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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.


FinAid, Loans, Private Education Loans, private education loans.#Private #education #loans


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Private Education Loans

Private Education Loans, also known as Alternative Education Loans, help bridge the gap between the actual cost of your education and the limited amount the government allows you to borrow in its programs. Private loans are offered by private lenders and there are no federal forms to complete.

Some families turn to private education loans when the federal loans don’t provide enough money or when they need more flexible repayment options. However, since federal education loans are less expensive than and offer better terms than private student loans, you should exhaust your eligibility for federal student loans before resorting to private student loans.


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Financial Aid Scholarship Services

Loan Servicer Information

  • When You Leave School/

    Alternative Loans are private loans offered through lending institutions and are NOT part of federal government programs. These loans are available if you need additional financial assistance after applying for all federal and state financial aid programs, including federal loans through www.fafsa.ed.gov.

    Private Educational loans should be taken as a last resort after all Federal Loans have been exhausted.

    As with all student loans, the amount borrowed must be for educational expenses and cannot exceed the cost of attendance for the loan period. Money is borrowed in the student’s name. A cosigner is usually required and loan approval is based on creditworthiness. Interest rates, loan fees, and borrower benefits for alternative loans vary. Alternative loans are also available for students that may not qualify for federal aid; International students with a cosigner, students who have past due term balances, and students enrolled for less than half-time.

    While private education loans can help you pay for college, they are most often not the best choice. You should only apply for a private loan if you have already made use of all federal resources available.

    • DO NOT borrow money you don’t really need. Private educational loans generally have higher interest rates than federal loans so you will often end up paying more money back on a private loan. Make sure you need the funds!
    • Be selective in choosing your lender. Look for a lender that will give you the best interest rate, lowest fees, and best repayment plan. Failure to fully research these items can cause you to incur excessive debt.
    • You may want to find a cosigner. Even with a good credit score, a cosigner may help you get a better interest rate and/or a better repayment plan. A cosigner is a parent, guardian or other trusted individual that is willing to put their name on your loan and be responsible for payments should you fail to make them. There are usually cosigner release programs that allow your cosigner to be removed from the loan after a designated period of time.

    Have a Private Educational Loan Lender List?

    Stony Brook University takes financial aid advising very seriously which is why we’ve developed a Private Alternative Loan Lender List. The purpose of private/alternative loans is to provide secondary resources for students who have exhausted federal loan program options. A lender list is a tool used to assist students and families with the decision making process of choosing a lender. There are many student loan lenders from which you can choose. While the lenders on our sample lender list have been evaluated closely on the basis of customer service, technology, lender stability, reputation, default management, and borrower benefits, students have the right to select the lender or loan product of their choice. In fact, borrowers are strongly encouraged to conduct their own consumer research.

    Select Its Private Educational Loan Lenders?

    Loan borrowers should receive quick, efficient and accurate processing of their loans through a simplified application process and state of the art operations. Programs should interface with the university’s financial aid processing system assuring a streamlined, electronic loan certification and funds delivery system. Timely and responsive processing with outstanding problem resolution service is essential. A toll free number for borrower information is required. Ideally, there should be separate dedicated toll free numbers for borrowers in school and in repayment status.

    Lender Stability and Reputation:

    Our sample lenders, their affiliates, and associated loan servicing agencies must be well established in the student educational loan industry for a minimum of five years. They also must maintain a proven record of excellent customer service to borrowers. This includes offering a variety of repayment options and the maintenance of a well-trained staff to answer questions via a toll-free number.

    Our sample lenders provide web-based default management tools and early intervention for borrowers who are delinquent on their loan payments. They also provide information and advice to borrowers about costs of deferment/forbearance, repayment calculators, consolidation information, planning/budgeting, and credit information to students and parents.

    Our sample lenders have competitive rates and provide above-average repayment benefits to loan borrowers. Borrower benefits provided by each of our sample lenders can be accessed from the websites listed on our sample Lender List. Reasons for selecting a particular lender can vary from person to person. Some choose a lender based on name recognition or where they have already had positive banking experiences. Others prefer the immediate benefit of lower origination fees, resulting in more money up front. Still others prefer the long-term advantage of repayment options, like an interest rate reduction as a reward for making payments on time.

    Private Education Loans

    Effective February 14, 2010, lenders offering private education loans are now required to provide consumer disclosure information.

    Federal regulations also now mandate that private loan lenders require borrowers to complete a Private Educational Loan Application Self-Certification Form when requesting any private education loan. This form must be submitted to the lender – NOT to Stony Brook University! While your cost of attendance and estimated financial assistance are needed to fill out section 2 of the form, you should be able to obtain this information by accessing your Stony Brook SOLAR account. If you need assistance completing this form, please contact your corresponding Financial Aid Office.

    Related Link: http://federalstudentaid.ed.gov/federalaidfirst/ (Explains the differences between federal and private education loans)

    Students and parents can borrow from any lender. To assist you in deciding which lender to choose, we have listed some important questions to ask a lender:

    • What is the interest rate and what is it based on?
    • When does repayment begin?
    • Can principal and interest be deferred?
    • When is the interest capitalized?
    • How much is the loan origination fee?
    • What is the maximum amount I can borrow per year?
    • What is the minimum amount I can borrow per year?
    • Can payments be combined with Federal Direct payments?
    • Can payments be made through electronic transfer?
    • Can the loan be consolidated with other loans?
    • Can I borrow money to cover past due balances from a previous school term?
    • Are there interest rate deductions or other incentives for borrowers who make their payments on time?

    Important information you need to know when selecting an Alternative Loan Product:

    Private student loans typically have variable interest rates, with the interest rate pegged to an index, such as LIBOR or PRIME, plus a margin. The LIBOR index is the London Interbank Offered Rate and represents what it costs a lender to borrow money. The Prime Lending Rate is the interest rate lenders offer to their most creditworthy customers. A rate of LIBOR + 2.8% is roughly the same as PRIME + 0.0%.


  • Education Loans & Scholarships for Navy Families & Marines, NMCRS, education loans.#Education #loans


    Education Assistance

    INTEREST FREE LOANS AND GRANTS

    The Society s Education Assistance Program offers interest-free loans and grants for undergraduate/post-secondary education at an accredited 2- or 4-year education, technical or vocational institution in the United States. This financial assistance is available for children of active duty, retired or deceased Sailors and Marines; and for spouses of active duty and retired Sailors and Marines.

    Applicants MUST be one of the following:

    • child (under age 23 on May 1, 2018) of an active duty, retired or deceased Sailor or Marine
    • spouse of an active duty or retired Sailor or Marine
    • MECEP/MECP student

    And all students MUST be:

    • Registered in DEERS (Defense Eligibility Enrollment Reporting System)
    • Enrolled, or planning to enroll, as a full-time student for the entire year (Aug-May) and pursuing initial undergraduate degree at a post-secondary, technical, or vocational institution that is:
      • Located in the United States
      • Accredited by a regional/national accrediting agency recognized by the U.S. Secretary of Education
      • A participant in the U.S. Department of Education Title IV Financial Aid Programs
    • Have a cumulative 2.0 or better GBA on a 4.0 grade scale
    • Able to DEMONSTRATE FINANCIAL NEED
    • Interest free loans and grants range from $500 to $3,000 per academic year
    • Amount to be provided to each applicant will be determined by NMCRS
    • Funds are payable and provided to the student s academic institution, not the student
    • Funds are to be used only for tuition, books, fees, room, and board
    • Repayment of interest free loans must be by military payroll allotment or EFT within 24 months of the loan disbursal and must begin September 1, 2018
    • Students must complete a new application for each academic year

    Application, and ALL supporting documentation, must be postmarked no later than MAY 1, 2018!

    Who Is Eligible?

    NMCRS Education Assistance is available for:

    • Children and spouses of active duty or retired Sailors and Marines (including retired Reservists drawing military retirement pay)
    • Children of deceased Sailors and Marines who died on active duty or after retirement
    • MECEP or MECP students (or selectees)

    Ascent Student Loans: Choose to Apply with or Without a Cosigner, education loans.#Education #loans


    A loan designed with you in mind

    Ascent student loans give you more opportunities to get the money you need to pay for college. Let s find the best option for you:

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    The Ascent Advantage

    Student loans should expand your possibilities, not limit them! That s why we set out to do things differently

    • We give you more opportunities to qualify for a loan in your own name.
    • We consider several factors including: creditworthiness, school, program, graduation date, major, cost of attendance and other factors.
    • If you need to use a cosigner, you can apply to release your cosigner. (See FAQs for more details.)
    • We put students first because it s the right thing to do, and it allows us to change lives.

    Get set for financial success

    It s wrong to lose your financial freedom before you ve even had a chance to earn it! To help you borrow responsibly, we incorporate financial education into our application process and give you exclusive access to tools to help you manage your money.

    Tips on paying for college

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    STUDENT LOANS 101When it comes to investing in your future, it pays to do your homework…

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    DITCH YOUR COSIGNERDo you know the risks of having a cosigner? Before you take out a cosigned loan, you should…

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    MORE TIPS ADVICERead articles with advice that saves time and money, giving you more freedom to do more!

    DISCLAIMER – Please see the Terms and Conditions above for important information about our loan products and programs. All loan applications are subject to individual approval. We reserve the right to modify or discontinue products or programs at any time without notice. Loans are made by Richland State Bank (RSB), Member FDIC, or Turnstile Capital Management, LLC, a wholly owned subsidiary of Goal Structured Solutions, Inc. (GS2). None of GS2, its affiliates, or any bank partner, is affiliated with the school attended. Nothing herein constitutes a recommendation, solicitation or offer by GS2 or its affiliates to buy or sell any securities or other financial instruments or other assets or provide any investment advice or service.

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    SBI Education Loan – Online loan application for abroad studies, SBI, education loan.#Education #loan


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    Benefits of SBI education loan for abroad studies over other options

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    Fixed fee of INR 10,000 paid directly at SBI branch

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    Very few bank visits required, rest online

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    Pre-approval letter before your i20

    Global Ed-vantage loan scheme for overseas education

    Global Ed-vantage scheme of State Bank of India (SBI) offers loan of 20 lacs INR to 1.5 cr INR to study abroad. This overseas education loan is primarily for those who wish to pursue a full-time regular course at a recognised foreign college or University.

    Eligible Courses and Countries:

    Undergraduate (bachelors), Postgraduate (masters) and Doctoral (PhD) degree programs are eligible. Eligible countries include USA, UK, Canada, Australia, Europe, Singapore, Japan, Hong Kong and New Zealand. Other countries will also be considered based on university rank.

    Eligible expenses:

    You may apply for loan for following:

    Admission Fee, Tuition fee, Hostel Fee/Living Expenses, Examination/Lab/Library fee, Purchase of books, Caution Fee, Purchase of computer, Misc. expenses.

    Quantum of Finance:

    From Rs. 20 lacs to upto Rs. 1.5 cr

    Margin:

    SBI can fund 90% of the eligible expenses. The remaining 10% has to be brought in by you on pro-rata basis.

    Scholarships or assistantships can be included in the margin.

    Processing Fee:

    Fixed processing fee of Rs. 10,000 is charged per application.

    Rate of interest:

    Simple Interest will be charged during Course Period + Moratorium Period.

    Collateral Security:

    Two types of securities can be accepted.

    Immovable property: House or a Flat or Land

    Liquid security: Fixed deposit, LIC policy, Bonds, etc.

    Third party collaterals (collaterals not belonging to family) are acceptable as well.

    Repayment and Moratorium period

    Loan can be repaid in upto 15 years.

    Repayment holiday or moratorium period is until 6 months after the course

    Documents required:

    Exact list of documents will be shared with you via email after the online team speaks to you over a call. After which the documents should be submitted at your nearest SBI branch which will be suggested by the online team. Please apply online to start the education loan procedure.

    Discuss with the Education loan team

    Copyright В© 2017 All rights reserved. Logo and Company names are registered trademarks of their respective holders.

    This portal is maintained by WeMakeScholars, an organisation funded & supported by the Ministry of IT, Govt. of India.

    WeMakeScholars is the official Pan-India partner for SBI in the abroad education loan segment.


    Home, Australian Council for Private Education and Training, private education loans.#Private #education #loans


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    ACPET and Velg Training collaborate to deliver a successful 2017 National VET PD Week

    Velg Training in collaboration with The Australian. Read more

    Download presentations here

    Conference attendees can now download the presentations from the 2017 ACPET National Conference.

    All webinars and workshops are now open for registration.

    Take a look at the PD Calendar for November 2017.

    View our large range of webinar topics in the Webinar Library.

    If you are a student and have been a part of a college closure or an RTO wishing to suppoort students who have been affected by one, please visit our activations website.

    ACPET represents the private education and training sector in Australia and provides a range of quality services to members.


    Apply for Education Loan Online: Interest Rates, education loans.#Education #loans


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    At Avanse we deliver the best in class education loan product not only at competitive pricing but also keeping in mind many other benefits that students can take advantage of. The approach we possess is student oriented so that the desired outcome is derived. We always promote a two way communication and hence are always available for all student related queries and encourage the same to our students as only then their queries could be addressed keeping the process transparent not just with providing the educational loan alone but through their entire process. Regular webinars are conducted with a motive to guide students and provide a holistic view of universities, courses and country of visit. We understand young aspirations and would be proud if we could lend a helping hand to achieve what they have always dreamt about.

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    100% coverage: An Avanse education loan means we completely fund your course fee + living expense during your period of study, as well as guarantee timely payment to the institute. This also means Zero margin money.

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    No limit on the Education Loan amount: We pay your course fee, whatever it is.

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    Sensitive Solutions: We understand that each student, or university or curriculum or country may not necessarily have the requirements. Which is why we provide customized solutions with flexibility in loan structuring.

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    At-Your-Door Services: At Avanse you don’t even need to visit us. We will visit you and hand-hold you through your entire documentation, through our hassle-free and transparent process.

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    Responsible Borrowing: We care for our customers. While we hand-hold you through the loan process, we also insist on instilling a sense of responsible borrowing to the students by highlighting the importance of maintaining a good credit history.

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    Great Lineage: Avanse is proud of its mother company, and the fact that it is an associate company of Dewan Housing Finance Corporation Limited (DHFL). DHFL revolutionized the way finance was looked upon in the real estate sector and is today one of India’s largest housing finance companies in the private sector. Avanse understands the intricacies finance and borrowing because we retain in our DNA the pool of experience from our association with DHFL.

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    Assured Quality: With Avanse be assured that your funding is from a secure and credible source. We take pride in the fact that the International Finance Corporation (IFC), an arm of the World Bank, holds 20% equity stake in Avanse. We are a Non-Banking Finance Company (NBFC), regulated by the Reserve Bank of India.

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    Total Student Support: Lack of funds should be the last reason to further your dream of higher education. At Avanse we take pride in the fact that we have nurtured and financed meritorious students, who would have foregone a confirmed admission due of lack of funds.

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    Intelligent partnership: Avanse has collaborated with the cream of institutes, universities and consultants. We care for every student in India and wish to build initiatives that drive educational excellence such that both the student as well as the institute benefit.

    At Avanse, competent advice, industry experience, door-step services and a loan sanction process almost as fast as pizza delivery!

    What is the current rate of interest on education loan in India?

    The rate of interest across the country for education loans range from 10% to 16.50%. However the rate of interest may vary bank to bank or any other financial institution or NBFC. The main components which are the deciding factors when it comes to the rate of interest are weather the loan provided is secured or unsecured. Unsecured loans have a higher rate of interest as the risk of repayment is higher since there is no security; however secured loans have a lower rate of interest. Thus many firms ask for collateral while providing education loans in India. The rate of interest that Avanse provides education loans at is 12.75% and may increases cases to case basis. Education loans have helped the young guns of our country to pursue their aspirations and reach soaring heights

    How to apply for education loan?

    Education loan across the country of India has become a common phenomenon for students who wish to pursue their higher education abroad. Applying for an education loan requires minimum documents depending bank to bank or any financial institution in question. Education loans have helped several aspiring students across the nation to fulfil their aspirations and dreams to study abroad. All one needs to do is, keep their GRE/GMAT scores in hand, their university admit letter, and their mark sheets. Some institutions and banks require customers to provide their co-borrowers financials such as their IT declarations, income proof’s and if the loan amount is large then their house papers too. Applying for an education loan in India has become simple in comparison to that how it was a few years before. Things have become faster and more streamlined reducing the turnaround time for banks to process these loans

    How much education loan can i get?

    The amount of education loan that one can provide to students depends totally on the amount required by the student themselves. Education loans cover not just the fees but also any and all other expenses incurred by the student during their tenure of study. These include fees, rent, living expenses, utilities, laptop and other expenses. One can apply for an education loan with nationalized banks, NBFC’s or any financial institution. The loan amount can vary starting right from one lakh to fifty lakhs. This number however may change depending to which of these players one visits. Education loans in India have been disbursed even for the amount of 50 Lakhs and above, but this is purely case to case basis. Some students may require an education loan of more than 50 Lakhs and it is disbursed on the basis of the kind of property one can mortgage or even unsecured (without property/collateral) if the company provides the same.

    What are the Documents Required for Education Loan

    When we speak about documents when it comes to education loans, all one needs to do is, keep their GRE/GMAT scores in hand, their university admit letter, and their mark sheets. Some institutions and banks require customers to provide their co-borrowers financials such as their IT declarations, income proof’s and if the loan amount is large then their house papers too. With all of this, the bank or the financial institution runs a check on the co-borrowers credit scores and once that is done, the results for the same is notified to the customer


    HealthEd Credit Union (Home, federal education loans.#Federal #education #loans


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    An education loan is a form of financial aid that must be repaid, with interest. Education loans come in three major categories: student loans (e.g., Stafford and Perkins loans), parent loans (e.g., PLUS loans) and private student loans (also called alternative student loans). A fourth type of education loan, the consolidation loan, allows the borrower to lump all of their loans into one loan for simplified payment. A recent innovation is peer-to-peer education loans.

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    Grants, scholarships, work-study and other forms of gift aid just do not cover the full cost of a college education. Many students find that they must supplement their savings with government and private loans. The Federal education loan programs offer lower interest rates and more flexible repayment plans than most consumer loans, making them an attractive way to finance your education. You can also deduct up to $2,500 in student loan interest even if you don’t itemize deductions on your income tax return.