Have you wondered what exactly is up with
federal student loan changes 2007
Student Loan Consolidation The Implications
When it comes to student loan consolidation, this is typically a very good way to save yourself some money, as well as getting a lower rate of interest on the loan. However, you should consider some of the implications at the same time.
As an example, if you were to get married and both of you have student loans, you then decide to consolidate the loans combined to ensure one payment instead of two each month, and this could save you some money. However, it is important to understand that if your spouse were to pass away, the surviving spouse is then responsible for settling the debt, both of them. This applies for divorce as well, if you divorce, one of you will remain indebted for that consolidation.
Depending upon the institution, if you have ever consolidated any loans previously, it may be difficult for you to consolidate your student loan. This again depends on the company; however, if you have several new loans that you can add to your previous consolidation or several lenders, you should have no problems in consolidating your student loan.
It is important to understand exactly what can be consolidated with your student loan. Because a student loan, if it is a federal loan, is backed by the government, it cannot be combined with loans such as mortgages, automobile, or even credit cards, because these are typically extended by private creditors. However, that does not mean you should not consolidate your loans at all, because consolidation can help you in improving your overall credit score, which will eventually help you out when it comes to private issues.
Student loan consolidation is a win-win situation, if you think about it. It saves you money, helps in improving or building your credit, and you have the ability to put everything in one convenient monthly payment.
Ken Charnley is a personal finance publisher whos website http://www.online-loans-pro.com/ is dedicated to quality information on online loans. For all your online loan needs visit and Apply for Student Loans Online
More Useful Resource and Updates on federal student loan changes 2007
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In this week?s issue: The list no one wants to be on: Largest 20 problem loans. Prudential Real Estate sees prolonged down cycle coming. Southern Cal landlord misses required principal repayment. DBSI hit with $2 billion securities fraud lawsuit....
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- How to Pay for an MBA (BusinessWeek Online via Yahoo! News)
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- Another Student Loan Company Settles With New York (New York Times)
Goal Financial, which offered iPods, spa gift cards and other items to lure borrowers, will adopt a marketing code of conduct and pay $350,000 to a financial aid fund.
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Attention Business and Financial Editors:
- Students flee country to escape loan debt (Daily Vidette)
With college tuition higher than ever, students in some extreme cases have fled the country amid mounting debt from student loans. "We understand that students are now taking on more debt than they ever have before," Bridget Curl, associate director of program administration and compliance in the Financial Aid office at ISU, said.
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- Fitch Takes Rating Actions on Xpress Loan Servicing's SLABS Servicer Ratings (Business Wire via Yahoo! Finance)
NEW YORK----Fitch Ratings has taken the following rating actions on the U.S. ABS student loan servicer ratings for Xpress Loan Servicing :
- Another Student Loan Company Settles With New York (New York Times)
Goal Financial is the latest student loan company to have reached a settlement agreement with the New York attorney general, whose investigation of the loan industry found that some were using deceptive tactics and offering prizes to attract borrowers, The New York Times?s Jonathan D. Glater reported.
- Presented By: (EETimes.fr)
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