A Shortcut to Getting out of Debt: Student Loan Consolidation - 0 views

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  #1 williamnbarreraw on 13 Aug 14

   

  Paying student loans is a lengthy and stressful process that leaves those in debt scrambling to find the means to do so. With each payment period increasing in cost and often leaving borrowers deeper and deeper in debt, it's no wonder that borrowing money for education is one of the most dreaded things on the minds of young adults and their parents.
  There is, however, a shortcut to all this in the form of student loan debt consolidation. One of many effective payment strategies, consolidation offers borrowers the opportunity to pay less and complete their obligations in less time. Student Loan Debt Relief Website
  What it is
  The main idea behind student loan debt consolidation is that it combines multiple loans into one general payment. This simplifies and streamlines the process of paying off loans, as well as extending the time frame required to do so. This is an especially good idea if the borrower has made several transactions.
  What type of loans can be consolidated?
  The types of loans that can be consolidated are:
  * Direct subsidized loans
  * PLUS loans
  * Direct unsubsidized loans
  * Federal Stafford Loans(Subsidized and Unsubsidized)
  * Federal Perkins Loans
  * Federal Nursing Loans
  * Health Education Assistance Loan
  When can loans be consolidated?
  Loans can be consolidated at any time after graduation, or half-time enrollment.
  Pros and Cons
  Like everything else, consolidating student loans comes with its ups and downs.
  Pros:ss
  * Payment period is extended or up to thirty years
  * Multiple loans are combined into one, allowing for single monthly payments instead of several at a time
  * Allows for more repayment options
  * Ability to switch out variable interest rate for fixed interest rate during payment
  * Loan can be forgiven after a fixed period of time if enrolled in an eligible repayment plan
  Cons:
  * Extended repayment time could lead to higher interest rates and more payments made over time
  * Borrower benefits, such as interest rate discounts and tax benefits, could be lost
  * Consolidated loans cannot be separated once again

   

  <div class="cArrow"> </div><div class="cContentInner">Paying student loans is a lengthy and stressful process that leaves those in debt scrambling to find the means to do so. With each payment period increasing in cost and often leaving borrowers deeper and deeper in debt, it's no wonder that borrowing money for education is one of the most dreaded things on the minds of young adults and their parents. <br /> There is, however, a shortcut to all this in the form of student loan debt consolidation. One of many effective payment strategies, consolidation offers borrowers the opportunity to pay less and complete their obligations in less time. <a href="http://www.studentloandebtconsolidation.com/debt-relief" rel="nofollow">Student Loan Debt Relief Website</a> <br /> What it is <br /> The main idea behind student loan debt consolidation is that it combines multiple loans into one general payment. This simplifies and streamlines the process of paying off loans, as well as extending the time frame required to do so. This is an especially good idea if the borrower has made several transactions. <br /> What type of loans can be consolidated? <br /> The types of loans that can be consolidated are: <br /> * Direct subsidized loans <br /> * PLUS loans <br /> * Direct unsubsidized loans <br /> * Federal Stafford Loans(Subsidized and Unsubsidized) <br /> * Federal Perkins Loans <br /> * Federal Nursing Loans <br /> * Health Education Assistance Loan <br /> When can loans be consolidated? <br /> Loans can be consolidated at any time after graduation, or half-time enrollment. <br /> Pros and Cons <br /> Like everything else, consolidating student loans comes with its ups and downs. <br /> Pros:ss <br /> * Payment period is extended or up to thirty years <br /> * Multiple loans are combined into one, allowing for single monthly payments instead of several at a time <br /> * Allows for more repayment options <br /> * Ability to switch out variable interest rate for fixed interest rate during payment <br /> * Loan can be forgiven after a fixed period of time if enrolled in an eligible repayment plan <br /> Cons: <br /> * Extended repayment time could lead to higher interest rates and more payments made over time <br /> * Borrower benefits, such as interest rate discounts and tax benefits, could be lost <br /> * Consolidated loans cannot be separated once again</div>

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