Consolidation Of School Loans
Consolidation of School LoansConsolidation of your school loans offers you the ability to reduce your school loans to one lower monthly payment. Your school loans can be refinanced and combined into a new loan.
Why should you consider consolidating your school loans?
Even though you can make your current shool loans monthly payments, you might want to consider consolidating your school loans to free up money for bills that have higher interest rates and to lower your monthly payments.
Posted : November 21, 2009 | 
Comments : 0 | 
Can't Consolidate Loan If Enrolled In School
If You Are Currently Enrolled In School, You Can't Consolidate Your School LoansThe Higher Education Reconciliation Act (HERA) of 2005 got rid of the portion that allowed a borrower of either the Federal Family Education Loan (FFEL) or Direct Loan and who is currently enrolled in school on at least a half-time basis to request to enter repayment early on your Stafford Loans if the lender approves.
Now, repayment is defined as not beginning until 6 months and one day after the date the student ceases to carry at least one-half the normal full- time academic workload, as determined by the school.
Posted : November 21, 2009 | Comments : 0 | FFEL Consolidation Loan Interest Rate
Calculating the FFEL Consolidation Loan Interest RateSchool consolidation loans have fixed interest rates that are based on the weighted average of the interest rates on the loans being consolidated.
The lender can provide you a new consolidation school loan with the lowest statutory weighted average interest rate for loans by using the lower of the weighted average of the interest rates on the loans being consolidated as of July 1 or the date the lender received your consolidation loan application.
The lender should always apply a consistent method of...
Posted : November 21, 2009 | Comments : 0 | School Loan Consolidation Eligibility
School Loan Consolidation EligibilityAll Federal Family Education Loan (FFEL) and Direct Stafford Loan borrowers are eligible to consolidate their school loans after they graduate, drop below half-time enrollment, or leave school.
Once PLUS loans are fully disbursed, they are eligible for consolidation. If you are deliquent or in default on your loans you have to meet certain requirements before you can consolidate your school loans. You will have to contact the holder of your loans for additional information.
Eligibility Requirements For A Direct Consolid...
Posted : November 21, 2009 | Comments : 0 | Consolidation Loan Interest Rate
Interest rates for Consolidation LoansThe interest rate for Federal Family Education Loan (FFEL) and Direct Consolidation Loans is set according to a formula that is established by federal statute.
The fixed rate is based on the weighted average of the interest rates on the loans at the time you consolidate, rounded up to the nearest one-eighth of a percent.
The interest rate does not exceed 8.25 percent.
The consolidation interest rate is fixed for the life ...
Posted : November 21, 2009 | Comments : 0 | 
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