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federal laws regulating bank loans
Loosening The Grip Of Student Loan Debt
Funding education can be complicated and difficult to manage. Learn how to control your education debt with these tips and guides.At this time of year many are seeking ways to cut costs on student loans. You may have a number of programs your paying off simultaneously. Plus loans, Stafford financing, private loans, etc.
How do you go about consolidating and or refinancing to lower rates, reduce payments or make one easy payment as opposed to two, three or more?
Consolidation Options
The first question here is what type of loan do you have? Federal government direct loans allow for a Federal Direct Consolidation Loan program. This program enables you to lower your rate by .25% with the checking account debit requirement.
Sallie Mae Programs
Sallie Mae offers a consolidation program with the following options: One percentage point discount after 48 consecutive timely payments 0.25% discount for electronic payment.
Private Loan Options
Private loans that are not federally backed from Sallie or Nellie Mae and therefore cannot be consolidated with federal loans. But there are programs that allow you to roll all your loans into one account. Although the Federal and private loans are actually separate, you make one monthly payment that covers them all.
Another program, the H@LO Student Consolidation Loan can help you lower your monthly payments by up to 60% and lock in interest rates as low as 2.5%. See http://www.studentcollegeloan.com for more information on the H@LO program.
Benefits of the H@LO Student Consolidation Loan:
Lower your monthly payment Lock-in a lower interest rate, fixed for the life of the loan It's free to consolidate No credit check required Maintain all the current benefits of your federal loans Pay just one bill each month
If you're looking to refinance to lower rates, consolidate or both this may prove to be the ideal option for improved debt management.
About the Author
Mark Askew is editor for the Mortgage Loan Search Network at http://www.mortgageloansearch.cc and the Rate Watch Alert Newsletter. Offering consumers alternatives to business and personal finance.
More Useful Resource and Updates on federal laws regulating bank loans
- The Student Loan Corporation Announces Third Quarter Earnings (Business Wire via Yahoo! Finance)
STAMFORD, Conn.----The Student Loan Corporation today reported net income of $4.4 million, or $0.22 per share, for the quarter ended September 30, 2008, a decrease of $20.6 million compared to net income of $25.0 million, or $1.25 per share, reported in same quarter of 2007.
- USA Funds Introduces Online Exit Counseling for Graduate Students (PR Newswire via Yahoo! Finance)
USA Funds®, the nation's leading education loan guarantor, announces the introduction of USA Funds Grad Guide exit counseling, an online program designed to address the unique financial issues graduate and professional students face as they complete their degree programs.
- SunTrust Reports Third Quarter Earnings of $0.88 Per Share (PR Newswire via Yahoo! Finance)
SunTrust Banks, Inc. today reported net income available to common shareholders of $307.3 million for the third quarter of 2008, or $0.88 per average common diluted share, compared to $412.6 million, or $1.18 per average common diluted share, in the third quarter of 2007.
- Live Web Chat (Washington Post)
The stock market volatility got you and your portfolio down?
- A coming college bubble? (MSNBC)
America's undercapitalized independent colleges are staring at a spiral of major threats to solvency as penny-pinching students consider cheaper options and funding sources dry up.
- Sallie Mae Reports Third-Quarter 2008 Results (Business Wire via Yahoo! Finance)
RESTON, Va.----SLM Corporation , commonly known as Sallie Mae, today reported that, despite dislocation in the credit markets during the 2008 third quarter, its core student loan businesses were profitable, and its total managed student loan portfolio performed within expectations.
- The Coming College Bubble? (Forbes)
America's undercapitalized independent schools could be the next industry to pop.
- Robert Peston (BBC News)
Sterling and the once-in-a-lifetime crisis
- The Student Loan Corporation Announces Third Quarter Earnings (Centre Daily Times)
The Student Loan Corporation (NYSE:STU) today reported net income of $4.4 million, or $0.22 per share, for the quarter ended September 30, 2008, a decrease of $20.6 million (82%) compared to net income of $25.0 million, or $1.25 per share, reported in same quarter of 2007. The overall deterioration in the financial markets has adversely affected the Company's results of operations. These ...
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