Outsmart Your College Debt with Help of Student Loan Consolidation
Handling the costs of education can be a daunting task as the costs are high enough. Thus, in order to do higher studies, you might have taken out student or education loans. Now, if you are facing problems in making loan payments against the education loans, you can try to pay off the loans through debt consolidation. Debt consolidation helps in consolidating your educational loans, thereby reducing the interest rate and the number of debts that you have. However, you should know that federal education loans and private loans cannot be consolidated at the same time.
Consolidating the student loans
If you as a borrower have mix of loans, you can consolidate the federal education loans separately with private ones.
In case of the federal student loans, both the students and the parents can consolidate the education loans. There are actually various options through which you can consolidate the federal student loans. But, the married students cannot consolidate the federal loans together. The students are allowed to opt for debt consolidation after the degree gets over or after the deferment period ends.
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Alright parents, you have done your job and your child has been accepted to college. Now you just have to figure out if you can afford it. I’m sure your house isn’t worth what it once was and I bet that portfolio isn’t looking too healthy these days. You don’t want your child to graduate with more debt than they could ever pay off but you don’t want to threaten your own retirement either. So we’ve put together a few tips to help keep that dream of higher education from turning into a nightmare.
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President Obama’s Student Aid and Fiscal Responsibility Act, which would force students to obtain their college loans directly from the federal government, is not an unprecedented consolidation of the student loan industry. In fact, across the Atlantic in the United Kingdom, students must now utilize a centralized authority for their student loan needs. This authority, the Student Loans Company (SLC), has been designated by the government as the sole provider of student loans in the U.K. In its first year, the SLC has already so muddled the process that much of the angered public has called for the resignation, or firing, of its head official. The outrage comes on the heel of reports that more than 100,000 students in the U.K. are still awaiting their first loan payment, months after the start of term. The SLC has found many scapegoats for the delays, including a record rise in loan applications, the recession, and even the transfer of the student loan administration from the various smaller local authorities to the SLC.
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