Save The Hassle, Consolidate Your Loans

2007-03-08 10:33:40

( Financial )



Make your own survey in the school campus and chances are big that you will find at least five persons who have acquired loans at least once in their lives.

And if you are one of the students who owe a lot of money, you may consolidate loans into a single monthly payment and spread the payments over an extended period of time.

When you opt to consolidate student loans, the amount, which you have to pay, will be reduced every month. However, when you consolidate student loans, you get to pay high interest rates as a pay off.

Lending institutions, which engaged in the business of allowing students to consolidate loans, have pegged certain limits on the total sum of the consolidate loans before granting them.

Students are granted privileges to consolidate loans provided that they have a history of paying their dues on time. Prior to applying for consolidation, prospective applicants should have made satisfactory payment history with their lenders.

There are ways to pay off one’s consolidated loans - including consolidate private student loans -- and eliminating high debts. Among the recommendations by experts include taking certain jobs that allow a person or a student to get some of his loans cancelled. These are:

• Teaching subjects identified by state education agencies as those, which have been affected by the shortage of teachers. Such subjects, which may help consolidate student loans or better yet, cancel them, include math, science, foreign language and bilingual education.
• Working for child or family services covering low-income, high-risk families or their children.
• Teaching in schools for students whose families are considered to be within or below the low-income bracket may also help consolidate school loans.
• Nurses, law enforcers and jail personnel and medical practitioners who were deemed qualified can also have their consolidate loans reduced.
• Military personnel can have 50 percent of their loans cancelled over four years if they request to be assigned in hazardous duties.
• Peace corps volunteers can also get their consolidate loans cancelled after four years, upon review of their consolidate loans status.


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