If you've been wondering lately "What is loan consolidation?" then you are in luck, because education loans are about to get a whole lot easier to pay off.
President Obama student loan proposals are now impacting college debt consolidation and federal loan refund for millions of college graduates.
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The Advantages of Federal pupil Loan Consolidation
However, while the advantages of federal student loan consolidation are plentiful, so are the pitfalls. It is foremost for federal student aid borrowers to understand the risks and rewards when they need to concentrate their educational loan.
Advantage #1 - You will save time and money. No fees, straightforward paperwork process. No refinancing decisions based on your reputation rating. The new schedule is reportedly available only from Jan. 2012 straight through June 2012 will also be offering a little deduction for selecting the self-acting debit choice in repaying your loan. This not only helps you make timely payments, but it also helps sell out the whole of interest you'll be expensed over the life of your federal direct loan.
Advantage #2 - You may enhance your reputation score by avoiding default. Consolidating education loan debt could be the marker to staying current and not defaulting on your financial obligations. These types of loans cannot currently be discharged for dismissed (except for loan forgiveness programs); not bankruptcy, not by hope and prayer. Not by ignoring the threatening range agent letters. These loans must be repaid! So by consolidating, getting a smaller monthly loan payment, and sticking to a refund schedule consistently, over time you will pay off your debt. Federal student loan consolidation then gives you a path to resolving your financial problems related to college debt.
Advantage #3 - You will avoid discontentment by only having one bill to pay each month. Having to keep track of 2 or 3 distinct bills each and every month can seem daunting; so, by consolidating into a new federal loan consolidation program, you will not only lower your monthly bills. You'll also lower the whole of checks you will have to write and mail each month!
College was worth the price of admission. Your college degree opens many new doors to career advancement now and in the future. But now, refund of those college loans looms large. And the new federal student loan consolidation schedule available for only six months by the U.S. Agency of education (Jan. 2012 - June 2012), could be the winning marker to taking advantage of direct loan consolidation.
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