Managing Your Money And Your Student Loans

Managing Your Money And Your Student Loans



Managing Your Money and​ Your Student Loans
If you​ have a​ number of​ outstanding student loans,​ you​ may want to​ consider student loan debt consolidation .​

you​ will eliminate having many bills to​ pay on​ your student loans,​ and​ the​ total monthly payments can be significantly reduced as​ compared to​ the​ normal ten year payback option .​

a​ special program called FFEL Federal Family Education Loan Program allows commercial institutions,​ such as​ credit union,​ banks and​ other lenders to​ grant debt consolidation loans for the​ purpose of​ consolidating educational debt .​

in​ addition,​ the​ William D .​

Ford Federal Direct Loan Program allows for the​ federal government to​ grant student debt consolidation loans .​


The majority of​ federal education loans can be included in​ these programs,​ whether or​ not they are loans that have been subsidized by the​ government .​

These include the​ FFEL Stafford loans,​ Health Education Assistance Loans,​ Federal Nursing Loans,​ Federal Perkins Loans and​ SLS .​

Note that private education loans are not eligible for the​ debt consolidation programs .​


If you​ need to​ find out whether your loan is​ eligible for a​ student loan debt consolidation,​ you​ should contact the​ appropriate Direct Loan Origination Center,​ Loan Consolidation Department .​

For instance,​ if​ ​ you​ have a​ FFEL loan,​ contact a​ participating FFEL lender if​ ​ you​ are interested in​ consolidating a​ FFEL loan.
You can apply for an​ educational debt consolidation loan even while you​ are still in​ school,​ as​ well as​ once you​ have graduated,​ left school without graduating,​ or​ reduced your student hours to​ half time enrollment or​ below .​

if​ ​ you​ have all of​ your student loans with one FFEL lender,​ you​ have to​ obtain your student consolidation loan from that same FFEL lender,​ except in​ the​ cases where the​ terms of​ an​ income sensitive loan are unacceptable .​

if​ ​ you​ want to​ be considered for the​ William D .​

Ford Direct Student Loan Debt Consolidation Loan,​ you​ have to​ already have a​ Stafford student loan subsidized or​ unsubsidized that will be included in​ the​ loan consolidation,​ or​ have at​ ​ least one FFEL program Stafford loan to​ be included in​ it .​

Again,​ this can be subsidized or​ unsubsidized.
How do you​ go about choosing an​ unsecured debt consolidation program? the​ first step to​ take is​ to​ meet with a​ professional to​ advise you​ .​

He or​ she may be called a​ debt relief specialist,​ settlement specialist or​ client services representative .​

This person will answer your questions about the​ loan .​

the​ main thing about a​ debt consolidation loan is​ that it​ is​ intended to​ assist you,​ not make things better for your creditors .​

the​ company you​ are working with will handle the​ negotiations; they are all finance and​ debt professionals .​

This may not be the​ program for you,​ but it​ is​ worth looking at,​ and​ there are many unsecured debt consolidation programs that you​ can find out about,​ either by calling or​ by checking online.




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