Federal loan consolidation can include Federal Stafford Loan consolidation, PLUS Loan consolidation, Direct Loan consolidation as well as Perkins Loans, HEAL Loans and all Federal FFELP and Direct Loans taken to pay for your education. Private student loan consolidation is different - You will lose your federal loan benefits if you consolidate your federal loans into a private loan consolidation.
Read more about What Qualifies for Federal Student Loan Consolidation? in this link
Wednesday, January 28, 2009
Friday, January 23, 2009
You will be eligible to receive a Graduation Reward when:
The student graduates from the degree program that the loan was used to fund, the graduation date is less than six years after the date of the loan's first disbursement, and the loan is not in default on the graduation date.
Upon graduation, if you have more than one participating loan, you may be eligible to receive a Graduation Reward on each loan. However, you will not receive a Graduation Reward more than once for the same loan, even if the student receives more than one degree. We may request proof of the graduation date and degree from the student or the school, in order to confirm eligibility for the Graduation Reward. If you default on your loan or consolidate or refinance your loan with another lender prior to redeeming the Graduation Reward, you will not be eligible for a Graduation Reward. We will calculate the Graduation Reward by multiplying the outstanding principal balance of your loan on the last day of the month of graduation by 2% (0.02) and rounding to the nearest cent. The outstanding principal balance used for the calculation will not include accrued and unpaid interest, which may be capitalized when your loan enters its repayment phase.
Read more conditions on this site
Upon graduation, if you have more than one participating loan, you may be eligible to receive a Graduation Reward on each loan. However, you will not receive a Graduation Reward more than once for the same loan, even if the student receives more than one degree. We may request proof of the graduation date and degree from the student or the school, in order to confirm eligibility for the Graduation Reward. If you default on your loan or consolidate or refinance your loan with another lender prior to redeeming the Graduation Reward, you will not be eligible for a Graduation Reward. We will calculate the Graduation Reward by multiplying the outstanding principal balance of your loan on the last day of the month of graduation by 2% (0.02) and rounding to the nearest cent. The outstanding principal balance used for the calculation will not include accrued and unpaid interest, which may be capitalized when your loan enters its repayment phase.
Read more conditions on this site
Thursday, January 22, 2009
Federal Student Loan Consolidation Payment Relief
One of the key benefits of consolidating your federal school loans is payment relief. By combining all of your student loans into one consolidated loan, you can lengthen your repayment term from the standard 10 years to up to 30 years, depending on the amount of your education debts. With a lower monthly payment, you'll have more money available to meet other living expenses, including car payments, housing expenses, and career-related necessities. Because there are no penalties for overpayment, you can make larger payments and reduce your repayment term when it becomes affordable. Learn more about how student loan consolidation works in this step-by-step tutorial.
Read more about Federal Student Loan Consolidation Payment Relief here
Read more about Federal Student Loan Consolidation Payment Relief here
Monday, January 19, 2009
Alternative Student Loan Eligibility
n order to qualify for a private student loan, applicants must be enrolled at least half-time at an eligible school and typically meet the following requirements:
* Must be a U.S. citizen or permanent resident
* You and your cosigner must pass a credit check
Apply Online for an Alternative Student Loan
What is Considered Good Credit?
It is recommended that you review your credit report before you apply for an alternative student loan. Creditors look at Personal data such as employment history, a summary of credit history, details of any accounts turned over to a credit agency, and your current FICO score.
A FICO score is a standard credit scoring method that determines the likelihood that consumers will pay their bills. Typically, a FICO score ranging from 680-700 is considered fair, and anything over 700 is considered good. While your FICO score is not the only deciding factor when applying for an alternative student loan, it does play a major part in the approval process.
Read more about the Eligibility on Alternative Student Loans here
* Must be a U.S. citizen or permanent resident
* You and your cosigner must pass a credit check
Apply Online for an Alternative Student Loan
What is Considered Good Credit?
It is recommended that you review your credit report before you apply for an alternative student loan. Creditors look at Personal data such as employment history, a summary of credit history, details of any accounts turned over to a credit agency, and your current FICO score.
A FICO score is a standard credit scoring method that determines the likelihood that consumers will pay their bills. Typically, a FICO score ranging from 680-700 is considered fair, and anything over 700 is considered good. While your FICO score is not the only deciding factor when applying for an alternative student loan, it does play a major part in the approval process.
Read more about the Eligibility on Alternative Student Loans here
Friday, January 16, 2009
Federal Student Loan Consolidation
Federal student loan consolidation is a fixed-rate refinancing program that combines all of your existing federal student loans into one new loan. Consolidation is a great tool for managing your finances - providing immediate payment relief and long term benefits. With our fast and convenient eSignature, your application will be complete in just a few minutes.
* Cut your monthly student loan payment by as much as 50%
* Simplify your finances with one monthly payment
* Improve your credit rating
* No credit checks, fees, or application charges
* Reduce your interest rate 0.6% by consolidating during your grace period
Read more about Federal Student Loans in this site
* Cut your monthly student loan payment by as much as 50%
* Simplify your finances with one monthly payment
* Improve your credit rating
* No credit checks, fees, or application charges
* Reduce your interest rate 0.6% by consolidating during your grace period
Read more about Federal Student Loans in this site
Sunday, January 11, 2009
Alternative Student Loan Benefits
With the cost of college on the rise, and the limited availability of federal aid, affording higher education can be challenging.
Alternative student loans are a key tool in the financial aid toolbox, offering benefits that exceed other forms of aid.
* 2% Graduation Reward based on your outstanding principal balance at the time of repayment1
* Lower your interest rate by 0.25% with automatic checking account withdrawal
Coverage and Versatility
Alternative student loans are a handy form of financial aid that can be used to cover expenses not met by federal financial aid. In addition to tuition and room and board, alternative student loans can be used to cover virtually any school related expense:
* Transportation and housing expenses
* Books, supplies, Lab fees and computers
Read more on Alternative Student Loan Benefits here.
Alternative student loans are a key tool in the financial aid toolbox, offering benefits that exceed other forms of aid.
* 2% Graduation Reward based on your outstanding principal balance at the time of repayment1
* Lower your interest rate by 0.25% with automatic checking account withdrawal
Coverage and Versatility
Alternative student loans are a handy form of financial aid that can be used to cover expenses not met by federal financial aid. In addition to tuition and room and board, alternative student loans can be used to cover virtually any school related expense:
* Transportation and housing expenses
* Books, supplies, Lab fees and computers
Read more on Alternative Student Loan Benefits here.
Wednesday, January 7, 2009
Alternative Student Loans - Loan Repayment
You have three options including deferment, repayment of interest only or interest and principle.
Full Deferral: No principal or interest payments due while enrolled in school (up to four consecutive years). Payment of principal and interest will begin 6 months either after graduation or if no longer enrolled at least half time. Interest will continue to accrue during the deferment period and will be capitalized (added to the loan balance) at the time of repayment.
Interest Only: Pay only accrued interest while enrolled in school (up to four consecutive years). Payment of principal and interest will begin either 45 days after graduation or withdrawal from school.
Immediate Repayment: Payment of principal and interest will begin 45 days after loan is disbursed.
Read more on Load Repayment here
Full Deferral: No principal or interest payments due while enrolled in school (up to four consecutive years). Payment of principal and interest will begin 6 months either after graduation or if no longer enrolled at least half time. Interest will continue to accrue during the deferment period and will be capitalized (added to the loan balance) at the time of repayment.
Interest Only: Pay only accrued interest while enrolled in school (up to four consecutive years). Payment of principal and interest will begin either 45 days after graduation or withdrawal from school.
Immediate Repayment: Payment of principal and interest will begin 45 days after loan is disbursed.
Read more on Load Repayment here
Saturday, January 3, 2009
Alternative Student Loan Interest Rates
The Interest rate is a combination of the Prime rate plus a margin. The rate ranges from Prime (currently 4.0%) minus 0.50% to Prime plus 4.75%. The rate will fluctuate as the Prime rate changes every three months.
The Prime rate is a "reference or base rate" that banks use to set the price or interest rate on many of their commercial loans and some of their consumer loan products.
Loan Fee's
There are no upfront, origination, guarantor, or prepayment fees for the Alternative student loan.
Borrowers can receive a 0.25% repayment interest rate credit when payments are set up for automatic debit from a checking or bank account. This can translate into significant savings over the course of repayment.
Read more on Alternative Loan Interest Rates here.
The Prime rate is a "reference or base rate" that banks use to set the price or interest rate on many of their commercial loans and some of their consumer loan products.
Loan Fee's
There are no upfront, origination, guarantor, or prepayment fees for the Alternative student loan.
Borrowers can receive a 0.25% repayment interest rate credit when payments are set up for automatic debit from a checking or bank account. This can translate into significant savings over the course of repayment.
Read more on Alternative Loan Interest Rates here.
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