What are federal consolidation loans? A proud college senior only lacks a few months until graduation day when her studies will be over. She will walk away with her diploma in her hand, ready to step into her new career. Suddenly, the realization hits her. She had never really thought about it before. There are a number of student loans that she has to start paying off right after graduation, and her beginning salary isn't enough for living expenses plus all of those loan payments. What will she do?
The simplest way to solve her problem is to consolidate all of her federal loans into one federal consolidation loan. This kind of loan is a way to refinance all of your existing federal loans into one fixed-rate loan.
If you want relief from high monthly payments, extra benefits and the ability to manage your finances, choose a consolidation loan. It will begin helping you right from the very beginning. You pay no hidden charges or application fees and there are no embarrassing credit checks.
When you consolidate federal loans, you can save 53% every month. This makes your loan payment cheaper and allows you to use the extra money on other necessities. Studentloanconsolidator.com says that if you owe $30,000 in loans, your monthly payments on the individual loans will be $342.48. If you consolidate the loans, your monthly payment will be $227.22, allowing you to save $115.26 every month.
Applying for federal consolidation loans is really quite simple. You need to have your 4 digit FAFSA pin number, the loan details for each federal loan and know which loans you want to consolidate. You will need to do some research about the different types of repayment plans you can choose from, so you will be ready to select the plan that best suits your individual needs.
Another advantage of consolidating all of your federal student loans is that you have the opportunity to extend your loan repayment from the minimum 10 years up to 30 years. This is another way you can lower your monthly payments. The lower payments will give you more money for living expenses. This type of loan has even more advantages. You won't be penalized for paying it off quicker. It will simply reduce the number of months you have to pay.
Federal consolidation loans can be a tremendous help to college seniors who are ready to graduate. It will give them the opportunity to become established in their new job without being under undue financial pressure. You won't regret the decision to consolidate your federal loans once you begin to experience the financial freedom it will bring.
The simplest way to solve her problem is to consolidate all of her federal loans into one federal consolidation loan. This kind of loan is a way to refinance all of your existing federal loans into one fixed-rate loan.
If you want relief from high monthly payments, extra benefits and the ability to manage your finances, choose a consolidation loan. It will begin helping you right from the very beginning. You pay no hidden charges or application fees and there are no embarrassing credit checks.
When you consolidate federal loans, you can save 53% every month. This makes your loan payment cheaper and allows you to use the extra money on other necessities. Studentloanconsolidator.com says that if you owe $30,000 in loans, your monthly payments on the individual loans will be $342.48. If you consolidate the loans, your monthly payment will be $227.22, allowing you to save $115.26 every month.
Applying for federal consolidation loans is really quite simple. You need to have your 4 digit FAFSA pin number, the loan details for each federal loan and know which loans you want to consolidate. You will need to do some research about the different types of repayment plans you can choose from, so you will be ready to select the plan that best suits your individual needs.
Another advantage of consolidating all of your federal student loans is that you have the opportunity to extend your loan repayment from the minimum 10 years up to 30 years. This is another way you can lower your monthly payments. The lower payments will give you more money for living expenses. This type of loan has even more advantages. You won't be penalized for paying it off quicker. It will simply reduce the number of months you have to pay.
Federal consolidation loans can be a tremendous help to college seniors who are ready to graduate. It will give them the opportunity to become established in their new job without being under undue financial pressure. You won't regret the decision to consolidate your federal loans once you begin to experience the financial freedom it will bring.
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