Consolidate Your Loans Today, Breathe Easier Tomorrow!
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Student Loan Consolidation
The Department of Education has created the Federal Consolidation Program to
help ease the repayment of federally guaranteed student loans. We help by taking
you through the necessary steps to achieve your goals.
Consolidating your student loans can save thousands of dollars over the life
of the loan depending on the principal balance. You may qualify to reduce your
monthly loan payments by as much as 57%. Through the Federal Program interest
rates can be locked in and will never increase.
Through consolidation, you will be given a fixed interest rate determined by when your variable
interest rate loans
were disbursed. By consolidating your student loans made after July 1, 1998,
and during your grace period of within 6 months of leaving school, you can obtain
an even lower FIXED interest rate. By consolidating
during your six month grace period, you would save an additional .6%.
Interest rates are regulated and set by the government.
Retain Your Federal Rights: You retain the rights you have now for deferment,
forbearance, and total forgiveness in the event of death or disability.
One Monthly Payment: If you are currently making more than one monthly payment
for your student loans, these loans can be combined, allowing you to make only
one monthly payment.
No Pre-Payment Penalty: Any amount that you send in over your monthly payment
is applied directly to the principle of your loan. This can help you pay off
your loans sooner and pay less interest.
Improve your credit and purchasing power: Every student loan that you received
while attending school, per semester, appears as an individual loan on your
credit report. Through this Federal Program, these existing loans will appear
as paid in full, and your credit report will show only one loan with a lower
monthly payment. This will improve your debt-to-income ratio. When purchasing
a new car or home, having a lower debt-to-income ratio (DTI) improves your chances
for receiving a lower interest rate and more financing.
No Fees: This program is your right as a Federal loan holder.There are absolutely
no fees or costs involved for you to take advantage of this Federal Program.
Current Stafford Rate: IN SCHOOL OR GRACE: 4.70%
IN REPAYMENT: 5.30%
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