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student loan consolidation texas
Can I Consolidate My Government Student Loan?
When consolidating your student loans youll be combining your federal and single loans with only one single monthly repayment. This can reduce you repayments which are required under the 10 year repayment plan. Only lenders that are under the Federal Family Education Loan (FFEL) program can provide consolidation loans. So you can consolidate your loans with banks, credit unions, secondary markets and other lenders besides private education lenders. The government provides their loans under the William D. Ford Federal Direct Loan (Direct Loan) program.
If you have a federal education loan then youre most likely eligible for student loan consolidation. This also applies to subsidized and unsubsidized Direct and FFEL loans, Federal Nursing loans, SLS and Health Edu Assistance loans. But if you have a student loan that is private then you wont be able to consolidate your federal loan. And if youre a parent then youll also be able to qualify for loan consolidation.
Once youve figured out that you need to consolidate your federal loans then the next step is finding the right lender. If you want to apply for a Direct Loan consolidation or a FFEL consolidation you can apply online. Just do a quick search for direct loan or FFEL loan consolidation and visit the top 3 lenders websites. There will be online application available for you and you can even get a response within days.
You can also contact the lender to apply via telephone if youre not sure about the online application. Youll receive the standard consumer disclosure statements and all the fine print detail which I suggest you read very carefully.
Make sure when you read the fine print to any loan that you look for any hidden fees. Nothing worse then signing up to a lender whos going to make you pay more for you loan then you expected. Hidden charges are very common with low interest rates. You dont want to look for a lender whos offering the lowest rate in town without any pre requirements from you.
Most lenders offer average rates but if you pay on time or if you open up a banking account with them you can lower your rates. You should compare rates between various lenders before you consider signing up. Ask each lender about all their hidden charges. They have to tell you any hidden charges if any by law. Compare rates and repayments thoroughly. Youll soon find which lender has the better offer which is often not the lowest interest rate. It pays to be through so good luck with your consolidation loan hunting.
Consolidate your student loans today and save up to 60% on your monthly repayments. Find out how you can start saving money and find out more about consolidate student loans.
More Useful Resource and Updates on student loan consolidation texas
- Cuomo applauds new federal student loan law (Legislative Gazette)
A new federal law is extending protections to students nationwide against college loan fraud that Attorney General Andrew Cuomo helped secure for New Yorkers last year.
- Public, non-profit student loan provider to get proper funding (News Democrat & Leader)
Governor Steve Beshear announced Friday that the state has finalized the deal to provide the state's only public nonprofit student loan provider $50 million with which to make student loans during the 2008-2009 school year.
- College Loan Licks Its Wounds (Forbes)
The company will reportedly stop disbursing student loans after losing its funding.
- Student Loans Under Fire (Forbes)
The hits keep coming for the college loan industry.
- No More Loans For College Loan (Forbes)
The company, which lost its funding, will reportedly stop disbursing student loans.
- Student loan companies in settlement talks (AP via Yahoo! Finance)
The attorney general of New York is negotiating settlements with eight student loan companies to reform deceptive practices in the industry. A particular focus is the marketing of products so they appear to be federal loans, an official said Friday.
- Big Student Lender Suspends Business (WallStreet Journal via Yahoo! Finance)
College Loan Corp. is suspending the remaining part of its student-lending business after it lost funding.
- New York Plans to Sue Student Loan Company (New York Times)
The attorney general of New York is preparing a lawsuit against a student loan company, Goal Financial , charging that the lender broke state and federal laws by luring borrowers with iPods, cash and other gifts and that it misled consumers about loan terms and benefits, The New York Times?s Jonathan D. Glater reported, citing a senior official in the office.
- New York Plans to Sue Student Loan Company (New York Times)
The attorney general is preparing a lawsuit against Goal Financial, charging that the lender broke laws by luring borrowers with cash and gifts and that it misled consumers about loan terms.
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