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Reduce Monthly Repayments Using a College Loan Consolidation

After your college education you’ll more than likely find yourself capable where you have several loans from a variety of lenders and each loan has its own interest rate, repayment quantity, repayment period and transaction date. You might find the particular financial burden of these a predicament to be unbearable, making this the perfect time to think about college loan consolidation.

Usually the federal loans readily available for your college education usually are not enough to cover all of the expenses you are likely to encounter, this means you will have to sign up for private loans to pay the shortfall. These private loans are apt to have higher interest rates. Within the full time period of the college education you will quite likely take out a number of these lending options and quite possibly go for short repayment intervals because the repayment sums seem insignificant. Together with two or three such lending options the repayments start to add up. If you find yourself in a situation where income is limited these repayments turn out to be very significant and may force you in to considering college loan loan consolidation.

College loan consolidation is only the process of consolidating all your previous loans into one single new loan, typically with a lower interest than you are currently paying. Often these loan consolidations have a longer repayment period so your monthly payment amount is considerably lower. The financial institution you decide to handle your school loan consolidation will pay away from all your previous loans and open a unitary loan for the total level of all the loans they’ve repaid.

There is significant competition for this type of business, so don’t take the very first college loan consolidation provide that crosses your way. Investigate a number of different consolidation loans and choose the loan that provides the best terms to your current financial situation. Be aware that many loan companies offer prompt payment benefits, for example they might decrease the interest percentage around the loan as a reward for making your repayments on time every month going back twelve or twenty four months.

When choosing college loan consolidation you have to be aware that even though your rate of interest is lower and your month to month repayment amount will be less, over the period of your loan you will oftentimes pay back much more compared to total loan amount you’re looking at to consolidate. $100 each month over ten years is considerably less than $50 above twenty five years.

That said, you may find that the higher complete amount you will have to repay on your college loan consolidation is well worth the lowered monthly payment. An additional bonus is that you are making only 1 payment every month to 1 lender.

Comments: 38

  1. Ismael February 17, 2013 at 9:39 pm Reply

    I need a listing of Places to apply to for the loan

  2. Dakota May 1, 2013 at 5:17 am Reply

    So, having multiple degrees doesn’t stop you from making stupid decisions. I made some very poor decisions related to college loans.

    I’m currently finishing grad school, but not a full-time student anymore, so my loans all went into repayment. Working part-time so I still have time to do research requirements. Long story, short: I have MANY loans and never consolidated–got overwhelmed by the payments and ended up 60 days late. Nonetheless, this is now reflected on my credit report. My score dropped about 130 points because of this. It took me YEARS to get my credit bordering between the Good/Excellent range, so I am extremely dissappointed in myself. I know this was stupid.

    Anyway, my question – if I consolidate now, will that lead to any improvement in my credit score? Will my 15+ loan marks of “60 days late” just go to one, or won’t this make a difference? I will consolidate regardless, but am wondering if this could make any positive change in my score.

  3. Clelia August 17, 2013 at 7:30 am Reply

    I have $16,000 in student loans. I graduated in May ’07 (6 months grace period ends Nov ’07), and I need to know whom to trust in loan consolidation for an interest rate reduction. I have received several offers through the mail, each promising interest rate reductions (each lender uses letterheads suggestive of affiliation with my college). How can I find out the best strategy before my grace period expires ?

  4. Les September 13, 2013 at 2:53 pm Reply

    Right now I’m 20 and living at home. I’m going to school on a scholarship that pays tuition only. It’s getting aggravating living with my parents and it’s hard for women to take you seriously as well. I have a job too, but I dont get paid enough to live by myself with my check. The loan would be for maybe five thousand dollars (Is that enough for a semester?) I want to buy a tv, maybe some stuff for the apartment because I wouldn’t have anything to start with, so I figure I need to take out a lot to pay for that. I could use my job to pay for rent and food. The loan would be for books, internet, insurance, cellphone, gas, and random other stuff that pops up. It would definitely help my confidence when talking to women and trying to host more friends which in turn helps you meet new people. That part figures in a lot. My job pays a good chunk of what I need, but for all the other stuff thats involved with moving out . . . i need more money.

    note: it’s too late to get any other type of financial aid, I’m pretty sure. and I want to move out ASAP

  5. Micaela September 21, 2013 at 5:36 am Reply

    i am thinking of trying to go to school to become a pilot for a private firm. I hear it is very expensive to learn how to fly, however, i get a lot of student grant money and financial aid that covers most of my tuition. Right now i go to a community college, so all of my tuition is covered because it is low. Will the expenses of learning to fly, say through Dowling College in NY, be covered mainly by my financial aid?

  6. Florencia October 9, 2013 at 11:37 am Reply

    These crooks known as Sallie Mae have screwed me. Two years ago I started receiving my student loans, and the interest rate at the time was only 2%. I even have a sheet of paper stating that.

    My total in loans was $42,000.

    I get my statement in the mail last week and suddenly I owe them $57,000 and they jacked up my interest rate to nearly 18%. I nearly cried. I called Sallie Mae right away stating, I cannot pay $688.00 a month it is just ludicrous.

    I only have a couple more weeks to find a cheap, but very respectable loan consolidation company. My sister uses Nelnet, but they haven’t gotten back to me yet.

    For all of you college graduates what is a cheap, but VERY respectable and honest Student Loan Consolidation company?

    You can email me with details if you’d like.

    Thank You.

  7. Cleveland October 14, 2013 at 7:07 am Reply

    WHAT are the best or just available CULTURAL STUDIES, SOCIAL SCIENCES, ANTHROPOLOGY exchage or visiting programs in U.S. and the rest of the world for graduate students and teachers from other countries? I am from Ukraine. What are the most called-for fields and researches in the western social sciences now?

  8. Roberto December 17, 2013 at 8:15 am Reply

    What Loan company will take over my federal student loans when the loans are in default so I can go back to school?
    My loans are government loans from Saillie Mae. I owe them under $5000.
    I heard about this company that will take over your school loans from them but I don’t know the name of the company.

  9. Eugena December 23, 2013 at 6:05 am Reply

    I am interested in taking some business/computer/communications courses and would like to do it online, but I am not sure if student loans and grants will help pay for these.

  10. Lou January 28, 2014 at 1:19 pm Reply

    OK heres whats happening:

    I want to take a out a $2000 loan to invest.
    I’m thinking like 6% over 5 years? Thats about $40 a month.
    The thing is I don’t have a job at the moment.
    I am sure I can pay them back that much each month, and if I can’t I’ll borrow it from a friend but I don’t think they’ll buy it.
    How can I do this?

  11. Antonia February 20, 2014 at 10:05 pm Reply

    I am looking into ASU. I already know i want to attend that school, to get my Teaching degree. I am on financial aid through my college. My GPA is 2.70 I know i will bring my GPA up this next quarter. I do fill out the FAFSA form every year. Is there any other
    ways to get money for ASU?

  12. Jacquline February 21, 2014 at 1:30 am Reply

    im not sure what college im going to yet? and does it matter or effect anything? *btw im a senior in highschool*

  13. Jinny February 21, 2014 at 11:22 pm Reply

    I want to take advantage of low rates before they go up more. I could find 50 million loan sites and after some digging and giving up all my information, I could get quotes I am sure. Are there sites you have seen that compare the loans and have reliable information?

  14. Wilson February 22, 2014 at 6:13 am Reply

    I have a college loan that i am STILL paying on. I have been told that i need to refinance b4 july 1st? Why and what do i need to do?

  15. Brett February 23, 2014 at 4:25 pm Reply

    I ‘m writing because my wife and I need to know the best way to consolidate her college loans. My wife graduated in Dec. and its time to pay the piper. She has some low interest Sallie Mae loans but the problem is the remainders of the loans are unsubsidized Stafford loans with Citibank. $26,000.00 at an average 6.8%. The monthly payment will be difficult for us to make. We’d like to consolidate but don’t know where to look for the lowest rate. I know some bills in congress are aimed at lowering these rates. We have received solicitations from different loan brokers but they don’t leave me feeling like they’re looking out for us. Is it worth it to consolidate now if we’ll only be switching lenders when (if) the bill in congress is past? Where can we find information on student loan consolidation rates in an unbiased, consumer advocate atmosphere? Thanks for your help

  16. Tawanda February 26, 2014 at 2:24 am Reply

    hi there. my financial application answers for current year remains the same as previous years. the only change is my dads income raised from $9000 to $12500. my EFC according to fiancial aid for current year is 180. last year it was 0. will i still be able to get the same grants i received last year. will the rise in the efc have major effect in terms of grants and receivng the aid. thank you for your help

  17. Caleb February 27, 2014 at 5:38 pm Reply

    I’m looking for a lender that doesn’t deny right off the back for bad credit/no credit.

  18. Shelton March 8, 2014 at 3:11 pm Reply

    here is my sitiation… i already got a college loan though someone but i want another college loan so i dont have to get a job while im in college and im just going to use the money for spending money, food, utilities, pens, paper,ect. I want the money to go to my bank account pretty much and I dont want to have to pay it back till I am out of college what is my best bet for this?

  19. Virginia March 8, 2014 at 3:26 pm Reply

    How to start dealing with student loan consolidation companies?

  20. Loni March 15, 2014 at 6:20 pm Reply

    I have reached my lifetime maximum for stafford student loans and there are no scholarships or assistantships available. I am one year from graduation from grad school. does anyone know if there is an additional loan program that I can get into or am I out of luck?

  21. Eboni March 16, 2014 at 2:52 pm Reply

    I’ve been looking for sponsors on the net on my studies but so far so bad. I can’t find one.. how can i found one??

  22. Leonel March 17, 2014 at 9:42 am Reply

    I have had a withdrawal request of $2020.00 which has been pending since April. Have sent many messages in this regard. All messages have been rec’d ie. you will receive a response within 24hrs. No response and no payout of the withdrawal request. I have a considerable balance that I would like to receive. VERY frustrating. Is this company for real.?? Any help would be appreciated. Norm

  23. Ara March 17, 2014 at 9:50 am Reply

    is there one with a monopoly or are there many which are competing with each other? Are they listed on the stock exchange?

  24. Nolan March 17, 2014 at 1:51 pm Reply

    Does anybody know if you can recieve social assitance while you study at a private college? In Canada.

  25. Wilford March 19, 2014 at 2:44 pm Reply

    I’d like to know if anyone knows about federal consolidation for student loans. Could someone please tell me exactly what a consolidation loan consists of, and how you know if you’re eligible? How recent of a college grad do you have to be?

    If you can help me, thank you!!

  26. Darwin March 20, 2014 at 2:06 am Reply

    Or maybe a loan that you can get with “okay” credit?

  27. Myrl March 21, 2014 at 5:33 pm Reply

    Hi i want to make a large purchase at the however i was told that for large orders i would be able to buy it through the corporate program which gives discounts on large purchases.
    I emailed the website and was told that: If you are logged in , please scroll to the bottom of our Home Page. Here you will see a More Shopping heading; under this heading is a link to Corporate Orders. You will also see this link when shopping throughout our site, on many of our department and product pages.

    However im logged in and i do not see anything that says ”More Shopping” or a link to corporate orders at the bottom of the page nor anywhere else on the website when i click on the products.
    Could anyone help me with the link to the corporate page , or show me a picture of where the ”More Shopping” on the website is? I tried calling them but no one has answered the phone for 2 days.
    Thanks alot.

  28. Lance March 23, 2014 at 2:24 pm Reply

    sooo my parents took out a bunch of loans for me to go to school… and well I’m neither selfish nor ungrateful, but after two and a half years, it just didn’t work out for me. I kept changing my major, I hated the school I was at ( I asked my dad if I could transfer, he said if I did he would not pay for my schooling anymore) . Well for almost a year now I have been wanting to join the air force, and for 6 months I have been at community college to prevent mine and my parents loans from coming out of deferment. If I join the military 3 months later my parents are going to be required to pay. Is there anyway around this. I just know how my dads heart will break when he gets the first bill for the degree I did not get. I still plan to get my degree I just want to finish in the military before my parents that out another 50,000 in loans. Eventhough they would rather do that than have me join the air force. I’m afraid to break their heart. any help advice.
    so my question is, it there anyway to prevent them from coming out of defferement until I am actually done with school even if I am in the military? I know I can continue to defer mine it is my parents I am worried about. And when I re enroll in school in the military will the loans go back into deferment if I can prove I am in school?
    and if you want you can give me advice about the whole situation, I will listen and be receptive… Thanks everybody

  29. Evette March 23, 2014 at 2:25 pm Reply


  30. Vince March 31, 2014 at 12:09 am Reply

    I usually do DAY 2 day trading in Karachi stock exchange can anybody recommend me some good place or some book to learn daily trading strategies that would be of great help.


  31. Xiao April 10, 2014 at 6:15 pm Reply


  32. Meta April 28, 2014 at 2:51 pm Reply

    I was lucky to graduate from a great 4 year college with only 15k in student loans. I have been paying them for the past 3 years, however its still 15k! I have consolidated two of my loans, however the 3rd cannot be consolidated since its a private loan. I am sick of paying off the interest rather than the principal. My loans are with sallie mae.

    How can I pay off the 3rd one quickly? All 3 are 5k.
    NotAnyoneYouKnow its kinda obious that you didn’t read my question fully, I did consolidate 2 loans to make the payment easier, but I couldn’t consolidate the 3rd due to it being a private loan rather than an unsub loan! That’s what I want to pay off since its at a higher interest rate than the consolidated loans.
    The one that is not consolidated… doesn’t have a fixed interest rate! That’s why I want to pay it off first… the consolidate one does.

    I will over pay on the consolidated once the other one gets paid off.

  33. Wilbert April 28, 2014 at 3:08 pm Reply

    I am currently on a waiting list. I called the DC TAG office a couple of time but no one seems to want to give me any info about my application status. Am I better off taking a loan out?

  34. Kareen June 13, 2014 at 7:18 pm Reply

    I live on my own, my father and I do not speak any longer, he won’t give out his W2 for financial aid purpose(my mother does not work) In Mass I know you have to be 24yrs old to be considered “independent” from your parents money tie. I am only 20; I am working on my Assoc. I will hopefully be done next year. After wards I do plan on getting my bachelors, but school is too expensive, and I do not want to wait till I’m 24 to get f financial aid and be freed from my dads taxes. What can I do legally to get financial aid on my own?

  35. Lee June 14, 2014 at 1:53 pm Reply

    Hi, i just received an email from ebay that i have been promoted to ebay seller. i am currently doing a dropshipping business on ebay by selling items such as GPS, surveillance system and Computer parts.

    However, i find it is difficult to do dropping business since paypal has been holding my payment until my customers confirmed the delivery or leave me a feedback so i have to pay out of my pocket everytime i pay and ship the items and worried whether i will receive the payment after i ship the items.

    I now have have 139 ratings,100% positive feedback and more than 4.5 DSR.

    Therefore, i am thinking about expanding my business by purchasing a whole lot of inventories and deliver to my house address so i can cut less on the shipping fees between my suppliers and seller. Also, i can purchase the items at a cheaper costs since i am buying a whole lot at once.

    My only concern is that will paypal continue to hold my payment after i become a powerseller?

  36. Santo June 15, 2014 at 11:55 am Reply

    How many people have $100,000 in college loan debt? How much are your payments?

  37. Errol June 15, 2014 at 8:35 pm Reply

    i didn’t recieve any fafsa financial aid but really don’t have the money up front to fund my’s only 3200$ per semester but again i don’t have the money up front..what is my next cheapest option when it comes to interest w/o federal loans? thanks.

  38. Felecia June 21, 2014 at 7:30 pm Reply

    I’ve been using a student credit card for about a year now and i’ve been faithful in all my payments.

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