consolidation advice

Hi I’m Ben Just finished my medical career and Now working Biosys as a Medical writer. I want to tell about benefits of taking student loan consolidation (http://www.searchtwice.com/debt_management.asp) , When I was a student my parents took many loans for studying and we actually suffered a lot by paying more interest to all the loan vendors, later on my friend told me that if you consolidate these loans it can benefit a lot by paying lesser money and save lot of time, I want to share this secret of saving money and time because I don’t want poor students like me to pay more for interest while there is a facility of taking consolidated loans, nowadays this has become more popular because lot of time and money saved.

Thank for your advice, im being spending a lot for my children education and paying huge amount of Interest here and there, I like to consolidate the loan, but i need to know about the loan providers, if you know anyone who are issuing consolidated loan please let me know about that info also

Let me contact some persons who are providing consolidation loan and then i will give you the information about them.

I agree with your advice, although this issue is a tad nuanced. I actually consolidated my loans with Nextstudent due to their excellent incentive bonuses...they're also a HUGE company, which I figured would work out in my favor. What I didn't know is that they turn around and sell a good deal of the loans they get, and unfortunately mine was one of them. I've had to deal with some pretty rude characters ever since from this new company. One month they even threatened to revoke my bonus when my payment was "late" (ridiculous, since I have automatic debit). Apparently it was an administrative error, but still...I would strongly recommend going with a big lending company without an incentive to sell your loan. The Educational Loan company is one, for example, and has bonuses even better than Nextstudent (2.5% interest rate discount, wish I had known that). Or you could try a bank like Citibank, Wells Fargo, etc, although they all have their own problems.

Nextstudent is not a good place to consolidate..

Source: http://studentloans-best.blogspot.com/2007/08/getting-best-rates-for-student.html
Getting The Best Rates For Student Consolidated Loans Tips

Here Are 7 Tips to Consider Before You Choose a Lender

1. Student loan consolidation rates may vary depending on the borrower’s financial situation and credit. It is recommended that you have a good credit score in order for you to have a lower interest rate. This is the first step in getting the best rate for you on your student consolidation loans.

2. Determine the monthly plans. The monthly plans may depend on the student loan situation and the lender you choose. The monthly plans may vary depending on these factors. Some lenders can offer up to 50% lower monthly plans. It is recommended that you know this information before you make a final choice on your lender.

3. The lender should have simple loan payments. The main purpose of the student loan consolidation is to simplify your payments. You should review their terms and make sure that the monthly payments will not cause more burden to you.

4. The lender should have a fixed interest rate. Most federal student loan consolidations charge interest at a fixed rate. It is advised to make a research on the lowest rates and consider if it will increase or not. There are options online where you can calculate the interest rates and compare it with your present student loans. This will help you assess which rates will help you most. This is also a chance for you to narrow down your choices. You may limit your choices to the lenders that can offer you lower interest rates.

5. Know if the lender will be able to extend your payment period. With student loan consolidation, you will be able to lower your monthly payment and at the same time extend your payment period up to 30 years. Before choosing a payment term, make sure that this will not burden you especially once the monthly payments have been calculated depending on the payment period.

6. Ask if there are in school student loan consolidation programs. These programs will help you lock your low rate while in school. This is because you will automatically be placed on a deferment status while in school. With this option, you will lose the 6-month grace period that is usually offered to borrowers. However, you may request for a forbearance of up to 1 year. Before deciding on this, make sure that you do your research and gather information from other borrowers online.

7. Evaluate which lender provides the lower interest rate. The student loan consolidation is the best option since it helps you save thousands of dollars. They provide the lowest rates that can do great help on your expenses. You should gather enough information on which lender offer new interest rates that are much lower. You may be stuck in a lender, which has a higher interest rate without knowing that there are lenders that now offer lower rates. It is advised that you keep yourself updated with the rates that are charged by different lenders on student loan consolidation.

thank for all your replays...

this is for Puck, who said Direct loans has lower rates, Puck, Rates are set by federal gov. not the consolidation companys, the only difference between the companys are the interest rate reductions, and even that is a scam, What they dont tell you , is that all of these companys offering you a 2%, or 1.25 interest rate reduction after so many ontime payments, is 98% of the time ppl dont ever get it, or if they do get the inducement they loose it because they are late or miss a payment, or reschedule their payment dates, all of the interest is added to the back of the loan. I have been consolidating loans for almost 8 years now, I really love helping people, just hate some of the companys Iv'e worked for, in past, present company included, thats why I wont mention their or any others name. The bottom line is do you research, google a companys name , before you give any personal info.and btw, Fed gov wants to take away the inducements anyway (interest rate reductions) by oct 1 anyway, they want to run the program themselves. So even if there was or is a companyahead that could help w even lower payments , basicly you can thank Sallie Mae and Teddy Kennedy for that one, they got greedy. and complained to much, and Tedy was in their pockets, hes trying to sve face now, but to little to late ,

Consolidation isn't always the solution, most people end up paying more and worsen their credit ratings.

If you shop around there are good consolidation programs. Not everyone will end up paying more monthly.

Really i doesn't know how to take student loan can any one suggest me please because i am facing problem with college fees.so that i can continue my studies.

These tips are really fascinating and may work out.I am looking for a student loan for pursuing Management course and at right time you provided a great information.Thanks

Hello everybody, a few years ago my father decided to do a cash call loan without consulting anyone. He's paying the minimum payments and it will take his 30 years to pay the loan off. His loan is 10,000 at 39%APR and his payments are about $325. Is it true that if he puts about $200 more a month on his payments the loan will be paid off at a much earlier time? Thanks for any advice.

Yes, unless the loan stipulates otherwise. I hope you meant 3.9% and not 39%!Then again, the total payout on that loan is $117,000! Yow!