| In the point of view of many people, student loan | | | | Hence, you are reminded to stay away from those |
| bills are overwhelming and frustrating, especially when | | | | consolidators who charge additional fee to consolidate |
| the job market is not stable at the moment. For | | | | your loans. In common, many consolidators also |
| those unemployed graduates, staring at the monthly | | | | waive the prepayment penalties. If you pay back |
| repayment amount of each of the student bill is a | | | | your loan ahead of the schedule, you are not |
| stressful thing because they are unable to pay the | | | | required to pay any penalty. |
| loans without income. The immediate actions they | | | | 3rd Question: |
| are advised to take are to consolidate all their study | | | | What is the new interest rate on your newly |
| loans into one single loan and defer the payment. | | | | consolidated loan? |
| If you are like other students who have less | | | | When you decide to consolidate your student loans, |
| information about student loan consolidation program, | | | | it will only be beneficial if you manage to get a lower |
| here are some guides for you when you consult a | | | | interest rate. The most ideal rate for federal |
| loan consolidator in the market. There are 5 basic | | | | consolidated loan is 6% and for private consolidated |
| questions you need to ask in order to obtain a better | | | | loan, the best is below 8%. |
| understanding about the program. It is important for | | | | 4th Question: |
| you to identify whether this program is beneficial for | | | | How long is the duration of my new repayment plan? |
| you or make your credit score worse. | | | | If you have a very tight budget, you are suggested |
| 1st Question: | | | | to check with the consolidators whether you can |
| Who is eligible for consolidation? | | | | extend your repayment term to a longer period. If |
| For students or graduates who have never | | | | your student debts are huge, you should look for |
| consolidated their study loans, they are eligible for | | | | plan which allows you to extend your repayment up |
| this program. You can only consolidate loans that are | | | | to 25 years. |
| under your name. As a student, you can only | | | | 5th Question: |
| consolidate your loans during the grace period of the | | | | Who is my lender? |
| loans or after the phase of repayment has started. If | | | | You have the freedom to consolidate your loans with |
| you are married, you and your spouse are not | | | | any lender. The key point here is you are advised to |
| allowed to combine your loans together. | | | | look for reliable consolidator in the market who can |
| 2nd Question: | | | | really help you to reduce your monthly payment and |
| Is there any additional cost incurred if I consolidate | | | | save some money in the long run. Sign up the plan |
| my study loans? | | | | that really suits your financial needs. |
| The process of consolidation is absolutely free. | | | | |