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u s department of education student loan
Student Loan Consolidation - Five Ways That Can Save You Money
Consolidating Student Loans Can Boost your Credit Score
Most students take out numerous loans for college, each with its own interest rate and its own monthly amount. The plethora of different loan sources is a great benefit in terms of paying for college, but when it comes to credit rating, this long list of outstanding loans can put a serious damper on your overall score.
By consolidating student loans, your credit report will show one combined loan, usually with a much lower overall payment, which equates to a more favorable credit rating. By consolidating student loans, you most likely also benefit from a much lower payment, thus lowering your debt to income ratio.
Consolidating Student Loans Reduces Debt to Income Ratio and Increases Buying Power
Having a low debt to income ratio, or the monthly amount owed compared to the amount earned, makes an incredible impact on the amount of money you'll be able to borrow and afford for a first home or reliable transportation.
The total amount of household debt in the US last year was more than 100% of disposable income. Rising education costs have created a vicious cycle for today's graduating students. As your debt to income ratio rises, so do the interest rates of each new loan. Keeping this ratio low by reducing your monthly bills can literally save you tens of thousands of dollars over a lifetime.
Consolidating Student Loans Reduces Dependence on Credit Cards
Having lower bills in the years following college means less reliance on high interest credit cards and other loans. The average college student carries a whopping 6 credit cards with a total balance over $2100.
This means that the $100 credit card purchase for new work attire could cost more than $200 over the 12 months it takes to pay the full balance. Fortunately, smart financial planning, including consolidating education loans, can help students and young professionals live a life free of high interest debts.
By Consolidating Student Loans, You are Locked into Today's Low Fixed Rates
Just because interest rates are low today doesn't mean they will stay that way. In fact rates over the last several years are lower than they've ever been in recent history. It's amazing how much a small percentage point can save or cost on a college education bill over the course of a loan repayment.
The Federal Consolidation Loan allows you to lock into today's low interest rates when consolidating student loans. Consolidation loans usually have a longer repayment period and a lower monthly payment than is available on the underlying education loans.
By Consolidating Student Loans, you can Receive Additional Interest Rate Discounts
Companies that specialize in consolidating student loans like ScholarPoint.com offer additional consolidation benefits such as auto payments, and consecutive payments.
- Auto Payments: Receive a reduction in your interest rate for making your payments automatically from your bank account when you consolidate your student loans.
- Consecutive Payments: Some student loan consolidation companies give you the opportunity to reduce your repayment interest rate up to one full percentage point by simply making payments on time.
- No Interest Deferral: Take advantage of the flexibility of student loans by deferring loans during qualified times. While enrolled in graduate school, serving in the military, or volunteering with the Peace Corps, you can not only defer payments, but stop interest from accruing as well.
- Grace Period: Consolidating during your grace period allows you to lock in a rate that is often much lower than the standard repayment rate.
ScholarPoint Financial, Inc. is a national online consumer lending company specializing in student loans. We believe in combining state-of-the-art technology with world class service to help students and parents easily gain access to data, become informed, and enjoy the process of obtaining a college loan. Learn more about Student Loan Consolidation at http://www.scholarpoint.com
More Useful Resource and Updates on u s department of education student loan
- PSU banks turn cautious on foreign education loans (Business Standard India)
Indian students going in for higher education or job-specific courses overseas will find it tough to get loans from Indian banks. Most banks are going slow on clearing such loan applications as the employment scenario has turned adverse due to the financial crisis faced by most companies.
- Education Dept. acts on student loans (UPI)
WASHINGTON, Nov. 8 (UPI) -- U.S. Education Secretary Margaret Spellings said Saturday steps were being taken to assure student loans would be available for the 2009-2010 school year.
- Pa. education board tries to attack college costs (Centre Daily Times)
Ashley Lovejoy has learned that her dream of becoming a special-education teacher comes with a hefty price tag.
- Pa. education board tries to attack college costs (WFMJ Youngstown)
HARRISBURG, Pa. (AP) - Students and college officials are airing concerns about the cost of a college education in recent public forums across Pennsylvania.
- Education Dept. acts on student loans (Moldova.org)
U.S. Education Secretary Margaret Spellings said Saturday steps were being taken to assure student loans would be available for the 2009-2010 school year.Spellings said in a statement that the Education Department was working with the Treasury Department and the Office of Management and Budget to assure the stability of the Federal Family Education Loan Program and Direct Loan Program.We ...
- Education finance ideas still short on specifics (Seattle Times)
The Washington task force charged with finding a way to adequately pay for state education is getting down to the nitty gritty next week, trying to decide what to do with five different proposals that are all big on ideas but slim on ways to pay for them.
- Further education students feel financial pressure (Guardian Unlimited)
More than a third of students in further education colleges think about dropping out due to lack of financial help, new research shows. The debacle over payment of this year's education maintenance allowances (EMAs) has highlighted the relative financial disadvantage FE students endure compared to their higher education counterparts. Without the system of loans and grants available in ...
- Student Aid on the Web
... you access personal information in various U.S. Department of Education systems. ... Loans, click on "Repaying Your Loans" and go to "Loan Consolidation. ...
- Federal Student Aid
Provides general information about the federal student aid programs. Includes information about grants, loans, work-study programs, and more.
- Federal Student Aid - About Federal Student Aid
The Federal Student Aid Ombudsman of the. Department of Education helps resolve ... Loans. Rehabilitate a Loan. Cancel or Discharge a Loan. Resolve ...
- U.S. Department of Education
Official site providing information on US education policy, research, grants, financial aid, and more.
- Financial Aid - ED.gov
... Parents Teachers Administrators. Financial Aid. Find Aid. Repay Loans ... 60 percent of all student aid, to help millions of students and families pay for ...
- students.gov - Student Gateway to the U.S. Government
Access my student loan records. Find the right school. Study in the ... you prepare, choose, and apply for college, From the US Department of Education. ...
- Free Application for Federal Student Aid (FAFSA)
Official site for the Department of Education Free Application for Federal Student Aid (FAFSA). Includes an online submission form with necessary documents, ...
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