An emerging structure of student loan consolidation Introduction - 0 views

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  #1 williamnbarreraw on 13 Aug 14

   

  Going to university is one of the most important steps to be taken in any young person's life, but it is also the most expensive. With rising education costs in tough times many students are turning to taking out loans in order to pay for their education. While this is serves as a quick fix to this problem, it leaves students and their families knee-deep in debt with little hope of escaping.
  They need not fear, however, since there are always solutions to any problem, including paying off that intimidating college loan, and one of the most common solutions to paying loans off on time is student loan debt consolidation.
  What it is
  Before explaining student loan debt consolidation, it is first important to explain the various payment solutions in place:ss
  1-Standard Repayment Plans: Borrowers following standard payment plans pay at least $50 a month for up to ten years, and is usually the ideal choice thanks to low interest rates.
  2-Income-based Repayment Plans: This payment plan is based on several factors, mainly income and family size, and is paid off in a period of 10-25 years. This repayment plan is ideal for those who want to try and reduce payment time, but comes at the cost of reduced monthly payments. Best Student Loan Debt Relief company
  3-Extended Repayment Plans: Ideal for students with debt that numbers more than $30,000, these are monthly payments that are lower than standard payment plan amounts, but as a result take longer to finally pay off. Best Student Loan Debt Relief company
  4-Income-sensitive Repayment Plans: This is a flexible payment option that varies with the borrower's income, usually within the range of 4-25%, and take up to ten years to pay off.
  Loan Consolidation
  In addition to the above-mentioned payment options, borrowers also have the option of consolidating their loans for quicker payment. This involves combining several loans into one, thereby extending the payment period and shifting payment to single monthly payments instead of multiple payments.
  The drawbacks to consolidating student loans include higher interest rates with the extended payment period, and the potential to lose borrower benefits such as interest discounts and principal rebates.

   

  <div class="cArrow"> </div><div class="cContentInner">Going to university is one of the most important steps to be taken in any young person's life, but it is also the most expensive. With rising education costs in tough times many students are turning to taking out loans in order to pay for their education. While this is serves as a quick fix to this problem, it leaves students and their families knee-deep in debt with little hope of escaping. <br /> They need not fear, however, since there are always solutions to any problem, including paying off that intimidating college loan, and one of the most common solutions to paying loans off on time is student loan debt consolidation. <br /> What it is <br /> Before explaining student loan debt consolidation, it is first important to explain the various payment solutions in place:ss <br /> 1-Standard Repayment Plans: Borrowers following standard payment plans pay at least $50 a month for up to ten years, and is usually the ideal choice thanks to low interest rates. <br /> 2-Income-based Repayment Plans: This payment plan is based on several factors, mainly income and family size, and is paid off in a period of 10-25 years. This repayment plan is ideal for those who want to try and reduce payment time, but comes at the cost of reduced monthly payments. <a rel="nofollow" href="http://www.studentloandebtconsolidation.com/debt-relief">Best Student Loan Debt Relief company</a> <br /> 3-Extended Repayment Plans: Ideal for students with debt that numbers more than $30,000, these are monthly payments that are lower than standard payment plan amounts, but as a result take longer to finally pay off. Best Student Loan Debt Relief company <br /> 4-Income-sensitive Repayment Plans: This is a flexible payment option that varies with the borrower's income, usually within the range of 4-25%, and take up to ten years to pay off. <br /> Loan Consolidation <br /> In addition to the above-mentioned payment options, borrowers also have the option of consolidating their loans for quicker payment. This involves combining several loans into one, thereby extending the payment period and shifting payment to single monthly payments instead of multiple payments. <br /> The drawbacks to consolidating student loans include higher interest rates with the extended payment period, and the potential to lose borrower benefits such as interest discounts and principal rebates.</div>

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