Federal Consolidation Loans – A Help Or A Hindrance?
Have you heard about federal consolidation loans? Are you considering one, but aren’t sure if it would be a help or a hindrance to your present financial situation? Don’t worry, you are not alone. Thousands of college seniors across the United States are facing the same thing that you are. They are just about ready to step into a new job, and they don’t have any idea how they are going to be able to pay off the different monthly loan payments they have and still meet their monthly living expenses.
Graduating seniors have the possibility of consolidating their multiple federal loans into one loan called a federal consolidation loan. This is a way to refinance college loans and combine them into one loan with a fixed-rate.
If you want relief from high monthly payments, extra benefits and the ability to manage your finances, choose a consolidation loan. It will begin helping you right from the very beginning. You pay no hidden charges or application fees and there are no embarrassing credit checks.
By consolidating her federal loans she can save up to 53% on her monthly payments, making them considerably cheaper and easier to take care of. For example, according to studentloanconsolidator.com, if she has $50,000 in different federal loans, her monthly payment right now would be $570.80. After consolidation, she would pay just $343. 88 a month. That is a monthly savings of $226.92!
You don’t have to worry about not receiving a federal consolidation loan. There is no credit check, and it’s very simple to apply. The only things you will need are your loan information and your 4 digit FAFSA pin number. When you fill out the application, they will give you several repayment plans you can choose from. Be sure to investigate the individual plans before you go so you’ll know which one you want to use.
When you consolidate all of your federal student loans into one loan you can extend your repayment plan from ten years up to thirty years. This will lower your monthly payments considerably, allowing you to have the money for housing expenses, car payments and any career related expenses you might have. In a consolidation loan there are no penalties for paying it off earlier. If you have extra money one month, you can pay an extra amount and reduce the length of your loan.
Yes, federal consolidation loans can be a great help to college students who are about to graduate. By consolidating their loans, college students can step out into their future jobs with confidence and the security that their college financial woes are behind them.
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