s an age-old question: Should you pay off your student loans or invest? The simplest answer is if your student loan debt has a higher interest rate than your expected return on investment, pay down your student loans first. If your investment earns a higher rate than your student loans will cost in interest, invest.

Many other variables, such as tax deductions and employer investment matching programs play into this equation. Use the Student Loan Payoff or Invest Calculator below to determine your repayment strategy.

Step 1: Current loan info

Student loan balance

Average interest rate

Current monthly payment

Step 2: Investment Info

Current retirement savings

Annual rate of return

Current monthly contribution

Years of contributions

Step 3: Extra

Monthly payment

On the other hand, if you decided to invest the extra $317 per month for , here are your results:

– yr years after you finish contributing. You can see the long term results below:

Student loan consolidation calculator

Student loan refinancing rates as low as % APR. Check your rate in 2 minutes.

Student Loan Payoff vs. Invest Calculator FAQs

1. Should I take the calculations from the Student Loan Payoff vs. Invest Calculator and apply them directly to my financial situation?

No. The calculations here are for estimation purposes only. It s important to note that this calculator in particular also factors in a lot of assumptions that may not hold true, such as annual expected return on investments as well as long-term tax rates. Additionally, there are other factors that this calculator cannot account for. As always, we recommend consulting a finance or tax professional when it comes to making your own financial decisions.

2. What value do I use for the Extra Money Payment Amount field?

This calculator assumes that you have extra money left over each month after you pay your monthly student loan bill. Enter the amount you have left over in the Extra Money Payment Amount, field. The calculator will then calculate where it may be best for you to apply this money (towards your student loans or an investment account).

If you do not have any money left over in your budget after paying your student loans, this calculator will not be helpful to you.

3. How do I make extra payments on my student loans and make sure the payments are applied correctly?

Check out this blog post to find out.

4. If I want to invest my money, how and where can I do that?

You can check out various investment options with our partners in the Student Loan Hero Marketplace.

  1. Prepaying student loans may be better than investing.
  2. Investing may be better than prepaying student loans.


FinAid, Loans, Student Loan Consolidation, direct loan consolidation.#Direct #loan #consolidation


direct loan consolidation

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Student Loan Consolidation

Consolidation Loans combine several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans. They also provide an opportunity for alternative repayment plans, making monthly payments more manageable.

Consolidation loans are available for most federal loans, including Stafford, PLUS and SLS, FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well.

The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent. That interest rate is fixed for life.

For example, suppose a student has just unsubsidized Stafford Loans originated on or after July 1, 2006. These loans have a fixed interest rate of 6.8%. When they are consolidated by themselves, the consolidation loan will have an interest rate of 6 and 7/8ths of a percent, or 6.875%. So the interest rate increases only slightly.

If the borrower has a mix of loans with different interest rates, the weighted average will be somewhere in between. For example, if the borrower has $5,000 of Perkins Loans (at 5.0%) and $10,000 of unsubsidized Stafford Loans (at 3.86%), the weighted average is

This weighted average, 4.2%, is then rounded up to the nearest 1/8th of a percent, yielding a consolidation loan interest rate of 4.25%.

If you are consolidating loans with different interest rates, the weighted average interest rate will always be in between. Don’t be fooled if someone tries to suggest that this will save you money by getting you a lower interest rate. The interest rate may be lower than the highest of your interest rates, but it is also higher than the lowest of your interest rates. More importantly, the amount of interest you pay over the lifetime of the loan will be about the same.

No Cost to Consolidate

Aside from a slight increase in the interest rate on the consolidation loan, there is no cost to consolidate your loans. There are no fees to consolidate.

Under no circumstances pay a fee in advance to get a federal education loan or consolidate your federal education loans. There are no fees to consolidate your loans. While other federal education loans, such as the Stafford and PLUS loans, may charge some fees, the fees are always deducted from the disbursement check. There is never an upfront fee. If someone wants you to pay an upfront fee, chances are that it is an example of an advance fee loan scam.

Who Can Consolidate

Both student and parent borrowers can consolidate their education loans. Students and parents cannot combine their loans through consolidation, since only loans from the same borrower can be consolidated. But they can consolidate their loans separately.

Students can consolidate their education loans only during the grace period or after the loans enter repayment. Loans that are in default but with satisfactory repayment arrangements may also be consolidated. Students can no longer consolidate while they are still in school. Parents, however, can consolidate PLUS loans at any time.

Which Loans Can be Consolidated?

Any federal education loan can be consolidated. You can even consolidate a single loan. There are, however, a few restrictions on consolidating a consolidation loan.

You can consolidate a consolidation loan only once. In order to reconsolidate an existing consolidation loan, you must add loans that were not previously consolidated to the consolidation loan. You can also consolidate two consolidation loans together. But you cannot consolidate a single consolidation loan by itself.

Note that when you reconsolidate a consolidation loan, it does not relock the rates on the consolidation loan. The consolidation loan is treated as a fixed rate loan within the weighted average interest rate formula used to calculate the interest rate on the new consolidation loan.

Consolidation loans provide access to several alternate repayment plans besides standard ten-year repayment. These include extended repayment, graduated repayment, income contingent repayment (Direct Loans only) and income sensitive repayment (FFEL only). If you do not specify the repayment terms, you will receive standard ten-year repayment.

Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plan that is standard with federal loans. Depending on the loan amount, the term of the loan can be extended from 12 to 30 years. The reduced monthly payment may make the loan easier to repay for some borrowers. However, by extending the term of a loan the total amount of interest paid over the lifetime of the loan is increased.

You do not need to pick an alternate repayment plan. We recommend sticking with standard ten-year repayment, because it will save you money. The alternate repayment plans may have lower monthly payments, but this increases the term of the loan and the total interest paid over the lifetime of the loan.

Repayment on a consolidation loan will begin within 60 days of disbursement of the loan, unless the borrower qualifies for a deferment or forbearance.



School loan consolidation, school loan consolidation.#School #loan #consolidation


Welcome to Students.net

Welcome to students.net. This website provides you with information on all student related topics whether it is about choosing what you want to study, where you want to study, traveling or volunteer programs. Here is your one stop shop! We want to welcome high school, college and University students to this online student community.

Find below a short impression about the most popular and most visited topics of Students.net.

Student Services

Student services can take many forms. The greatest thing of being a student is the fact that there are a lot of institutions, organizations and people who are willing to facilitate you with all kinds of services. We covered the best student services in this section of the website. Every month we hook you up with the the best Student Deals. Also, now featured are the student credit cards, issued by Discover.

Student Tests

Take tests to find out more about what to study, your personality, or what would be your dream job for your future career.

Student Discounts

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Best Student Loan Consolidation Programs for 2017 – Student Loan Consolidation Program Reviews, student loan consolidation rates.#Student #loan #consolidation #rates


Student Loan Consolidation Student loan consolidation rates

Whether you have federal student loans (such as Stafford, PLUS, or Federal Perkins loans) or private student loans, there are a number of student loan consolidation services that can help you consolidate your loans into one single debt. This can result in lower interest rates, and, in some cases, dramatically reduced monthly loan payments.

Many consolidation services offer fixed interest rates for the life of the loan, which can lock in your savings for years to come. This is good since consolidation loans typically have longer terms than other loans – usually anywhere from 10 to 30 years.

Continue reading below reviews

Student loan consolidation rates

Student Loan Consolidation Reviews

Student loan consolidation rates

Student loan consolidation rates

NATIONAL DEBT RELIEF Student loan consolidation rates

National Debt Relief is a leading provider of financial solutions, and they have an impressive range of options for both private and federal student loans. This company comes with a strong reputation, maintains a strong A rating from the Better Business Bureau, and offers a 100% money back guarantee with their plans. If you’re in the market to consolidate and better manage your student loans, National Debt Relief should be your first choice. Read More. Student loan consolidation rates

Student loan consolidation rates

Student loan consolidation rates

SoFi (which is pronounced SEW-fi , short for SOcial FInance ) is one of the most innovative resources available for both federal and private student loan consolidation. Their user-friendly website, including helpful articles to help students navigate the world of finance, makes it easy to understand all of your options. SoFi is also the only lender we found that offers unemployment protection, which may allow you to suspend your loan repayments for up to 12 months if you lose your job. SoFi should absolutely be on your short list for lenders if you’re looking to consolidate your student loans.

Student loan consolidation rates

Student loan consolidation rates

STUDENT LOAN CONSOLIDATOR

Student Loan Consolidator offers both federal and private student loan consolidation. They also offer special options, such as interest-rate reductions and interest-only payments. Additionally, they provide a toll-free number that enables you to contact loan counselors with any questions you might have. Read More. Student loan consolidation rates

Student loan consolidation rates

Student loan consolidation rates

LENDKEY

LendKey is an online provider of student loan consolidation services with strong customer reviews. Their ability to connect students with community banks and credit unions for both federal and private school loans makes them a good choice for most consumers, though occasional issues with the website may prove frustrating. Read More. Student loan consolidation rates

Student loan consolidation rates

Student loan consolidation rates

CHASE LOAN CONSOLIDATION

Chase is a leading financial services institution and one you can trust when it comes to federal student loan consolidation. Their online application is quick and easy, and you can find out whether you are eligible for their services within moments. Chase has a professional website that is easy to navigate and use. However, Chase does not quite offer the same level of service as our higher-rated selection. Read More. Student loan consolidation rates

Student loan consolidation rates

Student loan consolidation rates

WELLS FARGO LOAN CONSOLIDATION

Wells Fargo offers competitive loan consolidation for those who are consolidating only private student loans. They do not offer consolidation of Federal loans, which dropped them a bit in our ranking.

A recent study by the National Center for Education Statistics shows that half of all recent college graduates have an average student loan debt of $10,000. For some students, this amount is much higher. Many students receive loans from a variety of sources.

There are many advantages to consolidating all of these loans into a single debt. With interest rates at record lows, you will most likely receive a better rate by consolidating your loans now than when you first got your loans. The second advantage is reducing the number of creditors you have, which makes it easier to keep track of monthly loan payments. Consolidating your student loans into a single debt also simplifies the repayment process, making it less likely that you will default on your loan payments.

There are a number of services available to help you in this process. Some only offer federal student loan consolidation, while others enable you to consolidate both federal and private student loans. Therefore, it is important to make sure that the student loan consolidation service you choose meets your student loan consolidation needs.

Additionally, while some websites provide instant, online loan quotes, other websites do not. You will want to make sure that the service you select provides you with the information you need to make consolidation decisions.

There are a variety of issues to consider when looking for a student loan consolidation plan. Some of these include:

  • Information. Does the website provide adequate information to help you make student loan consolidation decisions?
  • Quality of Service. Does the website provide consolidation solutions that meet your needs?
  • Professionalism. Is the website professional and credible? Does the consolidation service have a strong reputation in the industry?


Student Loan Consolidation: Should I Consolidate My Student Loans, SoFi, student loan consolidation rates.#Student #loan #consolidation #rates


How and When to Combine Federal Student Loans Private Loans

Got student loans? We ve got you covered with our Student Loan Smarts blog series. Our expert tips and hacks will help you save money, pay off loans sooner and stress less about student loan debt. Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans. And while you re at it, check out SoFi s new Student Loan Debt Navigator tool to assess your student loan repayment options.

One of the biggest student loan myths out there is that borrowers can’t consolidate federal student loans and private student loans into one loan. It’s understandable why people think that, since this wasn’t an option for many years. But now that the choice is available, it’s important to understand whether federal and private loan consolidation is right for you – especially when there’s the potential for significant cost savings on the line.

Can I Consolidate Federal and Private Student Loans?

While it’s not possible to use the federal Direct loan consolidation program to combine your federal student loans with private loans, it is possible to combine private and federal student loans by refinancing them with a private lender. Through this process, you actually apply for a new loan (which is used to pay off your original loans) and you’re given a new—ideally lower—interest rate.

Why would you want to do this? In addition to the advantages of loan consolidation (like having one, simplified monthly payment), refinancing student loans at a lower interest rate can mean big benefits, like lowering monthly payments or reducing the time it takes to pay off your debt, and cutting down on the total interest you pay over time.

When to Consolidate Federal Student Loans Private Loans

Before you refinance federal student loans, there are a couple of things to think about. Here’s an easy decision tree to help you understand whether refinancing federal loans is right for you:

Should I Refinance My Federal Student Loans?

Student loan consolidation rates

Federal Student Loan Interest Rates, Revealed

Some people assume that federal loans always offer the best rates, but this just isn’t true.

Depending on loan type and disbursement date, your federal student loan rate could range from about 3% to 8%. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan. This is particularly true for grad school borrowers who use unsubsidized Direct loans and Graduate PLUS loans to finance their education.

So how important is interest rate, really? Let’s compare a 10-year term, $80,000 loan at 6.84% (the current fixed rate on Grad PLUS loans) and 5.68% (the average 10-year fixed interest rate for SoFi refinance borrowers in 2015).*

In this example, refinancing would mean both lower monthly payments and a total savings of more than $5,600.

Understanding Federal Student Loan Benefits

Some federal student loans offer benefits and protections that do not transfer to private lenders. This is often the reason that people cite when they say you shouldn’t combine federal and private loans. But before you dismiss the idea of refinancing, you should first take a look to see if any of these benefits apply to you.

For example, under the Public Service Loan Forgiveness Program (PSLFP), your Direct Loan balance may be eligible for forgiveness after 120 payments if you’ve worked in the public sector that entire time. Similarly, the Teacher Loan Forgiveness Program is available for teachers who work in schools that serve low-income families full-time for five consecutive years. These are clearly great programs for people who choose careers in public service or education, but if that’s not you, they won’t do you any good.

There are also a number of federal loan repayment plans that can ease the burden for borrowers facing tough economic times. For example, the government’s Pay As You Earn (PAYE) and Income-Based Repayment (IBR) programs allow borrowers to make reduced monthly payments based on financial hardship. But if your income is over a certain threshold, you won’t benefit from these programs. And if you do qualify, but you’re at the high end of the spectrum, your slightly lowered payments may come at a disproportionate price in the form of accumulating interest.

It’s important to note that some private lenders offer their own benefits and protections. At SoFi, for example, if you lose your job, we’ll not only pause your payments, we’ll help you find a new one .

Federal Loan Refinance Recap

Combining federal student loans and private loans through the refinancing process won’t make sense for every borrower, but it provides great benefits for some. Now that you know it’s an option and you understand how it works, you can better assess whether it’s right for you.

* Click here to see student loan refinance examples that depict APR, monthly payment and total finance charges.

Editor’s Note: This is an updated version of a post we originally published in December 2013. We welcome new comments and questions below.

Student loan consolidation ratesStudent loan consolidation rates



Student Loan Consolidation, student loan consolidation rates.#Student #loan #consolidation #rates


Student Loan Consolidation

Student loan consolidation is a good option if you are having trouble paying your loans. You can consolidate just one loan, or several loans. You can consolidate loans even if you re already in default. In fact, consolidation is one good way to get out of default. (To learn about other ways to get out of default on student loans, see Student Loans: Getting Out of Default.)

A consolidation loan allows you to combine your federal student loans into a single loan with one monthly payment. This may be a good option if any of the following are true:

  • You can t afford the monthly payments on your federal student loans under any of the options described in Student Loan Repayment Options, and don t qualify for a postponement or for loan cancellation.
  • You qualify for some of the payment plans described in Student Loan Repayment Options, but you are so deep in debt that you still can t afford your monthly payments.
  • You can afford your monthly payments and intend to pay off your loans under a standard plan, but you want to refinance at a lower interest rate.
  • You are in default on one or more of your student loans and want to get out of default.

Eligibility for Student Loan Consolidation

The vast majority of federal loans are eligible for consolidation, including subsidized and unsubsidized Stafford loans (GSLs), Direct loans, Supplemental Loans for Students (SLSs), Perkins loans, FISLs, and (except in an IBR Plan Consolidation Loan) PLUS Loans. (To find out what type of loan you have, see Types of Federal Student Loans.)

All borrowers with these loans are eligible to consolidate after they graduate, leave school, or drop below half-time enrollment. However, because consolidation loans have no grace period while you are in school or for the six months afterwards (unlike nonconsolidation loans, which usually do have a grace period during this time), getting a such a loan may not be a good idea if you are still in school or just graduated and don’t yet have a job.

Restrictions

Tthere are some restrictions to loan consolidation. Private student loans cannot be included in a federal consolidation loan. In addition, spouses cannot consolidate their loans into a single consolidation loan. And, borrowers who are in default must meet certain requirements before they can consolidate.

Pros and Cons of Consolidation

Consider both the advantages and disadvantages of consolidation before obtaining a consolidation loan.

Disadvantages to Consolidation

Potential disadvantages include the possibility that, if you have old loans, consolidation will cause your interest rate to go up. Moreover, consolidation will extend the repayment period, which means that you will pay more interest over the life of your loan. Consolidation will not completely clean up your credit report, either. If you were in default, your report will reflect that your previous loans were in default but are now paid in full through the new loan.

In addition, your right to assert a school-related claim against the lender of the consolidation loan is not clear. That right might be important, for example, if you got a loan to attend a for-profit school because it lied about the likelihood of you getting a job after graduation. If you think you have a claim against the school, it is better to consult an attorney experienced in bringing these kinds of cases before you consolidate your loan.

To find an experienced student loan lawyer, visit Nolo’s Lawyer Directory.

Advantages to Consolidation

Loan consolidation offers some potential advantages, too. If you are in default on any of your government loans, consolidation may offer the opportunity to get out of default and make affordable monthly payments. When interest rates are low, consolidation gives you the advantage of locking in a low rate on your student loans.

Direct Consolidation Loan Program

As with the Direct Loan Program, the federal government provides Direct Consolidation Loans.

Direct Consolidation Loans come with flexible repayment options, including a standard plan, a graduated plan, and an extended plan, and in most circumstances an Income Contingent Repayment Plan (ICRP) or an Income Based Repayment Plan (IBR). To learn about these, see Student Loan Repayment Options.

If you are in default, a Direct Consolidation Loan is a good way to get out of default and obtain a repayment plan that you can afford. In order to get out of default through a Direct Consolidation Loan, you must make three affordable monthly payments to the loan holder first (which can be as low as $5) or agree to an ICRP or IBR on the consolidated loan. Borrowers are also eligible for deferments in certain circumstances.

Each loan consolidated under the program keeps its interest subsidy benefit. This can be important if you return to school.

To qualify for a Direct Consolidation Loan, you must have at least one Direct loan or FFEL. So, if you have only a Perkins loan, for example, you don t qualify. If you have at least one FFEL, but no Direct loans, then you must certify you are unable to obtain a FFEL with an Income Sensitive Repayment Plan acceptable to you and are eligible for an Income Contingent Repayment Plan. As of 2010, there are no more FFEL Consolidation loans available, so the requirement that you cannot get one may be moot.

For more information on Direct Consolidation Loans and to get an application for loan consolidation, go to http://loanconsolidation.ed.gov/index.html.

Reconsolidation

The circumstances under which you can consolidate a loan or loans that have already been consolidated are limited. Here are some examples of when you can reconsolidate a student loan:

  • If you apply within 180 days after you get a consolidation loan, you can add another loan (either a new or existing loan) into that consolidation loan.
  • You can get a new consolidation loan to combine an existing consolidation loan and another student loan you got either before or after you got the original consolidation loan.
  • You can consolidate two existing consolidation loans.
  • FFEL Consolidation Loan borrowers may also convert a FFEL Consolidation Loan into a Direct Consolidation Loan, without having to add any additional loan, in order to obtain an Income Contingent or Income Based Repayment Plan, but only if the lender submitted the loan to the guaranty agency to help the borrower avoid default.

To learn about student loan repayment options, getting out of default, and more, see Nolo’s Student Loan Debt area.



Student Loan Consolidation, federal student loan consolidation.#Federal #student #loan #consolidation


Student Loan Consolidation

Student loan consolidation is a good option if you are having trouble paying your loans. You can consolidate just one loan, or several loans. You can consolidate loans even if you re already in default. In fact, consolidation is one good way to get out of default. (To learn about other ways to get out of default on student loans, see Student Loans: Getting Out of Default.)

A consolidation loan allows you to combine your federal student loans into a single loan with one monthly payment. This may be a good option if any of the following are true:

  • You can t afford the monthly payments on your federal student loans under any of the options described in Student Loan Repayment Options, and don t qualify for a postponement or for loan cancellation.
  • You qualify for some of the payment plans described in Student Loan Repayment Options, but you are so deep in debt that you still can t afford your monthly payments.
  • You can afford your monthly payments and intend to pay off your loans under a standard plan, but you want to refinance at a lower interest rate.
  • You are in default on one or more of your student loans and want to get out of default.

Eligibility for Student Loan Consolidation

The vast majority of federal loans are eligible for consolidation, including subsidized and unsubsidized Stafford loans (GSLs), Direct loans, Supplemental Loans for Students (SLSs), Perkins loans, FISLs, and (except in an IBR Plan Consolidation Loan) PLUS Loans. (To find out what type of loan you have, see Types of Federal Student Loans.)

All borrowers with these loans are eligible to consolidate after they graduate, leave school, or drop below half-time enrollment. However, because consolidation loans have no grace period while you are in school or for the six months afterwards (unlike nonconsolidation loans, which usually do have a grace period during this time), getting a such a loan may not be a good idea if you are still in school or just graduated and don’t yet have a job.

Restrictions

Tthere are some restrictions to loan consolidation. Private student loans cannot be included in a federal consolidation loan. In addition, spouses cannot consolidate their loans into a single consolidation loan. And, borrowers who are in default must meet certain requirements before they can consolidate.

Pros and Cons of Consolidation

Consider both the advantages and disadvantages of consolidation before obtaining a consolidation loan.

Disadvantages to Consolidation

Potential disadvantages include the possibility that, if you have old loans, consolidation will cause your interest rate to go up. Moreover, consolidation will extend the repayment period, which means that you will pay more interest over the life of your loan. Consolidation will not completely clean up your credit report, either. If you were in default, your report will reflect that your previous loans were in default but are now paid in full through the new loan.

In addition, your right to assert a school-related claim against the lender of the consolidation loan is not clear. That right might be important, for example, if you got a loan to attend a for-profit school because it lied about the likelihood of you getting a job after graduation. If you think you have a claim against the school, it is better to consult an attorney experienced in bringing these kinds of cases before you consolidate your loan.

To find an experienced student loan lawyer, visit Nolo’s Lawyer Directory.

Advantages to Consolidation

Loan consolidation offers some potential advantages, too. If you are in default on any of your government loans, consolidation may offer the opportunity to get out of default and make affordable monthly payments. When interest rates are low, consolidation gives you the advantage of locking in a low rate on your student loans.

Direct Consolidation Loan Program

As with the Direct Loan Program, the federal government provides Direct Consolidation Loans.

Direct Consolidation Loans come with flexible repayment options, including a standard plan, a graduated plan, and an extended plan, and in most circumstances an Income Contingent Repayment Plan (ICRP) or an Income Based Repayment Plan (IBR). To learn about these, see Student Loan Repayment Options.

If you are in default, a Direct Consolidation Loan is a good way to get out of default and obtain a repayment plan that you can afford. In order to get out of default through a Direct Consolidation Loan, you must make three affordable monthly payments to the loan holder first (which can be as low as $5) or agree to an ICRP or IBR on the consolidated loan. Borrowers are also eligible for deferments in certain circumstances.

Each loan consolidated under the program keeps its interest subsidy benefit. This can be important if you return to school.

To qualify for a Direct Consolidation Loan, you must have at least one Direct loan or FFEL. So, if you have only a Perkins loan, for example, you don t qualify. If you have at least one FFEL, but no Direct loans, then you must certify you are unable to obtain a FFEL with an Income Sensitive Repayment Plan acceptable to you and are eligible for an Income Contingent Repayment Plan. As of 2010, there are no more FFEL Consolidation loans available, so the requirement that you cannot get one may be moot.

For more information on Direct Consolidation Loans and to get an application for loan consolidation, go to http://loanconsolidation.ed.gov/index.html.

Reconsolidation

The circumstances under which you can consolidate a loan or loans that have already been consolidated are limited. Here are some examples of when you can reconsolidate a student loan:

  • If you apply within 180 days after you get a consolidation loan, you can add another loan (either a new or existing loan) into that consolidation loan.
  • You can get a new consolidation loan to combine an existing consolidation loan and another student loan you got either before or after you got the original consolidation loan.
  • You can consolidate two existing consolidation loans.
  • FFEL Consolidation Loan borrowers may also convert a FFEL Consolidation Loan into a Direct Consolidation Loan, without having to add any additional loan, in order to obtain an Income Contingent or Income Based Repayment Plan, but only if the lender submitted the loan to the guaranty agency to help the borrower avoid default.

To learn about student loan repayment options, getting out of default, and more, see Nolo’s Student Loan Debt area.



FinAid, Loans, Student Loan Consolidation, federal student loan consolidation.#Federal #student #loan #consolidation


federal student loan consolidation

Federal student loan consolidation

Federal student loan consolidation

Federal student loan consolidationFederal student loan consolidation

Federal student loan consolidation

Federal student loan consolidation

Federal student loan consolidation

Federal student loan consolidation

Federal student loan consolidation

Federal student loan consolidation

Federal student loan consolidation

Federal student loan consolidation

Federal student loan consolidation

Federal student loan consolidation

Federal student loan consolidation

Federal student loan consolidation

Student Loan Consolidation

Consolidation Loans combine several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans. They also provide an opportunity for alternative repayment plans, making monthly payments more manageable.

Consolidation loans are available for most federal loans, including Stafford, PLUS and SLS, FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well.

The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent. That interest rate is fixed for life.

For example, suppose a student has just unsubsidized Stafford Loans originated on or after July 1, 2006. These loans have a fixed interest rate of 6.8%. When they are consolidated by themselves, the consolidation loan will have an interest rate of 6 and 7/8ths of a percent, or 6.875%. So the interest rate increases only slightly.

If the borrower has a mix of loans with different interest rates, the weighted average will be somewhere in between. For example, if the borrower has $5,000 of Perkins Loans (at 5.0%) and $10,000 of unsubsidized Stafford Loans (at 3.86%), the weighted average is

This weighted average, 4.2%, is then rounded up to the nearest 1/8th of a percent, yielding a consolidation loan interest rate of 4.25%.

If you are consolidating loans with different interest rates, the weighted average interest rate will always be in between. Don’t be fooled if someone tries to suggest that this will save you money by getting you a lower interest rate. The interest rate may be lower than the highest of your interest rates, but it is also higher than the lowest of your interest rates. More importantly, the amount of interest you pay over the lifetime of the loan will be about the same.

No Cost to Consolidate

Aside from a slight increase in the interest rate on the consolidation loan, there is no cost to consolidate your loans. There are no fees to consolidate.

Under no circumstances pay a fee in advance to get a federal education loan or consolidate your federal education loans. There are no fees to consolidate your loans. While other federal education loans, such as the Stafford and PLUS loans, may charge some fees, the fees are always deducted from the disbursement check. There is never an upfront fee. If someone wants you to pay an upfront fee, chances are that it is an example of an advance fee loan scam.

Who Can Consolidate

Both student and parent borrowers can consolidate their education loans. Students and parents cannot combine their loans through consolidation, since only loans from the same borrower can be consolidated. But they can consolidate their loans separately.

Students can consolidate their education loans only during the grace period or after the loans enter repayment. Loans that are in default but with satisfactory repayment arrangements may also be consolidated. Students can no longer consolidate while they are still in school. Parents, however, can consolidate PLUS loans at any time.

Which Loans Can be Consolidated?

Any federal education loan can be consolidated. You can even consolidate a single loan. There are, however, a few restrictions on consolidating a consolidation loan.

You can consolidate a consolidation loan only once. In order to reconsolidate an existing consolidation loan, you must add loans that were not previously consolidated to the consolidation loan. You can also consolidate two consolidation loans together. But you cannot consolidate a single consolidation loan by itself.

Note that when you reconsolidate a consolidation loan, it does not relock the rates on the consolidation loan. The consolidation loan is treated as a fixed rate loan within the weighted average interest rate formula used to calculate the interest rate on the new consolidation loan.

Consolidation loans provide access to several alternate repayment plans besides standard ten-year repayment. These include extended repayment, graduated repayment, income contingent repayment (Direct Loans only) and income sensitive repayment (FFEL only). If you do not specify the repayment terms, you will receive standard ten-year repayment.

Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plan that is standard with federal loans. Depending on the loan amount, the term of the loan can be extended from 12 to 30 years. The reduced monthly payment may make the loan easier to repay for some borrowers. However, by extending the term of a loan the total amount of interest paid over the lifetime of the loan is increased.

You do not need to pick an alternate repayment plan. We recommend sticking with standard ten-year repayment, because it will save you money. The alternate repayment plans may have lower monthly payments, but this increases the term of the loan and the total interest paid over the lifetime of the loan.

Repayment on a consolidation loan will begin within 60 days of disbursement of the loan, unless the borrower qualifies for a deferment or forbearance.



Federal Consolidation Loans, Student Loan Debt Consolidation, federal student loan consolidation.#Federal #student #loan #consolidation


Effortlessly Solve Your Student Loan Debt Issues Today

IN DEFAULT?

If you are in default we can find you the best Federal mandated rehabilitation options.

ONE PAYMENT

If you are sick of having bills pile up, let us consolidate all your student loans into one tidy monthly payment.

REPAYMENT PLANS

For your Federal Student Loans there are plenty of options that are allowed by Federal law. We can help find the best option that you qualify for.

FORGIVENESS PROGRAMS

We can find you the best forgiveness program for your situation and we can walk you through the process quite easily.

Fill out the following form to have one of our Student Debt Relief Experts call you with a FREE Step-by-Step Action Plan that will resolve your particular situation.

Student Loan Debt Consolidation

Student Loan Consolidation is available to help students reduce their federal education debts by combining all of their outstanding loans into a single loan.

WHO IS ELIGIBLE FOR A CONSOLIDATION?

Consolidation Loans are available to most borrowers of Federal education loans and come from one of two sources. Direct Consolidation Loans and Federal Consolidation Loans.

WHAT IS CONSOLIDATION

The Financial meaning of the term: Taking Multiple debt or credit lines and consolidating them into one new payoff plan. Frequently, this is a consolidation loan, provided to consolidate debts into one loan with one payment.

WHY CONSOLIDATE

Consolidation Loans allow borrowers to combine one or more of their Federal education loans into a new loan that offers several advantages.

GREAT REASONS WHY TO CONSOLIDATE

One Lender and One Payment
Repayment Options
No Minimum or Maximum Loan Amounts
Reduced Monthly Payments
Strengthen Your Credit

Seeing that there is a mountain of student loan debt saddling recent and older graduates, there have been many programs made available to help those struggling with student loan debt.

We can help choose the best repayment option for your situation

Standard Repayment

With the standard plan, you’ll pay a fixed amount each month until your loans are paid in full. Your monthly payments will be at least $50, and you’ll have up to 30 years to repay your loans with a fixed interest rate. The standard plan is a good fit for you, if according to your budget the IBR, ICR and PAYE plans are higher in monthly payment, as the standard plan does not account for your finances.

Graduated Repayment

With this plan your payments start out low and increase every two years. The length of your repayment period will be up to 30 years. If you expect your income to increase steadily over time, this plan may be right for you. Your monthly payment will never be less than the amount of interest that accrues between payments.

Income Based Repayment Plan (IBR)

Under this plan the required monthly payment will be based on your income during any period when you have a partial financial hardship. Your monthly payment may be adjusted annually. The maximum repayment period under this plan may exceed 25 years. If you meet certain requirements over a specified period of time, you may qualify for cancellation of any outstanding balance of your loans.

Pay As You Earn (PAYE)

On December 2012 the DOE announced that borrowers with Federal Student Loans may now be able to take advantage of a new repayment plan that could lower their monthly federal student loan payments. The plan, known as Pay As You Earn, caps monthly payments for many recent graduates at an amount that is affordable based on their annual income. This new option follows through on President Obama’s promise to provide student graduates with relief on their student loan payments and help them responsibly manage their debt payments.

Income Contingent Repayment (ICR)

  • This plan gives you the flexibility to meet your Direct Loan obligations without causing undue financial hardship. Each year, your monthly payments will be calculated on the basis of your adjusted gross income (AGI, plus your spouse’s income if you’re married), family size, and the total amount of your Direct Loans. Under the ICR plan you will pay each month the lesser of:
    1. the amount you would pay if you repaid your loan in 12 years multiplied by an income percentage factor that varies with your annual income, or
    2. 20% of your monthly discretionary income.

If your payments are not large enough to cover the interest that has accumulated on your loans, the unpaid amount will be capitalized once each year. However, capitalization will not exceed 10 percent of the original amount you owed when you entered repayment. Interest will continue to accumulate but will no longer be capitalized. The maximum repayment period is 25 years. If you haven’t fully repaid your loans after 25 years under this plan, the unpaid portion will be discharged. You may, however, have to pay taxes on the amount that is discharged.



PLUS Student Loan Consolidation Information, department of education loan consolidation.#Department #of #education #loan #consolidation


Consolidate Your PLUS Loans

In loan consolidation, your existing student loans are paid off and replaced by a new, large loan combining all those amounts. You only have to track one monthly payment, and that payment may be lower if your repayment term is lengthened (the maximum in the Direct Consolidation Loan, discussed below, is 30 years). Since this is a new loan, it will come with new terms and you will be able to make some choices regarding your repayment plan.

However, you should be aware that lengthening the term of your loan will mean paying more interest over the life of the loan and making more total payments, both of which increase the cost of the loan. If you had any special benefits like a principal rebate attached to your original loan, you will lose those when you consolidate.

Consolidation is final: you can t reverse your decision at a later time, so consider your circumstances carefully before deciding. You re usually eligible for a consolidation loan if you stop attending school for any reason or if your enrollment drops below half-time.

Department of education loan consolidation

Federal Direct Consolidation Loan Program

Both old PLUS loans made under the now-defunct Federal Family Education Loan (FFEL) program and new Direct PLUS loans made either to graduate and professional students or to parents of dependent undergraduates are eligible for inclusion in a federal Direct Consolidation Loan. But the Direct Consolidation Loan isn t limited to PLUS loans.

You may also consolidate the following types of loans:

  • Direct Subsidized and Unsubsidized Loans
  • Subsidized and Unsubsidized Federal Stafford Loans
  • Supplemental Loans for Students
  • Federal Perkins and Nursing Loans
  • Health Education Assistance Loans, and
  • even some types of existing consolidation loans, but not private loans.

Fixed And Capped Interest Rate

The Direct Consolidation Loan rate is fixed by the government based on the interest rates of your existing loans. The calculation rounds up the weighted average of those rates to the nearest one-eighth of a percent, but sets the maximum rate at 8.25%. Note: the weighted average means both the individual interest rates and the amounts of each loan will be included in the averaging process. If you have one $100 loan and one $1,000 loan, the weighted average will be closer to the rate on the $1,000 loan.

About Repayment

After the loan is disbursed, you will have, at most, 60 days to begin repayment. The company chosen by the U.S. Department of Education (your lender) to service your loan, called the loan servicer, will let you know when payment is expected. Repayment terms vary from 10 to 30 years in length, depending on how much you owe and which repayment plan you choose.

There are two repayment plans available for Direct Consolidation Loans, depending on whether or not the consolidation included a PLUS loan made to parents. They are called Income-Based Repayment and Income-Contingent Repayment.

The Income-Based Repayment Plan

The Income-Based Repayment Plan (IBR) is structured to lower your monthly payment amount in order to keep your loan out of default. It has one unique requirement for eligibility: your financial situation must qualify as a partial financial hardship, meaning your monthly repayment amount as calculated under the Standard Repayment Plan, using a loan term of ten years, is higher than your monthly repayment amount as calculated under the IBR.

In IBR, your monthly payment changes depending on your income and family size (defined as number of dependents plus spouse). You only need to reach partial financial hardship status once in order to qualify for a switch to IBR, so if your financial situation improves that will increase your payment amount but not render you ineligible for IBR. Your Direct Consolidation Loan will be eligible for IBR if it does not include any PLUS loans made to parents.

The Income-Contingent Repayment Plan

The Income-Contingent Repayment Plan (ICR) is for Direct Consolidation Loan borrowers who do not qualify for IBR. The maximum loan term is 25 years, and your payment amount is based on income, family size, and Direct Loan indebtedness, plus a third amount.

That amount is either the monthly payment you would make if you repaid the loan in 12 years, multiplied by an income percentage that varies with your income, or 20% of your discretionary income, whichever is less. Fortunately, the pages linked above for IBR and ICR have calculators, so you do not have to perform the computations on your own.



Student Loan Consolidation: What Are the Pros and Cons, Money, federal consolidation loan.#Federal #consolidation #loan


Should I Consolidate My Student Loans?

College students can take out new loans each year they re in school, so by the time graduation comes, it s common to have half a dozen, or more, individual loans. Each of them may have different terms, including interest rates.

Consolidating those loans into a single new one can simplify your payments, especially if your loans are with different loan servicers, the companies that oversee your payments. It can also be a way to get into repayment plans you otherwise wouldn t be eligible for.

But that doesn t mean consolidation is always a smart move. Here are four things to consider before you make the leap.

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1. Consolidation won t save you money.

One of the myths of consolidation is that it makes your debt less expensive by lowering your interest rate. Historically, that may have been accurate, since consolidation was often used as a way to lock in a low interest rate on variable-rate loans, says financial aid expert Mark Kantrowitz. But that hasn t been the case for the past decade, since the government stopped issuing student loans with variable rates.

If you consolidate your loans now, your new rate will be based on a weighted average of all your loans interest rates. So, for a simplified example, if you have two loans, one for $10,000 at 4% interest and one for $5,000 at 6%, your consolidated loan will have a $15,000 balance and a 4.7% interest rate.

By combining your interest rates, you also lose the ability to employ a favorite tactic of financial planners for paying down debt: targeting the most expensive debt, the loan with the highest interest rate, first.

What s more, consolidation typically results in the borrower paying more in total interest because consolidated loans are generally stretched out over a longer period, says Jessica Ferastoaru, a student loan counselor with Take Charge America.

2. Consolidation usually gives you more repayment options, but it can limit them too.

Consolidation is often the first step borrowers must take to enroll in some of the government s more flexible repayment plans, including income-driven plans, many of which are restricted to borrowers with Direct Loans.

Borrowers who graduated before 2010, when the government shifted to Direct Loans, for example, need to consolidate their loans to access the latest income-driven plan, Revised Pay As You Earn. Parent PLUS borrowers most consolidate their loans into the federal Direct Loan program if they want to enroll in the only earnings-based plan available to them, income-contingent repayment.

Consolidation also opens up the door to extended repayment plans, in which your term can stretch up to 30 years depending on how much debt you have.



Student Loan Consolidation vs Refinancing, SoFi, student loan consolidation.#Student #loan #consolidation


Student Loan Consolidation

Student Loan Refinancing

Refinancing your student loans sounds great. But it’s not for everyone.

Consolidating student loans via refinancing is best for people whose financial position – in terms of employment, cash flow, and credit – has improved since they graduated from school. People who are working in the public sector or taking advantage of federal debt relief programs such as income-based repayment or public service forgiveness may not want to refinance, as these programs do not transfer to private refinance loans.

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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.



Debt Consolidation – Consolidate Debt in South Africa, debt consolidation loans.#Debt #consolidation #loans


Approved Debt Consolidation Portal

Debt consolidation in South Africa

Debt consolidation in the most simple terms, involves rolling several outstanding balances into one account with a lower monthly payment. individuals who are eligible for a debt consolidation plan are usually able to negotiate a smaller interest rate percentage with creditors, making their consolidated balances much easier to pay off.

Debt counseling

Excessive debt is now a modern reality for many people from all walks of life. individuals with unmanageable outstanding balances have several options for help through debt counselling, including debt consolidation through restructured payment plans, renegotiated monthly interest rates and adjusted payment terms with each creditor.

Debt review

Due to higher costs of living, a sizeable number of people have run into financial hardships through no fault of their own. sudden interest rate increases can make monthly payments unaffordable with little forewarning. debt review is a process of restructured payment terms to help individuals repay debts after meeting their monthly expenses.

Debt management

The majority of south africans need to take on loans to afford homes and vehicles, which can sometimes lead to unforeseen financial difficulties due to interest rate hikes. with the assistance of a financial advisor, some specific debt management practices can help to safeguard against these future difficulties.

Debt solutions

Too much consumer debt is an unfortunate reality for individuals from all professions and backgrounds. missed payments bring on additional problems such as late fees, accrued interest and possible legal action from creditors. several specific debt solutions are available for south africans seeking to improve their financial situations.

Sequestration

For people encountering significant financial hardships, sequestration presents the best possible option when other debt relief measures do not suffice. the process entails an individual being declared insolvent of outstanding debts through high court rulings and later steps of rehabilitation to start restoring creditworthiness.

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Federated Financial, Debt Relief & Payday Loan Consolidation, debt consolidation loan.#Debt #consolidation #loan


Lower your Payments Starting Now!

Medical, & Credit Card Debt

Federated Financial is not only a consumer education organization dedicated to teaching the skills necessary for a secure financial future it is also the best place to get you out of debt once and for all! Our Debt Consolidation Company is in it’s 20th year of providing excellent service.

GET STARTED NOW!

FREE No obligation quote fill out the form below or Call Us Now!

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Our program may be able to help YOU:

Lower your monthly payments
Significantly reduce your interest rates today!
Eliminate late fees and over limit fees
Stop collection calls
Avoid bankruptcy and legal escalation
Consolidate your Student Loans and Payday Loans

If you feel overwhelmed with debt, We may be able to Help!

Our Credit Card Consolidation, Medical Debt Consolidation, Payday Loan Consolidation & Advance Loan Consolidation programs are designed to eliminate your debt. Our full budget analysis allows us to properly facilitate your gradual debt reduction. Please give us a call to learn more or fill out the form above!

Payday Loan Consolidation

The thought of quick cash has lured many desperate people into taking out a payday loan. Then the vicious cycle begins: even if you manage to pay off the loan, new bills pile atop old bills and another loan has to be taken out for the next pay cycle. Add origination fees and rollover fees, and suddenly you are in a world of hurt. The way you deal with your money on a daily basis can impact your life for many years to come. We can show you that sound financial practices do not always require “doing without, or giving up.” All unsecured loans (loans without collateral), still tend to be higher interest than many alternatives with collateral.

Debt Consolidation Company

Payday Loan Consolidation Programs can help you with your finances. Interest rates charged by your lenders, consolidate into one low monthly payment, and eliminate or lower all interest fees. This will also help to stop those harassing telephone calls and letters you receive in the mail as a professional debt consolidation team can take care of everything. There is really nothing to lose, enter your details today and find out what we can offer you with our Payday Loan Consolidation Services. If your credit allows, consider applying for a credit card and transferring your balances or obtaining a cash advance.

Loan Debt Consolidation

Debt Consolidation And Your Attitude Towards Money, The way you deal with your money on a daily basis can impact your life for years to come. We can show you that sound financial practices do not always require “doing without.” With financial education and planning, you employ learned skills to do so much more with what you have. When you are able to manage money efficiently, you can budget for emergencies, vacations, a new baby, holidays, college, a home, a car, or retirement.

Debt Consolidation Company

A strong Debt Consolidation Program can help you with your finances. We Understand the financial stress of illness and unemployment. In other words, you maybe able to sleep a little bit better at night, knowing that you have the power to control your financial future with one of the many Debt Consolidation Programs we have for you.

Payday Loan Debt Consolidation

You can use our trusted Payday Loan, Credit Card, & Medical Debt Consolidation Programs to become free from debt.

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: www4.law.cornell.edu/uscode/17/107.html. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner. Not Available in All States

Copyright © 2002-2017 Federated Financial – All Rights Reserved | Disclosure Statement | Privacy Policy



Federated Financial, Debt Relief & Payday Loan Consolidation, debt consolidation loan.#Debt #consolidation #loan


Lower your Payments Starting Now!

Medical, & Credit Card Debt

Federated Financial is not only a consumer education organization dedicated to teaching the skills necessary for a secure financial future it is also the best place to get you out of debt once and for all! Our Debt Consolidation Company is in it’s 20th year of providing excellent service.

GET STARTED NOW!

FREE No obligation quote fill out the form below or Call Us Now!

We take your privacy seriously

Debt consolidation loan

Debt consolidation loan

Our program may be able to help YOU:

Lower your monthly payments
Significantly reduce your interest rates today!
Eliminate late fees and over limit fees
Stop collection calls
Avoid bankruptcy and legal escalation
Consolidate your Student Loans and Payday Loans

If you feel overwhelmed with debt, We may be able to Help!

Our Credit Card Consolidation, Medical Debt Consolidation, Payday Loan Consolidation & Advance Loan Consolidation programs are designed to eliminate your debt. Our full budget analysis allows us to properly facilitate your gradual debt reduction. Please give us a call to learn more or fill out the form above!

Payday Loan Consolidation

The thought of quick cash has lured many desperate people into taking out a payday loan. Then the vicious cycle begins: even if you manage to pay off the loan, new bills pile atop old bills and another loan has to be taken out for the next pay cycle. Add origination fees and rollover fees, and suddenly you are in a world of hurt. The way you deal with your money on a daily basis can impact your life for many years to come. We can show you that sound financial practices do not always require “doing without, or giving up.” All unsecured loans (loans without collateral), still tend to be higher interest than many alternatives with collateral.

Debt Consolidation Company

Payday Loan Consolidation Programs can help you with your finances. Interest rates charged by your lenders, consolidate into one low monthly payment, and eliminate or lower all interest fees. This will also help to stop those harassing telephone calls and letters you receive in the mail as a professional debt consolidation team can take care of everything. There is really nothing to lose, enter your details today and find out what we can offer you with our Payday Loan Consolidation Services. If your credit allows, consider applying for a credit card and transferring your balances or obtaining a cash advance.

Loan Debt Consolidation

Debt Consolidation And Your Attitude Towards Money, The way you deal with your money on a daily basis can impact your life for years to come. We can show you that sound financial practices do not always require “doing without.” With financial education and planning, you employ learned skills to do so much more with what you have. When you are able to manage money efficiently, you can budget for emergencies, vacations, a new baby, holidays, college, a home, a car, or retirement.

Debt Consolidation Company

A strong Debt Consolidation Program can help you with your finances. We Understand the financial stress of illness and unemployment. In other words, you maybe able to sleep a little bit better at night, knowing that you have the power to control your financial future with one of the many Debt Consolidation Programs we have for you.

Payday Loan Debt Consolidation

You can use our trusted Payday Loan, Credit Card, & Medical Debt Consolidation Programs to become free from debt.

This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: www4.law.cornell.edu/uscode/17/107.html. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission from the copyright owner. Not Available in All States

Copyright © 2002-2017 Federated Financial – All Rights Reserved | Disclosure Statement | Privacy Policy



Debt Consolidation Loans – Get a Consolidation Loan – South Africa, private loan consolidation.#Private #loan #consolidation


Debt Consolidation Loans

Private loan consolidation

Consolidation loans are used to deal with overwhelming debts. It is essentially taking out a loan to pay off any number of smaller debts which can ease the pressure by reducing your monthly payments. Debt consolidation loans are used to help simplify your finances. The interest rate on these types of loan can actually work out lower than continuing to deal with mounting multiple debts. With many lenders offering consolidation loans, finding the right deal for you can be difficult. You can find a loan by using our comparison service to search for the best rates from a range of providers. This will ensure you find the right loan to clear your debts with. Make sure that you read the terms and conditions of any consolidation loans which you are interested in.

If you wish to speak to someone: Contact Us

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Private loan consolidation

Get Out Of Debt With Debt Consolidation Loans

What is a consolidation loan?

If you feel that your debts are spiralling out of control and you do not know how to sort everything out then a debt consolidation loan could be really helpful. If you have multiple debts which you are having trouble keeping up with then a debt consolidation loan could be a good option. A debt consolidation loan is basically a single loan which you will borrow in order to pay your multiple debts.

How a debt consolidation loan can help

A consolidation loan means that you can consolidate your debt which means that you essentially group your debts together. This can make life a lot easier as you will only have a single debt to pay off each month. You should stop receiving threatening letters from your previous creditors and your single payment should be made as easy as possible.

You can off your debt over a longer period of time

It should be possible to pay this consolidation loan over a longer period of time so the monthly payments which you have to make will be smaller. However, it is important to remember that ultimately you are likely to pay more interest on your debts with a consolidation loan in comparison to what you would have had to pay when you had multiple debts. The idea is that in the long run a consolidation loan makes your life easier rather than more difficult.

Consolidation loans can be more expensive than your original debt

It is important to bear in mind that a consolidation loan is highly likely to be more expensive than your original debts but if you were finding them too hard to organise then in the long run a consolidation loan could save you money by helping you to avoid extra fees and charges on your original loans.

Consolidation loans are not for everyone

If you are happy paying your current debts and are not having any problems organising your payments then a consolidation loan is probably unnecessary for you. However, if this is not the case and your debts out of control then a consolidation loan could be an option to give you peace of mind.

Why should I consolidate my debts with a consolidation loan?

As already discussed, there are plenty of good reasons why you should consolidate your debt and you don’t necessarily have to be in financial difficulty in order to benefit. Consolidation loans can help you cut your monthly outgoings, leaving you more money for savings to help with a rainy day, education or to pay off your existing debts. If you feel like you are trapped in a cycle of borrowing then a debt consolidation loan is definitely worth considering helping you become debt free. Just ensure you have enough discipline to budget correctly and not borrow more after this. If you are in any doubt then you should seek independent financial advice.



Financial Calculator, Free Online Calculators from, loan consolidation calculator.#Loan #consolidation #calculator


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How Does Debt Consolidation Affect Your Credit Report, credit card debt consolidation.#Credit #card #debt #consolidation


How Does Debt Consolidation Affect Your Credit Report?

Your debt consolidation credit report should look better than the credit report you had before you combined your bills. Ultimately, the goal is to improve your credit and not harm it. That is why it is important to understand how debt consolidation will affect your credit.

Your Debt Consolidation Credit Report: Positive Effects

One positive effect that debt consolidation can have on your credit score is the fact that several accounts will appear to be paid off. Even though debt consolidation creates a new credit account, lenders consider the other accounts as paid in full.

Timely repayment of new credit will also have a positive effect on your credit in the long term. Unfortunately, this raise in your credit score will take time, as you need a history payments on the account. If you continue to use your credit cards, it is important to keep up to date with all of your payments in order for your credit score to improve.

It is better to borrow against your equity line, than it is to apply for new credit cards repeatedly in order to take advantage lower interest rates. Using personal loans for debt consolidation is usually the best option, and as long as you pay your bills on time, your credit score should eventually rise.

Your Debt Consolidation Credit Report: Negative Effects

Depending on the actions that you take after debt consolidation, you can end up hurting your score. Missing a payment can bring your credit score down. It is important to keep up with your debt consolidation loan payments, and any other credit payments that you are required to make, otherwise your score will drop.

Closing credit card accounts after you have consolidated the debt can negatively impact your score. Never close your oldest accounts because they will give you the longest credit history. You may also want to wait until the debt is paid off before closing accounts. This is because your overall available credit will decrease, yet your debt level will remain. That makes it look like you have maxed out, and are therefore a high risk.

If you use a debt settlement program to consolidate your bills and the method includes negotiating a reduction of the debt that you owe, your credit report will be negatively impacted. Finding a way not to pay creditors the full amount that you owe does not look good.

Using balance transfers for debt consolidation may have a negative impact on your credit report as well. This is especially true if you apply for a new credit card in order to use an introductory interest rate. If you do not pay off the full balance by the end of the trial period, your interest rates will return to normal. Applying for new credit every six months is also frowned upon.

If you handle debt consolidation properly, the long term effect on your credit should be positive. Go about the wrong way, and you can do more harm than good to your credit report.

The content on this site is provided for informational purposes only and is not legal or professional advice. Advertised rates on this site are provided by the third party advertiser and not by us. We do not guarantee that the loan terms or rates listed on this site are the best terms or lowest rates available in the market. All lending decisions are determined by the lender and we do not guarantee approval, rates or terms for any lender or loan program. Not all applicants will be approved and individual loan terms may vary. Users are encouraged to use their best judgment in evaluating any third party services or advertisers on this site before submitting any information to any third party.



Payday Loans Online, Fast Payday Loans, payday loan consolidation.#Payday #loan #consolidation


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FinAid, Loans, Student Loan Consolidation, loan consolidation.#Loan #consolidation


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Student Loan Consolidation

Consolidation Loans combine several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans. They also provide an opportunity for alternative repayment plans, making monthly payments more manageable.

Consolidation loans are available for most federal loans, including Stafford, PLUS and SLS, FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well.

The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent. That interest rate is fixed for life.

For example, suppose a student has just unsubsidized Stafford Loans originated on or after July 1, 2006. These loans have a fixed interest rate of 6.8%. When they are consolidated by themselves, the consolidation loan will have an interest rate of 6 and 7/8ths of a percent, or 6.875%. So the interest rate increases only slightly.

If the borrower has a mix of loans with different interest rates, the weighted average will be somewhere in between. For example, if the borrower has $5,000 of Perkins Loans (at 5.0%) and $10,000 of unsubsidized Stafford Loans (at 3.86%), the weighted average is

This weighted average, 4.2%, is then rounded up to the nearest 1/8th of a percent, yielding a consolidation loan interest rate of 4.25%.

If you are consolidating loans with different interest rates, the weighted average interest rate will always be in between. Don’t be fooled if someone tries to suggest that this will save you money by getting you a lower interest rate. The interest rate may be lower than the highest of your interest rates, but it is also higher than the lowest of your interest rates. More importantly, the amount of interest you pay over the lifetime of the loan will be about the same.

No Cost to Consolidate

Aside from a slight increase in the interest rate on the consolidation loan, there is no cost to consolidate your loans. There are no fees to consolidate.

Under no circumstances pay a fee in advance to get a federal education loan or consolidate your federal education loans. There are no fees to consolidate your loans. While other federal education loans, such as the Stafford and PLUS loans, may charge some fees, the fees are always deducted from the disbursement check. There is never an upfront fee. If someone wants you to pay an upfront fee, chances are that it is an example of an advance fee loan scam.

Who Can Consolidate

Both student and parent borrowers can consolidate their education loans. Students and parents cannot combine their loans through consolidation, since only loans from the same borrower can be consolidated. But they can consolidate their loans separately.

Students can consolidate their education loans only during the grace period or after the loans enter repayment. Loans that are in default but with satisfactory repayment arrangements may also be consolidated. Students can no longer consolidate while they are still in school. Parents, however, can consolidate PLUS loans at any time.

Which Loans Can be Consolidated?

Any federal education loan can be consolidated. You can even consolidate a single loan. There are, however, a few restrictions on consolidating a consolidation loan.

You can consolidate a consolidation loan only once. In order to reconsolidate an existing consolidation loan, you must add loans that were not previously consolidated to the consolidation loan. You can also consolidate two consolidation loans together. But you cannot consolidate a single consolidation loan by itself.

Note that when you reconsolidate a consolidation loan, it does not relock the rates on the consolidation loan. The consolidation loan is treated as a fixed rate loan within the weighted average interest rate formula used to calculate the interest rate on the new consolidation loan.

Consolidation loans provide access to several alternate repayment plans besides standard ten-year repayment. These include extended repayment, graduated repayment, income contingent repayment (Direct Loans only) and income sensitive repayment (FFEL only). If you do not specify the repayment terms, you will receive standard ten-year repayment.

Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plan that is standard with federal loans. Depending on the loan amount, the term of the loan can be extended from 12 to 30 years. The reduced monthly payment may make the loan easier to repay for some borrowers. However, by extending the term of a loan the total amount of interest paid over the lifetime of the loan is increased.

You do not need to pick an alternate repayment plan. We recommend sticking with standard ten-year repayment, because it will save you money. The alternate repayment plans may have lower monthly payments, but this increases the term of the loan and the total interest paid over the lifetime of the loan.

Repayment on a consolidation loan will begin within 60 days of disbursement of the loan, unless the borrower qualifies for a deferment or forbearance.



Student Loan Consolidation, loan consolidation.#Loan #consolidation


Student Loan Consolidation

Student loan consolidation is a good option if you are having trouble paying your loans. You can consolidate just one loan, or several loans. You can consolidate loans even if you re already in default. In fact, consolidation is one good way to get out of default. (To learn about other ways to get out of default on student loans, see Student Loans: Getting Out of Default.)

A consolidation loan allows you to combine your federal student loans into a single loan with one monthly payment. This may be a good option if any of the following are true:

  • You can t afford the monthly payments on your federal student loans under any of the options described in Student Loan Repayment Options, and don t qualify for a postponement or for loan cancellation.
  • You qualify for some of the payment plans described in Student Loan Repayment Options, but you are so deep in debt that you still can t afford your monthly payments.
  • You can afford your monthly payments and intend to pay off your loans under a standard plan, but you want to refinance at a lower interest rate.
  • You are in default on one or more of your student loans and want to get out of default.

Eligibility for Student Loan Consolidation

The vast majority of federal loans are eligible for consolidation, including subsidized and unsubsidized Stafford loans (GSLs), Direct loans, Supplemental Loans for Students (SLSs), Perkins loans, FISLs, and (except in an IBR Plan Consolidation Loan) PLUS Loans. (To find out what type of loan you have, see Types of Federal Student Loans.)

All borrowers with these loans are eligible to consolidate after they graduate, leave school, or drop below half-time enrollment. However, because consolidation loans have no grace period while you are in school or for the six months afterwards (unlike nonconsolidation loans, which usually do have a grace period during this time), getting a such a loan may not be a good idea if you are still in school or just graduated and don’t yet have a job.

Restrictions

Tthere are some restrictions to loan consolidation. Private student loans cannot be included in a federal consolidation loan. In addition, spouses cannot consolidate their loans into a single consolidation loan. And, borrowers who are in default must meet certain requirements before they can consolidate.

Pros and Cons of Consolidation

Consider both the advantages and disadvantages of consolidation before obtaining a consolidation loan.

Disadvantages to Consolidation

Potential disadvantages include the possibility that, if you have old loans, consolidation will cause your interest rate to go up. Moreover, consolidation will extend the repayment period, which means that you will pay more interest over the life of your loan. Consolidation will not completely clean up your credit report, either. If you were in default, your report will reflect that your previous loans were in default but are now paid in full through the new loan.

In addition, your right to assert a school-related claim against the lender of the consolidation loan is not clear. That right might be important, for example, if you got a loan to attend a for-profit school because it lied about the likelihood of you getting a job after graduation. If you think you have a claim against the school, it is better to consult an attorney experienced in bringing these kinds of cases before you consolidate your loan.

To find an experienced student loan lawyer, visit Nolo’s Lawyer Directory.

Advantages to Consolidation

Loan consolidation offers some potential advantages, too. If you are in default on any of your government loans, consolidation may offer the opportunity to get out of default and make affordable monthly payments. When interest rates are low, consolidation gives you the advantage of locking in a low rate on your student loans.

Direct Consolidation Loan Program

As with the Direct Loan Program, the federal government provides Direct Consolidation Loans.

Direct Consolidation Loans come with flexible repayment options, including a standard plan, a graduated plan, and an extended plan, and in most circumstances an Income Contingent Repayment Plan (ICRP) or an Income Based Repayment Plan (IBR). To learn about these, see Student Loan Repayment Options.

If you are in default, a Direct Consolidation Loan is a good way to get out of default and obtain a repayment plan that you can afford. In order to get out of default through a Direct Consolidation Loan, you must make three affordable monthly payments to the loan holder first (which can be as low as $5) or agree to an ICRP or IBR on the consolidated loan. Borrowers are also eligible for deferments in certain circumstances.

Each loan consolidated under the program keeps its interest subsidy benefit. This can be important if you return to school.

To qualify for a Direct Consolidation Loan, you must have at least one Direct loan or FFEL. So, if you have only a Perkins loan, for example, you don t qualify. If you have at least one FFEL, but no Direct loans, then you must certify you are unable to obtain a FFEL with an Income Sensitive Repayment Plan acceptable to you and are eligible for an Income Contingent Repayment Plan. As of 2010, there are no more FFEL Consolidation loans available, so the requirement that you cannot get one may be moot.

For more information on Direct Consolidation Loans and to get an application for loan consolidation, go to http://loanconsolidation.ed.gov/index.html.

Reconsolidation

The circumstances under which you can consolidate a loan or loans that have already been consolidated are limited. Here are some examples of when you can reconsolidate a student loan:

  • If you apply within 180 days after you get a consolidation loan, you can add another loan (either a new or existing loan) into that consolidation loan.
  • You can get a new consolidation loan to combine an existing consolidation loan and another student loan you got either before or after you got the original consolidation loan.
  • You can consolidate two existing consolidation loans.
  • FFEL Consolidation Loan borrowers may also convert a FFEL Consolidation Loan into a Direct Consolidation Loan, without having to add any additional loan, in order to obtain an Income Contingent or Income Based Repayment Plan, but only if the lender submitted the loan to the guaranty agency to help the borrower avoid default.

To learn about student loan repayment options, getting out of default, and more, see Nolo’s Student Loan Debt area.



Best Student Loan Consolidation Programs for 2017 – Student Loan Consolidation Program Reviews, loan consolidation.#Loan #consolidation


Student Loan Consolidation Loan consolidation

Whether you have federal student loans (such as Stafford, PLUS, or Federal Perkins loans) or private student loans, there are a number of student loan consolidation services that can help you consolidate your loans into one single debt. This can result in lower interest rates, and, in some cases, dramatically reduced monthly loan payments.

Many consolidation services offer fixed interest rates for the life of the loan, which can lock in your savings for years to come. This is good since consolidation loans typically have longer terms than other loans – usually anywhere from 10 to 30 years.

Continue reading below reviews

Loan consolidation

Student Loan Consolidation Reviews

Loan consolidation

Loan consolidation

NATIONAL DEBT RELIEF Loan consolidation

National Debt Relief is a leading provider of financial solutions, and they have an impressive range of options for both private and federal student loans. This company comes with a strong reputation, maintains a strong A rating from the Better Business Bureau, and offers a 100% money back guarantee with their plans. If you’re in the market to consolidate and better manage your student loans, National Debt Relief should be your first choice. Read More. Loan consolidation

Loan consolidation

Loan consolidation

SoFi (which is pronounced SEW-fi , short for SOcial FInance ) is one of the most innovative resources available for both federal and private student loan consolidation. Their user-friendly website, including helpful articles to help students navigate the world of finance, makes it easy to understand all of your options. SoFi is also the only lender we found that offers unemployment protection, which may allow you to suspend your loan repayments for up to 12 months if you lose your job. SoFi should absolutely be on your short list for lenders if you’re looking to consolidate your student loans.

Loan consolidation

Loan consolidation

STUDENT LOAN CONSOLIDATOR

Student Loan Consolidator offers both federal and private student loan consolidation. They also offer special options, such as interest-rate reductions and interest-only payments. Additionally, they provide a toll-free number that enables you to contact loan counselors with any questions you might have. Read More. Loan consolidation

Loan consolidation

Loan consolidation

LENDKEY

LendKey is an online provider of student loan consolidation services with strong customer reviews. Their ability to connect students with community banks and credit unions for both federal and private school loans makes them a good choice for most consumers, though occasional issues with the website may prove frustrating. Read More. Loan consolidation

Loan consolidation

Loan consolidation

CHASE LOAN CONSOLIDATION

Chase is a leading financial services institution and one you can trust when it comes to federal student loan consolidation. Their online application is quick and easy, and you can find out whether you are eligible for their services within moments. Chase has a professional website that is easy to navigate and use. However, Chase does not quite offer the same level of service as our higher-rated selection. Read More. Loan consolidation

Loan consolidation

Loan consolidation

WELLS FARGO LOAN CONSOLIDATION

Wells Fargo offers competitive loan consolidation for those who are consolidating only private student loans. They do not offer consolidation of Federal loans, which dropped them a bit in our ranking.

A recent study by the National Center for Education Statistics shows that half of all recent college graduates have an average student loan debt of $10,000. For some students, this amount is much higher. Many students receive loans from a variety of sources.

There are many advantages to consolidating all of these loans into a single debt. With interest rates at record lows, you will most likely receive a better rate by consolidating your loans now than when you first got your loans. The second advantage is reducing the number of creditors you have, which makes it easier to keep track of monthly loan payments. Consolidating your student loans into a single debt also simplifies the repayment process, making it less likely that you will default on your loan payments.

There are a number of services available to help you in this process. Some only offer federal student loan consolidation, while others enable you to consolidate both federal and private student loans. Therefore, it is important to make sure that the student loan consolidation service you choose meets your student loan consolidation needs.

Additionally, while some websites provide instant, online loan quotes, other websites do not. You will want to make sure that the service you select provides you with the information you need to make consolidation decisions.

There are a variety of issues to consider when looking for a student loan consolidation plan. Some of these include:

  • Information. Does the website provide adequate information to help you make student loan consolidation decisions?
  • Quality of Service. Does the website provide consolidation solutions that meet your needs?
  • Professionalism. Is the website professional and credible? Does the consolidation service have a strong reputation in the industry?


RPTIA Credit – Loans for People with Bad Credit, consolidation loans with bad credit.#Consolidation #loans #with #bad #credit


Personal Loans for Bad Credit Available Nationwide

Are you looking for a bad credit loan, or are you in need of special financing? If so, you are at the right place. We provide nationwide personal loan services and offer one of the leading online bad credit lender programs available in the United States. Our loan services are especially designed to help people with poor credit get quick cash and the necessary financing that is needed. When you have bad credit, it is usually very difficult to find a lender who will finance you without asking for security for the loan. In most cases, many traditional lenders will not even consider your application. However, this does not mean you cannot get financing.

RPTIA is comprised of the nation’s top bad credit lenders specializing in providing personal loans for people with bad credit. You now have all of the specialty programs at your fingertips that you can qualify for even with limited or poor credit. With our nationwide network of reputable lenders, you can quickly get the financial assistance you need without the conventional harsh restrictions. Our program is specifically designed to help people with bad credit to get an online loan approval; and unlike traditional loan programs, our lenders understand the situation that you are in. In fact, we have one of the highest approval rates in the industry. Most of our clients are just people like you and are getting financing within a few minutes after submitting their online application. So, what do you really need to qualify for an instant poor credit loan?

Requirements for Applying Online

Generally to be approved for a loan, you really do not need to worry about your credit rating or having a cosigner. In fact, if you are over 18 years old and have a stable income, you are likely to be approved for a small or large loan.

The main requirements for financing include:

  • Be a legal US resident
  • Be 18 years old or older
  • Have an active checking account
  • Have proof of employment or steady income

If you meet all of the above requirements, you are a perfect candidate for online loans. To get your free online approval today, simply go to our secure online application to get your loan. You will get an offer for an emergency loan at some of the most competitive rates in the market.

Why Apply for Bad Credit Loans with Us?

We are a trusted financial services provider and have helped hundreds of thousands of people with poor credit get the financing they require quickly. By applying with us, you can rest assured that you are working with a long-standing professional company that has your best interest at heart. Our streamlined application is simple to complete and gives you access to literally hundreds of loan programs that provides loans for people with bad credit, no credit, and other tough to finance circumstances.

Here are some reasons why our customers love us:

  • One of the largest online lender networks
  • Easy online application with absolutely no upfront fees of any kind
  • Instant application processing, generally takes less than two minutes
  • No obligation required; your offer is presented and you can either accept or decline it
  • Programs range from small to large loans

When it comes to loans for bad credit our service is second to none. Loan programs range from small loans for those times when you only need a few hundred dollars all the way to large personal loans and auto loans. You have found the one stop spot that has the Nation s top lenders for bad credit and we have streamlined our online application so getting your loan is easier than ever.

Apart from helping borrowers get quick no credit loans, we also provide other easy financial solutions like debt consolidation loans, payday loans, auto loans and simple cash loans. We have credit programs available that can meet any financing requirement you have. Go to our secure online application now to get approved for your loan today.

Consolidation loans with bad credit

All online applications are processed through our secure server and all personal data is encrypted as it is delivered to your loan officer. No personal information is stored online to further protect our customer s privacy.

Auto, Personal, Cash

Apply Online Today Consolidation loans with bad credit



Bad Credit Loans – HIGHEST APPROVAL – Personal Loans Online, consolidation loans with bad credit.#Consolidation #loans #with #bad #credit


consolidation loans with bad credit

Consolidation loans with bad credit

Consolidation loans with bad credit

Bad Credit Loan Center ™

At Bad Credit Loan Center ™ we believe in second chances. We know that good people do fall on hard times and in this economy it s not easy to find help.

Our goal is to make your process of finding online loans as stress free and easy as possible. Whether you re looking for a cash loan, an auto loan, debt consolidation or credit cards we can help.

It takes less than 3 minutes to complete an application and usually with in a couple hours a lender will contact you if you re approved. It doesn t matter if you re looking for bad credit loans or good credit loans we can help you find a lender. Bad Credit Loan Center ™ provides a payday loan matching service only and is not a lender.

For personal cash loans just click the Apply Now button directly above. You will instantly be taken to our partners 256bit COMODO ™ encrypted secure application.

If you re looking for an auto loan, debt consolidation, bad credit personal loans or credit cards please use the navigation bar at the top of this page. For more information about us or loans for bad credit please visit the about link in the footer of this page.

Bad credit loans should be used responsibly. You will be required to repay your loan on time to avoid extra interest or fees. Personal loans for people with bad credit that offer monthly payments may be available please consult your lender.

Loans are not available in all states even if you apply on the internet. All short term lenders have the right to run your credit if they deem it necessary.

Consolidation loans with bad credit

3 Simple Steps to Obtain Your Loan

Consolidation loans with bad creditPre Qualify: To pre-qualify for payday loans online you must have income of $1000 dollars per month and be at least 18 years old. Your income can come from a job, benefits, disability or anything along those lines.

Consolidation loans with bad creditComplete the Application: We utilize a short and easy fast loan advance application. It only takes a couple minutes to complete! It doesn t get any easier than this to get up to $1000 dollars today.

Consolidation loans with bad creditGet Your Cash: Once a lender match is found and you re approved your payday loans will be deposited the same business day if time permits. It usually only takes a few hours from application to cash in hand!



Debt consolidation loan, Barclays, debt consolidation loan calculator.#Debt #consolidation #loan #calculator


Debt consolidation loans

All your debts in one manageable loan

If you’ve borrowed from different lenders, a debt consolidation loan could help you take control of your finances and keep track of your money.

Loans are subject to status. Early settlement fees apply.

✔ Manage your debts with just one loan 1

✔ Quick and easy application

✔ Personal price quote – with no credit footprint 2

0 APR Representative

over 2-5 years. (Your rate may differ 3 )

Take control of your debt with a Barclayloan

Having just one loan could be more straightforward and easier to manage than a number of payments to different lenders.

But it’s worth noting that consolidating debts might involve payment of a higher rate of interest or charges – or both. Consolidating debts might also increase the overall period required for repayment.

Debt consolidation overview

Discover your loan rate without affecting your credit score

Knowing how much you can borrow really helps when consolidating your debt. And, unlike some other lenders, in many cases we can give you a personalised price quote up front – without impacting your credit score. To find your loan rate, simply log in to Online Banking or Barclays Mobile Banking, if you’re registered 2 .

You could get your money straightaway

It’s quick and easy to apply and, if your loan application is approved and you’ve signed your loan agreement online, the debt consolidation money is usually transferred to your current account within a few minutes 4 .

If you take out a Barclayloan and another lender offers you a like-for-like unsecured loan with a lower APR, you can claim under our guarantee – within 30 days of the date we signed your Barclayloan agreement.

We’ll reduce the interest rate to produce an APR equal to the competing offer and recalculate your monthly repayments to reflect the reduced interest rate. Please read our full price guarantee terms and conditions.

Fixed monthly repayment

This could help you budget.

Choose your payment term

Depending on the loan amount.

Already have a Barclayloan and need more funds? You can apply to increase your borrowing with us.

If you just want to take out a second loan instead of topping up, that could be an option too.

Repaying your loan early

You have the right to repay your loan early, in part or full, at any time. We’ll charge a fee equal to 30 days’ interest on the amount you’re repaying, as well as any other interest that’s due.

Eligibility

To apply online, you’ll need to:

✔ A Barclays current or savings account, mortgage or Barclaycard

✔ To be aged 18 or above

You can use your loan for almost anything, apart from:

  • Business reasons
  • Investments, including buying stocks and shares
  • Timeshares
  • Purchasing property (home improvements are fine)
  • Gambling-related expenses
  • Repaying CCJs (county court judgments)
  • A purchase made by combining this loan with any others

Resume an application

If you’ve already started a loan application and have saved your progress, it’s easy to pick up where you left off.

If you applied via Online Banking

Log in to Online Banking here, and we’ll take you straight to your saved application.

If you used our online application form

If you started your application via our online form, we’ll have sent you an email with your reference number. You can enter the number here.

Our lending commitments and what we ask of you

As a lender, we have a responsibility to act fairly and as part of this we have committed to follow the Standards of Lending Practice. This note sets out some of our key responsibilities and what we ask of you, to ensure that the relationship works well for both of us.

  • We will lend responsibly and aim to provide a product that is affordable for you.
  • We will provide you with information about our products and services and how they work, in a clear and understandable way, so that you can decide what’s best for you and your needs.
  • We will endeavour to make sure our products and services offer, wherever possible, the flexibility to meet your needs.
  • We will treat you fairly and reasonably at all times and make sure that you are provided with a high level of service.
  • If you tell us about any inaccuracies, for example around the personal information we hold about you, we will act quickly to put it right.
  • We will always aim to help you if we see, or you tell us, that you are having trouble financially. We will seek to understand your overall circumstances, try and identify options that you can afford and where appropriate, provide a reference to free debt advice.

What we ask of you

  • We ask you to think carefully about whether you can afford to repay the money you want to borrow and to be open in your dealings with us.
  • Take care of any cards, PINs, online log-in details and other security information to help prevent fraud and help us to protect your accounts.
  • Tell us as soon as possible if your card has been lost or stolen, or if you know or suspect someone is misusing your confidential information e.g. your PIN or online log-in details.
  • Carefully check your account statements to make sure they are accurate. If anything isn’t right, please get in touch with us.

Please let us know if

  • Your contact details change, so we can keep our records up to date.
  • Your circumstances change, particularly if what’s happened is likely to cause you difficulties in managing your account or financial problems.
  • You think that you won’t be able to keep up with your repayments. The sooner you do this, the more likely it is we’ll be able to find a way to help you.

We would also encourage you to refer to the terms and conditions associated with your current account, credit card or personal loan.



Halifax UK, Loans, Debt Consolidation Loans, consolidation loans.#Consolidation #loans


Loans for Debt Consolidation.

Sometimes circumstances change and we should be able to change with them. Here are a few points to consider to help you decide if a debt consolidation loan is for you.

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Present account balances

Before taking out a consolidation loan, take a good look at your account balances. How much of your debt could you pay off straightaway? Doing this will reduce any interest owed, the interest you’d earn from savings is less than the interest rates you’d be paying on the balance for most loans.

Current budget

What are all your outgoings for a month? If you don’t know then now’s the time to find out. If you know how much you’ve got coming in and how much is going out, you’ll be in a great position to make the most of your money. So sort out your budget before considering another loan.

Credit ratings

You need to find out your current credit rating, if you don’t already know it. Because this will make a big difference to the type of loan you can take out and how much you’ll have to repay, as interest rates fluctuate according to your credit rating.

Rates of existing loans

Compare interest rates between your current loans and your proposed loan. Will you actually be better off? Don’t forget to also take into consideration how long the loans are for, because the last thing you want is to end up having to pay more in the long-run.

Benefits of consolidation

The real benefits of a consolidation loan if you’ve done your homework are one simple bill instead of several, possibly lower rates, and potentially fewer payments.

Dangers of borrowing more than you need

It might sound obvious but the more you borrow, the more you have to pay back. A consolidation loan is here to help you, not make life harder. So do consider your options carefully before making a commitment.

We re here to help you manage your finances. Talk to us about help with managing your finances if you have money worries.



3 Ways to Consolidate Loans, consolidation loans.#Consolidation #loans


How to Consolidate Loans

Loan consolidation can save you money if done right. You consolidate loans by rolling all your little loans into one bigger one. To come out ahead, you need to find a consolidation loan with a low interest rate and a reasonable term. You can consolidate using a personal loan or a balance transfer credit card. If you consolidate student loans, you have other options.

Steps Edit

Method One of Three:

Finding a Personal Consolidation Loan Edit

Consolidation loans

Consolidation loans

Consolidation loans

Consolidation loans

Consolidation loans

Consolidation loans

Consolidation loans

Method Two of Three:

Using a Balance Transfer Edit

Consolidation loans

Consolidation loans

Consolidation loans

Consolidation loans

Method Three of Three:

Consolidating Student Loans Edit

Consolidation loans

Consolidation loans

Consolidation loans

Consolidation loans

Consolidation loans

Consolidation loans



Consolidation Loans, Consolidate Debts, Apply Online – Quick Consolidation Loans, consolidation loans.#Consolidation #loans


Consolidation Loans

Quick Consolidation Loans offer you the opportunity to smash your debt and get your finances back on track.

When it comes to monthly budgets things can change quickly and at times you could find yourself suddenly slipping into a situation where keeping track and honouring a lot of small payments could become an issue.

Consolidation loans are one of the options that you could make use of to improve your current financial situation and make things more convenient while you may also reduce the total monthly amount you are liable for.

Through Quick Consolidation Loans, you can consolidate all, or at least some, of your debt should you qualify and we are able to help blacklisted individuals or those who have bad credit due to past arrears.

Contact Quick Consolidation Loans today and we will gladly help you with an application so that you can restructure your debt in a fast and affordable manner. Quick loans like these offer breathing room from ever increasing debt.

Consolidation Loans Advice

Consolidation Loans Advisor

Consolidation Loans Bad Credit

Consolidation Loans Blacklisted

Consolidation Loans Calculator

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Consolidation Loans Conselling

Consolidation Loans For Homeowners

Consolidation Loans Help

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Consolidation Loans Strategies

Consolidation Loans Unsecured

We will be able to offer advice on the suitability of debt consolidation to your specific financial situation, as there are instances where it would prove unsuitable. Our consultants will be able to help you with regards to secured and unsecured debt consolidation, and advice as to which would be most favorable to your outstanding debts. Operating on a national basis, we can also provide you with debt counseling or a debt review in South Africa. As mentioned, debt consolidation could save you on monthly payments and interest rates, which has made it a viable option for many. To find out if debt consolidation in South Africa is an option for you, contact Quick Consolidation Loans today.



Non Profit Debt Consolidation – Counseling Services, CreditGUARD, credit consolidation.#Credit #consolidation


Credit and Debt Counseling Agency

CreditGuard of America, Inc. is an independent, nonprofit credit counseling agency that is committed to providing innovative solutions for simple to complicated debt issues. We will help you get out of the debt through our best credit counseling. CreditGuard provides credit counseling and debt management along with free financial education to consumers throughout the United States, using state-of-the-art technology and superior customer service.

Certified Credit Counselors – Free Consultation

Our credit counselors are certified and trained to deal with both secured and unsecured debts. The counselors will evaluate your needs and your expenses and custom design a plan that will allow you to make an affordable debt payment within your budget that gets you out of debt faster than you ever thought possible. Your debt management plan will get you debt free and keep you debt free! Then we provide a tailored, written debt consolidation plan based upon the debt counseling that considers affordability and reliability of the debt program, as the main priority.

Credible Debt Counseling – Confidential Easy

CreditGuard of America provides a variety of online credit counseling and debt management tools to assist consumers with their debt problems. Our credit counseling agency gives advice on personal budgeting, debt consolidation through debt management programs as well as home equity loans, credit cards promos, and filing for bankruptcy. Thousands of consumers have been able to get back-on-track using our debt counseling and debt solutions that helped them in managing their bills and credit card debt.

Whatever your credit problems are, CreditGuard of America, Inc., a credible credit counseling agency, is there to help you. Contact us online by filling out the contact form above or call CreditGuard of America, Inc. at 1-800-500-6489 to find out more about our online debt consolidation and credit counseling programs!

Free Financial Education – Get Out of Debt and Stay Out of Debt

CreditGuard of America, Inc. is dedicated to educating consumers on financial literacy. Through financial education, our non profit credit counseling agency hopes to prevent the consumers from falling into the “debt trap” and help those already in trouble. Our online education resources provide comprehensive information regarding the effects of best credit counseling over debt collection and money management.

Our Credit Management Series helps consumers in understanding how their credit works. Our Debt Collection Series examines the consumer credit rights and the credit laws that protect them. Our Money Management Series gives practical advice on money matters.

Contact us online by filling out the form above, or Call CreditGuard of America at 1-800-500-6489 for more information on our non-profit credit counseling and debt counseling agency. Certified Credit Counselors are available Monday – Thursday 8:00 am – 10:00 pm Eastern, Friday 8:00 am – 9:00 pm Eastern, Saturday 10:00 am – 6:00 pm Eastern. For online service, 24/7, use the Credit Card Debt Analyzer to calculate your estimated interest and payment savings available, through our debt management program.



Alliant Credit Union Student Loan Consolidation, credit consolidation.#Credit #consolidation


Alliant Credit Union

Credit consolidation

Family Banking Solutions

We offer award-winning online kids savings and teen checking accounts (plus, great products for parents too!)

Credit consolidation

Alliant Car Buying Service

Get upfront pricing, guaranteed savings, and a discounted rate on your auto loan. Members save an average of $3,106 off MSRP.

Credit consolidation

Get the returns you deserve

Earn top dollar with rates up to 2.25%APY.

Credit consolidation

Is student loan consolidation right for you?

Combining your student loans could get you a lower interest rate.

Credit consolidation

Find the card that best fits your needs

Earn rewards, get cash back or take advantage of a low standard variable rate.

Combine and conquer. And save, too

Take control of your student loans by combining them into one low-rate loan with payment terms that work for you.

Credit consolidation

The Run Down
  • Both private and government loans are eligible
  • Consolidate up to $100,000 in graduate and undergraduate student loans
  • Repayment terms up to25 years
  • No prepayment penalties. Reduce your interest by paying early
Rates

Annual Percentage Rate (APR) is variable and subject to increase after consummation. 53

Earn 1.16% APY on your savings!

Grow your savings faster with Alliant s higher savings rate.

Credit consolidation

“Best No-Fee Credit Union 2016” – MyBankTracker

Credit consolidation

“Best Credit Unions 2017” – NerdWallet

Why should I consolidate my student loans?

Alliant is a not-for-profit credit union, so we re not interested in taking your money with excessive interest rates. We re here to help you tame your student debt by combining all your loans into one loan with fixed, low monthly payments.

Convenience

There will only be one monthly payment to manage, instead of multiple payments with different due dates

Lower payments

Consolidating higher rate loans into one lower fixed rate loan can save you thousands of dollars over the life of your loan

Favorable terms

We offer terms that can help match your payment to your budget. Plus, you can always make additional payments without penalty to reduce your interest

Do I qualify for Alliant Credit Union Student Loan Consolidation?

You can qualify for Alliant Credit Union Student Loan Consolidation if you meet two simple criteria:

  1. You ve been employed with your current employer for two years.
  2. You or your cosigner have an income of at least $40,000 per year.
Add a cosigner

Adding a cosigner to your student loan consolidation may improve your chances of qualifying and help you get an even lower interest rate.

Consolidation Student Loan Rates

APR=Annual Percentage Rate 53

Calculators

Let Me Know When Alliant Rates Gets Even Better

Consolidation Student Loan FAQs

Why should I consolidate my government loans? Are there any risks?

Consolidating your loans will simplify your finances and likely save you money long-term. However, you will give up some protections that come with government loans. Please speak with your loan advisor to discuss the best option for you.

Have a Question?

Want to know more about this product? Search our friendly help guide!

Consolidation Student Loan Reviews

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82. Example savings based on a student loan of $36,000 and Alliant s advertised student loan rate as of 10/01/17 compared to the Federal Direct Unsubsidized Graduate loan rate sourced from Studentaid.ed.gov as of 10/01/17. Your actual savings may vary based on personal qualifications including but not limited to amount borrowed, length of loan and your qualifying APR.

42. If you have established your Alliant membership online, the terms of the Electronic Signature and Consent to Conduct Business Electronically (PDF) disclosure shall apply.

53. Annual Percentage Rate (APR) is variable and subject to increase after consummation. Loan approval, APR and other terms and conditions are based on creditworthiness and ability to repay, not financial need and are subject to change. The borrower must be a U.S. citizen or legal resident. We may not extend credit to you if you do not meet Alliant criteria. Repayment terms up to 25 years are available. The minimum loan amount is $10,000 and the maximum cumulative loan amount (per membership account) is $75,000 for undergraduate student loans, or $100,000 for undergraduate and graduate student loans combined. The approved school may not be a proprietary school (a school that is considered a for profit institution), a community college or trade school. Documents must include the student name, financial institution to be paid and loan balance. Loan disbursement check will be made payable to the financial institution and the borrower. Repayment term begins within 45 days of the disbursement. Minimum payment amount is $50 per month, per loan. Loan proceeds must pay off existing private or government student loan debt incurred by the borrower. Combining debt for more than one student is not allowed. You must be a member of Alliant to apply. To become an Alliant member, you must meet eligibility requirements for Alliant membership. All loans are subject to approval. Rates, terms, and conditions are subject to change.

Payment example: Monthly payment of $154.44 per $20,000 borrowed based on a rate of 4.50% APR as of 10/01/17 and a repayment term of 15 years.

Credit consolidation

Credit consolidation



Access Bill Pay, PenFed, bill consolidation loans.#Bill #consolidation #loans


Access Bill Pay

To Sign In or Enroll: Log-in to PenFed Online in the login box at the top-right of this page and click the Pay Bills tab from the Main Menu of PenFed Online.

Do you wish you could make paying your bills less of a hassle?

Remember your panic when you were far from home and remembered that a bill was due? Now you can leave those worries behind and use Access Bill Pay!

Access Bill Pay makes bill paying easy and secure.

  • No Monthly Service Change when used with an Access America Checking Account
  • Internet-based: pay bills from any computer with a browser and Internet connection, from anywhere in the world
  • Pay any U.S. biller: use Access Bill Pay to pay your monthly mortgage, utilities, credit cards, local merchants, even friends
  • Comprehensive payee list: you can select your own payees plus there are predefined payees (like major utilities) that you can select with a click
  • Account reconciliation: download your Access Bill Pay data as text, CSV, or IIF (QuickBooks) files to keep your accounts up to date
  • Pay bills automatically: set up recurring payments, like your mortgage and car loans, to be automatically made from your account — save time each month and never be late with a payment again
  • 24/7 online service: pay bills when it’s convenient for you at any time of day
  • Easy enrollment: it takes just a few minutes to enroll in Access Bill Pay and you may begin paying bills immediately!
  • High-tech security: 128-bit strength browser encryption ensures your information remains confidential
  • Online help: extensive information on how to use Access Bill Pay, as well as solutions to common user problems
  • Online support: get solutions to any problems you encounter by using our secure online PenFed Help
  • Phone support: get top-notch member service for Access Bill Pay by calling us toll-free at:

Try Access Bill Pay today! Just log-in to PenFed Online (above right, anywhere you are on PenFed.org) and click the Pay Bills tab from the Main Menu of PenFed Online. You’ll discover the ease and convenience of paying your bills online in almost no time.

*For security purposes you must use a 128-bit encryption browser to use Access Bill Pay.



Debt Consolidation: Pros and Cons, consolidation loan.#Consolidation #loan


Debt Consolidation: Pros and Cons

Whether you are teetering on the edge of bankruptcy or just trying to better manage your finances, you can t help but notice all the advertisements touting debt consolidation. But is debt consolidation a good option for you?

Read on to learn about the different debt consolidation options and the pros and cons of each.

(To learn about other ways to handle debt, see our Debt Management topic area.)

What Is Debt Consolidation?

With debt consolidation, you get a single loan to pay off all of your smaller loans, thereby leaving you with just one monthly payment rather than several. The theory is that one payment will be easier to manage. The goal is to lower the interest rate and the monthly payment while paying off your debt more quickly.

Debt consolidation is not the same as debt settlement. In debt consolidation, you pay your debt in full with no negative consequences to your credit.

Secured vs. Unsecured Loans

When you take out a secured loan, such as a mortgage or a car loan, you pledge certain property, such as your home or your car, to secure the repayment of the loan. For example, when you obtain a mortgage loan, your house is security for repayment. If you fall behind, the mortgage holder can foreclose on your house to satisfy the loan.

Unsecured loans are based only on your promise to pay and are not secured by any property that can be foreclosed or repossessed to pay the loan. Credit cards are examples of unsecured loans. Unsecured loans usually have a higher interest rate because they carry more risk for the lender.

Debt Consolidation Through Secured Loans

There are many options for debt consolidation using secured loans. You can refinance your house, take out a second mortgage, or get a home equity line of credit. You can take out a car loan, using your automobile as collateral. You can also use other assets as security for a loan. A 401K loan uses your retirement fund as collateral. If you have a life insurance policy with cash value, you may be able to obtain a loan against the policy. A variety of financing firms will also loan you money against lawsuit claims, lottery winnings, and annuities.

Any of these could be used for debt consolidation. But are they the right option for you?

Pros of Consolidating With a Secured Loan

Often, secured loans carry lower interest rates than unsecured loans so they may save your money on interest payments. Lower interest rates will likely make the monthly payment lower and more affordable. Sometimes, the interest payments are even tax deductible. For example, in many instances interest paid on loans secured by real estate is allowed as a tax deduction.

A single monthly payment with a lower interest rate is likely to ease your financial burden substantially. Also, secured loans are generally easier to obtain because they carry less risk for the lender.

Cons of Consolidating With a Secured Loan

there is a huge downside to consolidating unsecured loans into one secured loan: When you pledge assets as collateral, you are putting the pledged property at risk. If you can t pay the loan back, you could lose your house, car, life insurance, retirement fund, or whatever else you might have used to secure the loan. Certain assets, such as life insurance or retirement funds may not be available to you if the loan is not paid back before you need to use them.

The term of a secured loan may also be longer than the term of the debt obligations that you consolidated. This could cause the total interest that you pay over the life of the consolidation loan to be greater than the interest would have been on the individual debts, even though the monthly payment is lower.

Debt Consolidation Through Unsecured Loans

While unsecured personal debt consolidation loans used to be quite common, they are less likely to be available to people who need them today. Generally, an unsecured loan will require the borrower to have very good credit. Accepting a no interest, or low interest, introductory rate on a credit card is often used as a substitute for an unsecured personal loan for debt consolidation.

Pros of Consolidating With an Unsecured Loan

The biggest benefit to an unsecured debt consolidation loan is that no property is at risk. And, while the interest rate may be higher than a secured loan, it may be less than is charged on several different credit card balances, thereby lowering your interest burden and your payment.

Cons of Consolidating With an Unsecured Loan

An unsecured debt consolidation loan may be hard to get if you don t have sterling credit. Most people who need debt consolidation loans may not qualify. Also, interest rates are generally higher than secured loans. This may result in a payment that is not low enough to make a difference in your financial situation.

Using balance transfer options on no-interest or low-interest credit card offers are tricky. Often, there is a transfer fee in the fine print which negates some of the savings. There are also rules which may diminish the benefits. If you use the card for anything else, the other charges may generate interest while payments are applied first to the no-interest balance. Also, the no-interest or low-interest period is generally limited. If you can t pay the debt off during this time, you might end up paying higher interest once the special offer period runs out.

The Psychological Pros and Cons of Debt Consolidation

While the benefit of consolidating your debts into one loan with one lower monthly payment may provide you with a great deal of emotional and financial relief, it may also leave you feeling prematurely confident about your financial situation. This could cause you to let your guard down and incur additional debt before you have paid off the consolidation loan, starting the cycle all over again.



FinAid, Loans, Student Loan Consolidation, consolidation loan.#Consolidation #loan


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Student Loan Consolidation

Consolidation Loans combine several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans. They also provide an opportunity for alternative repayment plans, making monthly payments more manageable.

Consolidation loans are available for most federal loans, including Stafford, PLUS and SLS, FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well.

The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent. That interest rate is fixed for life.

For example, suppose a student has just unsubsidized Stafford Loans originated on or after July 1, 2006. These loans have a fixed interest rate of 6.8%. When they are consolidated by themselves, the consolidation loan will have an interest rate of 6 and 7/8ths of a percent, or 6.875%. So the interest rate increases only slightly.

If the borrower has a mix of loans with different interest rates, the weighted average will be somewhere in between. For example, if the borrower has $5,000 of Perkins Loans (at 5.0%) and $10,000 of unsubsidized Stafford Loans (at 3.86%), the weighted average is

This weighted average, 4.2%, is then rounded up to the nearest 1/8th of a percent, yielding a consolidation loan interest rate of 4.25%.

If you are consolidating loans with different interest rates, the weighted average interest rate will always be in between. Don’t be fooled if someone tries to suggest that this will save you money by getting you a lower interest rate. The interest rate may be lower than the highest of your interest rates, but it is also higher than the lowest of your interest rates. More importantly, the amount of interest you pay over the lifetime of the loan will be about the same.

No Cost to Consolidate

Aside from a slight increase in the interest rate on the consolidation loan, there is no cost to consolidate your loans. There are no fees to consolidate.

Under no circumstances pay a fee in advance to get a federal education loan or consolidate your federal education loans. There are no fees to consolidate your loans. While other federal education loans, such as the Stafford and PLUS loans, may charge some fees, the fees are always deducted from the disbursement check. There is never an upfront fee. If someone wants you to pay an upfront fee, chances are that it is an example of an advance fee loan scam.

Who Can Consolidate

Both student and parent borrowers can consolidate their education loans. Students and parents cannot combine their loans through consolidation, since only loans from the same borrower can be consolidated. But they can consolidate their loans separately.

Students can consolidate their education loans only during the grace period or after the loans enter repayment. Loans that are in default but with satisfactory repayment arrangements may also be consolidated. Students can no longer consolidate while they are still in school. Parents, however, can consolidate PLUS loans at any time.

Which Loans Can be Consolidated?

Any federal education loan can be consolidated. You can even consolidate a single loan. There are, however, a few restrictions on consolidating a consolidation loan.

You can consolidate a consolidation loan only once. In order to reconsolidate an existing consolidation loan, you must add loans that were not previously consolidated to the consolidation loan. You can also consolidate two consolidation loans together. But you cannot consolidate a single consolidation loan by itself.

Note that when you reconsolidate a consolidation loan, it does not relock the rates on the consolidation loan. The consolidation loan is treated as a fixed rate loan within the weighted average interest rate formula used to calculate the interest rate on the new consolidation loan.

Consolidation loans provide access to several alternate repayment plans besides standard ten-year repayment. These include extended repayment, graduated repayment, income contingent repayment (Direct Loans only) and income sensitive repayment (FFEL only). If you do not specify the repayment terms, you will receive standard ten-year repayment.

Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plan that is standard with federal loans. Depending on the loan amount, the term of the loan can be extended from 12 to 30 years. The reduced monthly payment may make the loan easier to repay for some borrowers. However, by extending the term of a loan the total amount of interest paid over the lifetime of the loan is increased.

You do not need to pick an alternate repayment plan. We recommend sticking with standard ten-year repayment, because it will save you money. The alternate repayment plans may have lower monthly payments, but this increases the term of the loan and the total interest paid over the lifetime of the loan.

Repayment on a consolidation loan will begin within 60 days of disbursement of the loan, unless the borrower qualifies for a deferment or forbearance.



Mortgage Rates Jump After Weeks of Declines, fed loan consolidation.#Fed #loan #consolidation


Mortgage rates jump after weeks of declines

Mortgage rates jumped this week, ending two weeks of declining interest rates that spurred some homebuyers to take action.

The average rate for the benchmark 30-year fixed-rate mortgage rose five basis points in Bankrate’s weekly survey of lenders.

Although this increase was the highest in weeks, interest rates are still lower than the spikes seen earlier this year. So there’s still a good window of time to find a lower rate on a mortgage or refinance.

Time to refi

Following a stagnant few weeks, applications to refinance a mortgage jumped 6 percent last week, according to the Mortgage Bankers Association’s latest survey.

Overall, refinances represented more than 51 percent of the total mortgage activity, reaching their highest level since September.

“Additional developments surrounding the administration’s tax reform plan pushed rates lower at the beginning of the week, but this was effectively offset by news of stronger economic growth in Europe,” says Joel Kan, economist at MBA.

Homebuyers are taking action

The lower rates spurred more people to get a mortgage, causing a 16 percent jump in home purchase loans in October compared to a year ago, according to the MBA’s home builder survey.

The growth in mortgages also marked a turnaround from declines in September, when areas like Florida, Texas and Puerto Rico were reeling from major hurricanes.

“October registered the strongest growth rate in applications so far this year, following September’s hurricane-related decrease,” says Lynn Fisher, MBA’s vice president of research and economics.

The benchmark 30-year fixed-rate mortgage rose this week to 4.09 percent from 4.04 percent, according to Bankrate’s weekly survey of large lenders. A year ago, it was 4.01 percent. Four weeks ago, the rate was 4.04 percent. The 30-year fixed-rate average for this week is 0.35 percentage points below the 52-week high of 4.44 percent, and is 0.14 percentage points higher than the 52-week low of 3.95 percent.

The 30-year fixed mortgages in this week’s survey had an average total of 0.32 discount and origination points.

Over the past 52 weeks, the 30-year fixed has averaged 4.15 percent. This week’s rate is 0.06 percentage points lower than the 52-week average.

  • The 15-year fixed-rate mortgage rose to 3.39 percent from 3.33 percent.
  • The 5/1 adjustable-rate mortgage rose to 3.65 percent from 3.60 percent.
  • The 30-year fixed-rate jumbo mortgage rose to 4.13 percent from 4.10 percent.

At the current 30-year fixed rate, you’ll pay $482.62 each month for every $100,000 you borrow, up from $479.72 last week.

At the current 15-year fixed rate, you’ll pay $709.49 each month for every $100,000 you borrow, up from $706.56 last week.

At the current 5/1 ARM rate, you’ll pay $457.46 each month for every $100,000 you borrow, up from $454.65 last week.



Student Loan Consolidation: Should I Consolidate My Student Loans, SoFi, private student loan consolidation.#Private #student #loan #consolidation


How and When to Combine Federal Student Loans Private Loans

Got student loans? We ve got you covered with our Student Loan Smarts blog series. Our expert tips and hacks will help you save money, pay off loans sooner and stress less about student loan debt. Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans. And while you re at it, check out SoFi s new Student Loan Debt Navigator tool to assess your student loan repayment options.

One of the biggest student loan myths out there is that borrowers can’t consolidate federal student loans and private student loans into one loan. It’s understandable why people think that, since this wasn’t an option for many years. But now that the choice is available, it’s important to understand whether federal and private loan consolidation is right for you – especially when there’s the potential for significant cost savings on the line.

Can I Consolidate Federal and Private Student Loans?

While it’s not possible to use the federal Direct loan consolidation program to combine your federal student loans with private loans, it is possible to combine private and federal student loans by refinancing them with a private lender. Through this process, you actually apply for a new loan (which is used to pay off your original loans) and you’re given a new—ideally lower—interest rate.

Why would you want to do this? In addition to the advantages of loan consolidation (like having one, simplified monthly payment), refinancing student loans at a lower interest rate can mean big benefits, like lowering monthly payments or reducing the time it takes to pay off your debt, and cutting down on the total interest you pay over time.

When to Consolidate Federal Student Loans Private Loans

Before you refinance federal student loans, there are a couple of things to think about. Here’s an easy decision tree to help you understand whether refinancing federal loans is right for you:

Should I Refinance My Federal Student Loans?

Private student loan consolidation

Federal Student Loan Interest Rates, Revealed

Some people assume that federal loans always offer the best rates, but this just isn’t true.

Depending on loan type and disbursement date, your federal student loan rate could range from about 3% to 8%. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan. This is particularly true for grad school borrowers who use unsubsidized Direct loans and Graduate PLUS loans to finance their education.

So how important is interest rate, really? Let’s compare a 10-year term, $80,000 loan at 6.84% (the current fixed rate on Grad PLUS loans) and 5.68% (the average 10-year fixed interest rate for SoFi refinance borrowers in 2015).*

In this example, refinancing would mean both lower monthly payments and a total savings of more than $5,600.

Understanding Federal Student Loan Benefits

Some federal student loans offer benefits and protections that do not transfer to private lenders. This is often the reason that people cite when they say you shouldn’t combine federal and private loans. But before you dismiss the idea of refinancing, you should first take a look to see if any of these benefits apply to you.

For example, under the Public Service Loan Forgiveness Program (PSLFP), your Direct Loan balance may be eligible for forgiveness after 120 payments if you’ve worked in the public sector that entire time. Similarly, the Teacher Loan Forgiveness Program is available for teachers who work in schools that serve low-income families full-time for five consecutive years. These are clearly great programs for people who choose careers in public service or education, but if that’s not you, they won’t do you any good.

There are also a number of federal loan repayment plans that can ease the burden for borrowers facing tough economic times. For example, the government’s Pay As You Earn (PAYE) and Income-Based Repayment (IBR) programs allow borrowers to make reduced monthly payments based on financial hardship. But if your income is over a certain threshold, you won’t benefit from these programs. And if you do qualify, but you’re at the high end of the spectrum, your slightly lowered payments may come at a disproportionate price in the form of accumulating interest.

It’s important to note that some private lenders offer their own benefits and protections. At SoFi, for example, if you lose your job, we’ll not only pause your payments, we’ll help you find a new one .

Federal Loan Refinance Recap

Combining federal student loans and private loans through the refinancing process won’t make sense for every borrower, but it provides great benefits for some. Now that you know it’s an option and you understand how it works, you can better assess whether it’s right for you.

* Click here to see student loan refinance examples that depict APR, monthly payment and total finance charges.

Editor’s Note: This is an updated version of a post we originally published in December 2013. We welcome new comments and questions below.

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Discover Debt Consolidation, debt consolidation loans.#Debt #consolidation #loans


debt consolidation loans

Why are an increasing amount of people looking to consolidate their debt via debt consolidation loans? Well, rising inflation rates coupled with extremely poor spending and saving habits have given rise to a serious

Guide to Debt Consolidation Loans in South Africa

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Debt consolidation loans – Money Advice Service, debt consolidation loans.#Debt #consolidation #loans


Debt consolidation loans

Consolidating all your debts into one loan might appear to make life easier but there might be much better ways of dealing with debts. Find out more about how debt consolidation loans work, then get free debt advice before you make a decision.

What is a debt consolidation loan?

If you’ve got lots of different debts and you’re struggling to keep up with repayments, you can merge them together into one loan to lower your monthly payments.

You borrow enough money to pay off all your current debts and owe money to just one lender.

There are two types of debt consolidation loan:

  • Secured – where the amount you’ve borrowed is secured against an asset, usually your home. If you miss repayments, you could lose your home.
  • Unsecured – where the loan is not secured against your home or other assets.

Secured debt consolidation loans

Debt consolidation loans that are secured against your home are sometimes called homeowner loans.

You might be offered a secured loan if you owe a lot of money or if you have a poor credit history.

You should get free debt advice before you consider taking out a secured debt consolidation loan, as they’ll not be right for everyone and you could just be storing up trouble or putting off the inevitable.

When should you consider a debt consolidation loan?

Consolidating debts only makes sense if:

  • Any savings are not wiped out by fees and charges.
  • You can afford to keep up payments until the loan is repaid.
  • You use it as an opportunity to cut your spending and get back on track.
  • You end up paying less interest than you were paying before and the total amount payable is less (it could be more if you repay over a longer period).

Before you choose a debt consolidation loan think about anything that might happen in the future which could stop you keeping up with repayments.

For example, what if interest rates go up, or you fall ill or lose your job?

If you can’t stop spending on credit cards, for example because you’re using them to pay household bills, this is a sign of problem debt.

You should get free debt advice before taking out a debt consolidation loan.

Warning!

Always think about the potential downside of a secured loan. Your circumstances might change and your home could be at risk if you can’t keep up with repayments

When getting a debt consolidation loan doesn’t make sense

A debt consolidation loan definitely doesn’t make sense if:

  • You can’t afford the new loan payments
  • You don’t clear all your debts with the loan
  • You end up paying more overall (due to the monthly repayment being higher or the term of the agreement being longer), or
  • You really need help sorting out your debts rather than a new loan – a debt adviser might be able to negotiate with your creditors and arrange a repayment plan.

Debt consolidation loans that don’t put your home at risk

A better option might be a 0% or low-interest balance transfer card.

This is the cheapest way if you repay within the interest-free or low-interest period.

You’re likely to need a good credit rating though to get one of these cards.

You could also consolidate your debts into an unsecured personal loan, but again you’ll need a good credit rating to get the best deals.

Fees and charges for debt consolidation loans

Beware of the high fees some companies charge for arranging the loan.

  • Read the small print carefully for any extra fees or charges before you sign anything
  • Check whether there are any fees for paying off existing loans early as this could cancel out any savings you make
  • Avoid paying a fee for a company to arrange the loan on your behalf unless you’re getting advice (and you’re sure it’s worth the cost)


Debt Consolidation Loans – Get a Consolidation Loan – South Africa, debt consolidation loans.#Debt #consolidation #loans


Debt Consolidation Loans

Debt consolidation loans

Consolidation loans are used to deal with overwhelming debts. It is essentially taking out a loan to pay off any number of smaller debts which can ease the pressure by reducing your monthly payments. Debt consolidation loans are used to help simplify your finances. The interest rate on these types of loan can actually work out lower than continuing to deal with mounting multiple debts. With many lenders offering consolidation loans, finding the right deal for you can be difficult. You can find a loan by using our comparison service to search for the best rates from a range of providers. This will ensure you find the right loan to clear your debts with. Make sure that you read the terms and conditions of any consolidation loans which you are interested in.

If you wish to speak to someone: Contact Us

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Get Out Of Debt With Debt Consolidation Loans

What is a consolidation loan?

If you feel that your debts are spiralling out of control and you do not know how to sort everything out then a debt consolidation loan could be really helpful. If you have multiple debts which you are having trouble keeping up with then a debt consolidation loan could be a good option. A debt consolidation loan is basically a single loan which you will borrow in order to pay your multiple debts.

How a debt consolidation loan can help

A consolidation loan means that you can consolidate your debt which means that you essentially group your debts together. This can make life a lot easier as you will only have a single debt to pay off each month. You should stop receiving threatening letters from your previous creditors and your single payment should be made as easy as possible.

You can off your debt over a longer period of time

It should be possible to pay this consolidation loan over a longer period of time so the monthly payments which you have to make will be smaller. However, it is important to remember that ultimately you are likely to pay more interest on your debts with a consolidation loan in comparison to what you would have had to pay when you had multiple debts. The idea is that in the long run a consolidation loan makes your life easier rather than more difficult.

Consolidation loans can be more expensive than your original debt

It is important to bear in mind that a consolidation loan is highly likely to be more expensive than your original debts but if you were finding them too hard to organise then in the long run a consolidation loan could save you money by helping you to avoid extra fees and charges on your original loans.

Consolidation loans are not for everyone

If you are happy paying your current debts and are not having any problems organising your payments then a consolidation loan is probably unnecessary for you. However, if this is not the case and your debts out of control then a consolidation loan could be an option to give you peace of mind.

Why should I consolidate my debts with a consolidation loan?

As already discussed, there are plenty of good reasons why you should consolidate your debt and you don’t necessarily have to be in financial difficulty in order to benefit. Consolidation loans can help you cut your monthly outgoings, leaving you more money for savings to help with a rainy day, education or to pay off your existing debts. If you feel like you are trapped in a cycle of borrowing then a debt consolidation loan is definitely worth considering helping you become debt free. Just ensure you have enough discipline to budget correctly and not borrow more after this. If you are in any doubt then you should seek independent financial advice.



Student Loan Consolidation vs Refinancing, SoFi, student loan consolidation.#Student #loan #consolidation


Student Loan Consolidation

Student Loan Refinancing

Refinancing your student loans sounds great. But it’s not for everyone.

Consolidating student loans via refinancing is best for people whose financial position – in terms of employment, cash flow, and credit – has improved since they graduated from school. People who are working in the public sector or taking advantage of federal debt relief programs such as income-based repayment or public service forgiveness may not want to refinance, as these programs do not transfer to private refinance loans.

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Terms and Conditions Apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.



Personal Loan Calculator, loan consolidation calculator.#Loan #consolidation #calculator


Personal Loan Calculator

Loan consolidation calculator

$212.47 / Month

Broadly speaking, mortgage, auto, lines of credit, and credit cards are all considered personal loans. However, the calculator above is designed for unsecured consumer loans granted for personal use towards major purchases such as vacations, weddings, or medical bills. Some people use them to invest in their small businesses. About half of all personal loans are mainly used by borrowers to consolidate debt.

Quick Tip 1: Loans advertised through physical mail or by phone can be predatory in that they sometimes target people who may misguidedly believe that these are the best rates offered on the market, not knowing that it is often possible to find numerous better options.

Traditionally, personal loans were provided by banks, credit unions, pawn shops, and cash advance stores. Recently, a slew of online P2P, or peer-to-peer lenders began popping up, shaping the landscape of the loan industry. They generally offer loans with more favorable terms because the low overhead website (as opposed to a brick and mortar store) itself isn’t the actual lender but acts instead as the middleman who takes a small cut. These P2P lenders create vast opportunities in helping to link up borrowers and lenders who could possibly mutually benefit from doing business with each other.

Because they are entirely dependent on the creditworthiness of individuals, good or excellent credit scores are vital to receiving personal loans at good rates. Bad credit scores will find few options in the market willing to lend to them, and the ones that do usually come with unfavorable rates. There are understanding lenders who are willing to look past simple scores, however. They use other factors such as debt-to-income ratios, stable employment history, or the probability that student borrowers pay back in the future after graduating and find themselves in stable employment.

Quick Tip 2: Like credit cards or any other loan signed into agreement with a lender, defaulting on personal loans can damage credit scores and reports. Do not make that mistake!

Our Personal Loan Calculator can give concise visuals to help determine what monthly payments and total costs will look like over the life of the loan. Since most personal loans come with fees and/or insurance, the end cost for them can actually be higher than simple napkin calculations of loans using bare interest rates given by lenders. The calculator takes all of these variables into account when determining the real annual percentage rate, or APR for the loan. Using this real APR for loan comparisons is most likely to be more precise!

How They Work

Personal loans are loans with fixed amounts, interest rates, and monthly payback amounts over defined periods of time. Typical personal loans are $5,000 to $35,000 with terms of 3 or 5 years. They are not backed by collateral (like a car or home, for example) as are found in secured loans. Due to their unsecured nature, personal loans are usually packaged at high interest rates to reflect the higher risk the lender takes on, which can be as high as 25%.

Quick Tip 3: There are several alternatives borrowers can consider before taking out unsecured personal loans. It may be wise to first ask to borrow from loving friends or family who are willing to lend, preferably at zero or low interest rates. If this isn’t possible, apply and see if any zero or low introductory rate credit cards accept an application. These types of credit cards tend to be great at carrying debt month-to-month without incurring interest for a borrower who intends to pay them off at a future date. Just be wary of rollover fees and mark the date on the calendar concerning when the credit card issuer evokes its interest-free period. If this doesn’t work, another option is to secure loans to existing collateral such as a house, a car, or expensive jewelry. Most lenders see secured loans as less risky investments and tend to offer more favorable rates with higher amounts than unsecured loans. If pursuing this option however, please note that lenders can lawfully take ownership of any collateral signed.

Quick Tip 4: For any borrower with bad credit, it is possible to ask for someone to help cosign. A cosigner can be anyone from a spouse, parent, guardian, relative, or close friend. However, they must have good credit standing, stable employment, and basically be anyone else who would have gotten the personal loan if it was them applying instead. The cosigner does take on risk when they represent the personal loan borrower though; should the borrower default, the cosigner is next in line to make the payments.

Personal Loan fees

Aside from the typical principal and interest payments made on any type of loan, there are several fees that are unique to personal loans.

A personal loan usually comes with an origination fee, ranging from 1 to 5% of the loan amount. Some lenders ask for the origination fee upfront while most deduct the fee after approval. For instance, $10,000 borrowed with a 3% origination fee will only net $9,700 for the borrower, yet the repayment is still based on $10,000.

Quick Tip 5: Some lenders may ask borrowers to purchase personal loan insurance policies that cover events like deaths or job losses. Such insurance is not required by law.

How to Use Personal Loans

Personal loans can be helpful in several scenarios.

Once approved, personal loans can be funded quickly, usually within 24 hours, making them quite handy when cash is required almost immediately.

The interest rate on personal loans are normally higher than home equity lines of credit but lower than credit cards, making them good options for debt consolidation. It is very common for people who have overspent to take out loans to consolidate credit card debt sitting at higher interest rates. However, do not use debt consolidation as a way to free up credit cards for further overspending, which only furthers the root of the problem.

Quick Tip 6: Personal loans can have prepayment penalties, though it is rare. Remember to read the fine print!

Another viable situation to take advantage of a personal loan is when a highly probable return on an investment is imminent when all other loans with better rates have already been exhausted, such as loans from family or friends and low interest credit cards. For instance, a broke but high potential college student who needs the extra funds to finance a temporary move to a new location where they can potentially score a prestigious job and immediately become a high earner to pay off the loan. Or a small business owner who needs the extra funds to finance an ad for the business in the paper that has a high chance of bringing in lots of revenue.