Credit consolidation loan for Students and Parents

2007-03-08 10:33:40

( Financial )



Are you having difficulties paying off your college loans? Are you a parent who wants to help their child pay off their tuition? Can a credit consolidation loan help you?

What is a credit consolidation loan? A credit consolidation loan allows you to refinance your education loans with varied interest rates into one new fixed rate loan so you no longer have to worry about paying more when interest rates increase. Your original loan is paid in full and a new credit consolidation loan is originated by the Student Loan Consolidation Center. You should also consider that if your highest-rate loan has a small balance, it is advisable not to include it in the consolidation so the weighted average of your debt consolidation rate will not increase.

Why consolidate loans at the Student Loan Consolidation Center? Students can lower their monthly payments, benefit from a lower interest rate, make payments to just one lender, and keep all of their student loan benefits if they consolidate their loans with the student consolidation center.

What is a plus loan? PLUS Loans is an affordable, low-interest loan sponsored by the government to help parents pay for their child's education. The advantage of this type of credit consolidation loan is there are no income or collateral requirements. PLUS loans are also on a non-need based loan and is awarded based on credit. Maximum amount that can be borrowed in a PLUS Loan is the total cost of college per year the child is enrolled. The total cost of education includes tuition, books, transportation, board and other miscellaneous expenses for the school year.

Always do your research and check all the available repayment options available to you. Remember to time your consolidation smartly to lock your loan into the best interest rates. Finally, make the hardship of paying off your loan worthwhile by studying hard!


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