While student loans have helped many poor students by enabling them to pursue further studies by providing financial assistance, it can also be an emotionally and mentally exhausting journey.
Repaying a large student loan or multiple student loans can be a long burden which extends many years, well into your working years. Many students which have graduated find themselves having to set aside a large portion of their salary just to repay the student loans.
So what solution is available to help? A student loan consolidation plan may be able to help you particularly if you are repaying several student loans concurrently.
A student loan consolidation plan consolidate your student loans into one loan thus you only need to make one payment each month. This will help to better manage your finances as now you only repay one loan.
There are several types of student loan consolidation plans available depending on who you lend it from. Examples are federal student loan consolidation, sallie mae student loan consolidation etc. Check with your school or lender for more information.
There are several ways in which you can repay a student loan consolidation. The most common is a standard repayment plan. You repay a fixed amount every month until you fully repay the loan.
A graduated payment plan allows you to repay the student loan after you have graduated. It is suited for students who have no income during studies and only able to repay when they graduated and have a job.
A variable payment plan allows you to adjust how much you repay each month depending on your income level. It allows a greater flexibility and is more suited for people whose income varies each month. An example would be salesmen who earn via commission.
Another advantage of student loan consolidation is that it also helps to improve credit rating. Since you are effectively getting a new loan and your existing loans have already been cleared, it will help to improve your credit rating and easier to get financial assistance should you need one in future.
I would advise getting a federal student loan consolidation as the interest rates are one of the lowest available and the government loan is open to anyone studying in an american education institution.
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By: Welcome Vero | 11-07-2008
What should I do if I need to skip a semester of college?
My daughter pretended to go to college classes and didn't
By: mom23 | 07-07-2008
My young adult (20 yr. old) daughter who practically had perfect attendance/good grades all through school, is struggling in college. She lives 2 hours away at the University. What I mean by struggling is, she did fine the first two years, then the whole 3rd year we just found out, she received 0 credits. She would schedule herself for classes every quarter, even ask us for book money for her classes, then eventually drop or just quit going to the classes, resulting in F's or 0. Her first two years her grades were good, we saw them. The 3rd year, she always told us everything was going good, her grades were good, we just took her word for it.We suspected she might not be doing well, since she never actually showed us her grades, but we were going to let her handle it, rather than hover over her, to try and teach her problem solving skills, etc. This summer after she came home, she asked if she could live at the University for the summer, work and take summer classes. Since this is typical for most seniors, we said sure. We asked to see her grades and to make sure she was on track to graduate on time, etc. In the meantime, we moved her to her new apartment, got new furniture for her, etc. We called her and asked her to let us know about her grades, so she gave us her password to check online to see her grades. Well when we looked, she had 0 credits for the whole junior year. We were so upset, my husband immediately called her and said what is going on?? She said I had a bad year, I was afraid to tell you, I thought I could handle it myself and I didn't want you to find out, because I promise I will do better now and that won't happen again. And my husband said, of course it won't happen again, if you miss one class, drop one class, or make another F, you are moving back home immediately. My husband and I have been sick worried over her now. I am worried about drugs now and all kinds of things. My imagination has gone crazy. I don't know who I can talk to because I am almost embarrassed this happened right under our noses. I am so scared. Please advise me. Thank you so much.
How many credit do i need at least to get transfer ...
By: hdpatel28 | 27-06-2008
how many credit do i need at least to get transfer in university from community collegein computer science major..??
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how can i find out if my son graduated from college he says yes but i need to be sure since his loans were cosigned by me
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