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Student loans harm credit ratings

Large student debts will cost under-graduates well into their thirties, says Moneynet chief Richard Brown.He says that large student debts will make it harder for students to get mortgages and other loans in future and that IFAs should be encouraged to warn their customers of the danger of large student loans.He said: “IFAs will need to re-address the financial landscape.”Their traditional client base will have less money during their twenties and early thirties to put into pensions, investments and savings. But, there will always be a market for IFAs, as graduates will still tend to get married, buy a home and have children and therefore need products like life insurance, income protection and mortgages.”The warning coincides with the launch of Moneynet’s new section on debt consolidation loans in light of the country’s spiralling debt problem.Australian research last month found that graduates still repaying student loans were more likely to evade taxes by taking cash-in-hand jobs, or not declaring all of their earnings. Last month the government announced that after top-up fees come into force in 2005, the minimum debt for a graduate will be £15,000, and they will still be paying it off into their thirties.A survey by NatWest bank last month showed that almost half of sixth formers said they would be “less inclined” to go on to higher education because they were put off by new fees and the prospect of larger loans.Meanwhile, high street banks predicted that student debt will have doubled by 2009.

Posted in college loan consolidation, college student loan, loan rate, consolidate loan, college loan, consolidation loan, debt consolidation loan, consolidate loan student, loan calculator, loan | Comments(0) August 2007

Student Loans Consolidation – Your Bridge To Success

Every student has to do a lot of study. Some become research scholars, some opt for medicine, some choose engineering and some go for environment study. Whatever line of study you choose you have to pay to study and here the role of student debts and student loan consolidation starts. Everybody has a different financial background. Some students who have a good background can pay for their fees easily while others with limited means have to hunt for finances through different sources. Sometimes one loan is not enough and we have to take another loan to cover-up for the one taken earlier. In this way, sometimes one finds that it is no longer possible to continue with the payments and study. In such a situation, you can always lookup to a student loans consolidation program.

Student Loans Consolidation Explained

In a student loans consolidation program, you will get an opportunity to club all your outstanding loans installments into one consolidated repayment to be made to the consolidating company once a month. You need not to worry about paying to the various agencies from where you took loan earlier. The student loan consolidation company will pay to these agencies. This means that you have to apply for a new loan to clear your earlier outstanding loans. In this way, you can manage your debts to a great extent, and do not have to worry about installment payments all the time, and use this time saved in doing something worthwhile.

A student loans consolidation program will give you multiple benefits. It will make life much easier and comfortable for you. It will be more convenient for you to pay one installment than paying three or four installments in a month. The possibilities of missing an installment become negligible, as you have to keep track of only one installment payment every month.

You invariably save some money when you consolidate your monthly payments into one. When you take loans for study, they usually come at a high interest rate as you were in need of money at that time. Student loans consolidation usually comes at a lower rate of interest, and when you consolidate your loans, you start paying less in term of interest payment every month.

When you decide to apply for student loans consolidation, you also get an opportunity to defer your payment schedule for a few months. This gives you a respite to manage your finances and create an environment so that future payments are never in doubt. Parents and relatives can be a help only to a certain extent after which you have to manage on your own. Studies at a higher level are very demanding in these times. Therefore, never consider a student loan a barrier in your studies. Always take a loan like a bridge between you and your success.

Student loans consolidation helps students in need of finance because of the accumulated debt pressure of various types of loans. A student loan consolidation program provides student loan debt counseling along with the Student Loans Debt Consolidation to provide you an understanding of the ways of managing debt burden.

Posted in consolidation loan, student loan debt consolidation, consolidate loan, consolidate loan student, debt consolidation loan, loan, student loan consolidation, student loan | Comments(0) June 2007

Student Loan Financial Group Announces Interest Rates on Variable-rate Loans Increasing July 1st

Federal Student Loan Consolidation , today announced that interest rates on existing variable-rate student loans will climb eight basis points, or .08 percentage points July 1, 2007. While interest rates on new Federal Stafford and PLUS loans are fixed under federal law, students, graduates and parents who have older, variable-rate student loans can take advantage of the lower rate if they apply for student loan consolidation by June 30.Most federal Stafford and PLUS loans first disbursed before July 1, 2006 charge variable interest rates that are set by federal formula and based on the last auction of 91-day U.S. Treasury bills in May.

Interest rates on loans disbursed after that date are fixed at 6.8 percent (Stafford) and 8.5 percent (PLUS)”This Spring 2007, college grad’s who still have variable rate loans may consider applying to consolidate before their six month, post grad grace period ends,” said John Wrinn, President, Student Loan Financial Group. “Students can lock in a lower rate if they lock the rate prior to June 30th. Also, parents with PLUS loans will save an eight of a percent by consolidating before July 1st, instead of waiting.When a student decides to consolidate their student loans, the loan consolidation lender pays off the student’s current federal student loans in full and creates a new loan, with a new interest rate and a longer repayment term. Federal student loan consolidation has a fixed interest rate, based on the weighted average of the interest rates of the student loans being consolidated, rounded up to the nearest 0.125 percent or 8.25 percent, whichever is less.

For existing Federal Stafford and PLUS loans that still carry a variable interest rate, the interest rates as of July 1, 2007 will be:Stafford Loans (in school, grace and deferment periods): 6.62 percent Stafford Loans (repayment): 7.22 percent — PLUS Loans: 8.02 percentIn addition, there is no credit checks, no fees, no prepayment penalties as well as student loan consolidation can reduce the monthly payment amount by nearly 50 percent. That is because student loan consolidation stretches the repayment period from the standard 10 years to up to 30 years, depending on the amount of the education debt.Student and parent customers who consolidate their Stafford, PLUS and other eligible federal student loans using a Student Loan Financial Group Consolidation Loan can also reduce their interest rate by an additional 1.25 percentage points by making scheduled loan payments on time, and by using automatic debit to make payments electronically. Combined, these benefits can provide the average customer with $4,300 in savings on a $20,000 loan.

Posted in federal student loan, consolidate loan, federal student loan consolidation, finance loan, loan rate, federal loan consolidation, loan, student loan consolidation, consolidate loan student, consolidation loan, student loan | Comments(0) June 2007

New Factors for Consolidating Student Loans

Last year at this time, money mavens were exhorting college students and recent graduates to run right out and refinance their loans before the big July 1 rate hike, which took the rates on those loans from the neighborhood of 4.7 percent to 6.54 percent. This year, rates are again going up, but only by a little — to 6.62 percent.Other factors about the way college loans are managed have also changed in ways that might make consolidation less attractive for some borrowers. So instead of racing to the bank, new grads should take some time to figure out whether consolidation works for them, and approach it carefully
Here are some considerations.

– What’s your rate, and is it fixed? In a college loan consolidation, your original loans are paid off and bundled together in a new loan, much as a mortgage and a home equity line might be bundled together into a new mortgage with a home refinancing. The rate on the new loan is fixed. It’s a weighted average of the interest rates of the loans being consolidated, rounded up to the nearest 0.125 percent. Students who graduated this spring are most likely to have a mix of variable and fixed-rate loans. Students who already did loan consolidations in the last two years while they were still in college, might already have a portfolio of low-cost fixed-rate loans and not find it worthwhile to reconsolidate just to get everything wrapped up into one loan, says Dan Thibeault, president of Graduate Leverage lenders in Waltham, Massachusetts.

– Timing matters. New graduates will find some advantages in consolidating if they do it within six months of getting their diploma. They are in what’s called a grace period that gives them a price break and six months to start repaying their loans. For these new graduates, the variable-rate loans are at 6.54 percent and the fixed-rate loan is at 6.8 percent. On July 1, their variable rate goes up to 6.62 percent. But when they move out of the grace period and start repayment, their loan rates will adjust up to 7.22 percent. By consolidating before then, they can lock in the lower rate. Typically, repayment starts immediately on consolidated loans, but borrowers can ask the lender to hold the loan package until the end of the 6-month grace period.

– The bottom line matters, too. New grads like to consolidate because it can stretch out their repayment period for as long as 20 years and cut as much as 50 percent off of their monthly payments. That might be especially useful for grads who are entering low-paying professions, but in the long run a longer loan can cost a lot more in interest payments, even if the rates are lower. To figure out your bottom line, ask your lender to estimate your total interest payments on your loans or do it yourself with an online loan calculator (you can find a slew of them at http://www.finaid.org/calculators/, or check http://www.salliemae.com/repaymentoptimizer). Do a similar calculation on the proposed loan consolidation.

“The best thing for the borrower to do is say ’show me the money,’” says Patricia Scherschel of megalender Sallie Mae. Once you’ve seen total costs, decide whether you’d rather burn that debt faster and cheaper, or longer and slower.

– Competition matters. While rates on these federally backed loans are fixed, lenders do have leeway to offer incentives, and most do. Some cut your rate if you agree to have payments automatically debited from your checking account, or if you establish a history of paying on time. That later break often doesn’t kick in for three or four years, though, so remember to discount its value. No lenders are allowed to charge fees on federal student loan consolidations and none are permitted to have prepayment penalties, so shop around for the best discounts and services. Some places to price consolidation loans are http://www.salliemae.com/consolidation; http://www.myrichuncle.com, and http://www.graduateleverage.com.

Posted in college loan consolidation, college student loan, consolidate loan, college loan, consolidation loan, loan, student loan consolidation, consolidate loan student, student loan | Comments(0) June 2007

Student Loan Consolidation Interest Rates

Federal student loans taken out on or after July 1, 2006 have an interest rate of 6.8%*. Federal student loans disbursed before July 1, 2006 will remain variable interest rate loans. These loans will re-adjust every July 1 based on the results of the 91-day Treasury Bill Auctions. Currently, interest rates for these loans are:

Stafford Loans for students in grace: 6.543%
Stafford Loans for graduates in repayment: 7.143%
Parent PLUS Loans disbursed after July 1, 1998 but before July 1, 2006: 7.943%
Parent PLUS Loans disbursed after July 1, 2006: 8.50%
Consolidation Loan Rates: The weighted average of the existing rates on loans included in the consolidation

For recent college graduates, consolidation is an excellent repayment option. Federal student loan consolidation with StudentLoanConsolidator can reduce monthly student loan payments by as much as 53%, providing payment relief when it’s needed the most

Posted in loan rate, federal student loan, consolidate loan, federal student loan consolidation, consolidation loan, loan calculator, loan, student loan consolidation, consolidate loan student, student loan | Comments(0) June 2007

Private Student Loan Consolidation

A way to consolidate virtually all private, non-federal education borrowing into one simple bill and one monthly payment. Consolidating your private student loan debt will help simplify your monthly finances and lower your monthly student loan payments. We recommend that you consolidate all your federal student loans first and separately, then apply for a private student loan consolidation. Federal student loan consolidation combines all of your loans into one new loan reflecting a positive payment history, helping improve your credit score. Private consolidation interest rates are credit-based. By consolidating your federal student loans first and improving your credit score, you could get a better interest rate.

Posted in consolidate loan, federal student loan consolidation, federal student loan, consolidation loan, consolidate loan student, loan | Comments(0) June 2007

Consolidating Student Loans

Student loan rates will jump 2 percent on July 1, so the time to consolidate is now!

June 30 marks the deadline for college graduates to lock in the lowest student loan interest rates on record. According to FinAid, two-thirds of undergraduate students graduate with some debt. In fact, the average federal student loan debt is about $17,000 (Stafford and Perkins Loans), and $20,000 when PLUS Loans are included.

Posted in federal student loan, federal student loan consolidation, federal loan consolidation, consolidate loan student, student loan consolidation, student loan | Comments(0) June 2007

Borrower benefits for student loan consolidation:

When loans are consolidated, borrowers can reduce their interest rate by 1.25% with these borrower benefits:

Receive a 0.25% interest rate reduction by making payments electronically from your bank account.
Receive an additional 1% interest rate reduction after 36 on-time payments. (Requires min. balance of $20,000)
Receive an additional 0.6% interest rate reduction by consolidating in your grace period!

You can also lower your payments even more with our graduated repayment program

Posted in college student loan, loan rate, consolidate loan, consolidation loan, consolidate loan student, loan, student loan consolidation, student loan | Comments(0) June 2007

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