Are Federal Consolidation Loans What Students Need?
Are you familiar with federal consolidation loans? Did you know that they help college students who are ready to finish their studies and begin their careers? Many students have to take out a loan various times during their college career, and those loans become due upon graduation day. Most graduates will not have a large enough beginning salary to pay the monthly payments for all of their loans and still have money for living expenses.
The quickest solution to the problem is to take out a consolidation loan. This will join all of your individual loans into one loan with a fixed interest rate. By doing this you will only have one monthly loan payment.
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.
The biggest advantage of consolidating your federal loans is that your monthly loan payment will be lower. On the web site studentloanconsolidator.com it shows that if a student owes $40,000 in federal loans, the individual monthly loan payments will equal $456.64. However, if he consolidates them into a single loan, the monthly payment would be just $275.10. That equals a monthly savings of $181.53!
It is easy to apply for federal consolidation loans. You need to determine which federal loans you want to consolidate and then you will need the information on each of the loans and the 4 digit FAFSA pin number. Look on-line and learn about the different repayment possibilities, so you will be prepared to select the one that best meets your needs.
Another advantage of consolidating all of your federal student loans is that you have the opportunity to extend your loan repayment from the minimum 10 years up to 30 years. This is another way you can lower your monthly payments. The lower payments will give you more money for living expenses. This type of loan has even more advantages. You won’t be penalized for paying it off quicker. It will simply reduce the number of months you have to pay.
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.
Are you an international student looking for international student loans? An international student loan can help you get the education you need.