Student Loans Consolidation
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Student Loans Consolidation Advice:

Student Loans Consolidation Advice
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The burden of student loan debt is crushing many recently
graduated students. It is not uncommon for some to have
acquired more than $100,000 in both federal and private loans.
Due to the recent financial crisis many banks holding private
student loans with high interest rates are unwilling to do
consolidation loans at lower rates. In fact many banks have
completely abandoned all student loan programs and only
service existing loans.

Never the less if you are like most college and university students
you continue to look for good
student loans consolidation advice
that will help you reduce your burden
. The media is reporting that
both the current administration and congress are seeking ways
to help students solve their student loan debt problems but with
the current budget crisis it is unlikely their will be meaningful debt
relief.

Right now with student loan debt is at record levels and with
most jobs paying low wages when you can find a good one in
your field of study. You are in desperate need of
student loan
consolidation that will help you immediately
.

If you have federal student loans even those that you received
from private lenders or through a broker you can apply for a loan
consolidation through a program called the
Federal Direct
Student Loan Consolidation Program
. At this time you cannot
merge your private loans into this program. Interest rates are very
good at this time.

However if you have private student loans consolidating them
can be tough following the recent financial crisis. With the
exception of a few financial institutions private banks have gotten
out of the student loan business. At this moment only
Wells
Fargo
, Chase, Student Loan Network and NextStudent are writing
student loans and allowing student loan consolidation. In
addition there some regional banks that will do a student loan
consolidation. Frankly you will need a good FICO credit score
and a secure job to have a good chance at getting a
consolidation loan at a low rate. It is going to be tough.

On the bright side interest rates are at record lows from just a few
years ago. If you cannot qualify for a student loan consolidation
from one of the listed above institutions a great piece of student
loan consolidation advice is to apply for a personal loan. Due to
current low interest rates a personal loan rate may actually be
lower than the interest you are paying on your student loans.
Normally this type of loan requires you to have steady
employment for at least a year and not already have a lot of credit
card debt or other personal debt.

When negotiating for a
student loan consolidation or even a
personal loan you will find that your interest rate will not be
locked in. These variable rate loans can be a good deal at least for
the short term. It is important to know what the interest rate cap is
on your loan or you could find yourself with a rate that is higher
than your current student loan rate. These variable rates change
in response to changes in the economy. Remember interest rates
on personal loans can rise suddenly because of a single late or
missed payment.

Consolidating your student loans makes a lot of sense and can
be critical during these tough economic times. Taking several
student loan payments and lumping them into one or two will
increase your monthly cash flow and eventually help you pay the
loan off sooner.

The best
student loan consolidation advice I can give you is for
you to do your research and compare each loan consolidation
option carefully before you sign your name on any loan contract.





                        



                                   


                                       
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