School Loan Consolidation?

School Loan Consolidation is a practical repayment tool that refinances your school loans into one loan, significantly reducing your monthly payment. Take a look at how much you can save each month with our school Loan Consolidation calculation.
Please be aware that due to current conditions in the student loan market in particular and in the financial sector in general, Next Student is not currently able to accept any new PLUS, Stafford, or Federal Consolidation Loan applications. However, you may be able to apply for these federal student loans from one of our trusted partners.When a borrower consolidates loans in the Direct Consolidation Loan Program, the U.S. Department of Education pays off the original Federal education loans and originates a new loan for the total amount of the loan consolidated.
These loans are available to college and university students via funds disbursed directly to the school and are used to supplement personal and family resources, scholarships, grants, and work-study. They may be subsidized by the U.S. Government may be unsubsidized depending on the student's financial need. The U.S. Department of Education published a booklet comparing federal loans with private loans. In this same document, the government describes what you may use the loan for:

How much You can save each month?

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You must attend an eligible school, be an undergraduate student or attending an eligible associate, graduate or technical/trade program at least half time. In some circumstances, the Smart Option Student Loan is available to less-than-half-time students and students enrolled in a continuing education program. U.S. citizens enrolled in eligible study abroad programs or studying at medical schools outside the United States are also eligible.

If you consolidate student loans right now, you could save hundreds of dollars a month. Here's a quick chart showing how much you could save on your monthly payments:

Total Loans	Current Payment	After Consolidation	Monthly Savings
$30,000.00	$342.48	$227.22	$115.26!
$40,000.00	$456.64	$275.10	$181.53!
$50,000.00	$570.80	$343.88	$226.92!
$75,000.00	$856.20	$483.96	$372.24!
$100,000.00	$1,141.59	$645.28	$496.32!

Consolidation

If you have fallen behind on your school loans, you are facing higher interest rates and penalties. Chances are that if you are like many young people today, this precisely is the position that you are in. One of the primary and initial resources that you will want to consider making use of when it comes to developing your own set of options when it comes to a student loan consolidation is the Internet and World Wide Web. As with so many other things in this day and age, the Net is becoming a reliable and valuable resource when it comes to obtaining information pertaining to what is available to you in regard to school loan consolidation options.

There are a variety of lenders that can aid and assist you with a debt consolidation loan as you go about the task of finding a loan through which you can consolidate your student loan debt. You can obtain assistance from these lenders both in the real world and on the Net. When it comes to lenders that might be able to assist you with student loan consolidation, you will want to ìshop around.
In the end, there can be some pretty significant differences in the services that these different lenders provide.

Student Loan Financial Aid Private Student Loan Federal Student Loan

Private Loan Student Loan Company Student Loan Forgiveness AES Student Loan

Student Loan Calculator Education Grants HTTP FAFSA College Grants

Getting a Credit Card

Almost everywhere you go, the main credit cards: VISA, MasterCard, and American Express are accepted. It is not supprising that United States is among the countries with the most credit cards in the world. For instance, 80% of undergraduate students have at least one credit cards.

Signing up for a credit card is something that every student starts thinking about once they hit university or college. Not only are students bombarded by the different banks on campuses selling the virtues of their respective cards, they are also receiving advertisements on a weekly basis in the mail.

It is important to first figure out if you should get a credit card, and how to manage it properly if you do get one.

Financial Aid

These are the best alternative for students applying to the MBA programs. One thing to keep in mind when applying for loans is that, in most cases, you need to have a co-signer who is a U.S.A. citizen or permanent resident. The co-signer is responsible for paying back the loan if you should default on it.

There are some banks that waive the co-signer requirement for specific schools. You should check this information from the school website.

As an example, Citibank provides loans to international students admitted to Harvard Business School without a co-signer. Another example is Bank of America providing loans without a co-signer to students at Kenan-Flagler, University of North Carolina.

The terms of the loans usually require any interest or principal payments after graduation. Read the terms of any and all loans before you sign. Make sure you understand those terms and what your repayment schedule and fees entail. Ask for assistance in interpreting the fine print if you are having trouble understanding it.

Benefits

• Lower monthly payments. Using a Federal Consolidation loan, you may be able to lower your monthly payments, in some cases cutting your monthly payments in half.
• Extended repayment period. Depending on your total education debt, a Federal Consolidation loan may permit you to extend the repayment term - in some cases up to 30 years - if you wish. View the maximum repayment periods for consolidation loans.
• Simplified paperwork that saves you time. With a Federal Consolidation loan, you can enjoy the convenience of a single monthly payment, one check to mail and a single point of contact.
• The possibility of even lower interest rates for borrowers still in their grace period. Interest rates on Stafford loans issued between July 1, 1995, and June 30, 2006, are 0.6-percentage points lower for borrowers who are in their six-month post-school grace period than for borrowers in repayment. So, by consolidating these loans during the grace period, you could lock in an even lower rate. You will lose the remainder of your grace period unless you instruct your lender to hold disbursement of your consolidation loan until the end of your grace period.
• Fixed interest rates. Although rates on Federal Stafford and Federal PLUS loans issued prior to July 1, 2006, vary each year, the interest rate on a Federal Consolidation loan is fixed for the life of the loan. Consolidation rates are based on the weighted average of the interest rates of the loans you want to consolidate, excluding Health Education Assistance Loans. The resulting rate is rounded up to the nearest one-eighth of 1 percent. The rate never can exceed 8.25 percent. Calculate the interest rate on a consolidation loan based on the rates on your current loans.
• No prepayment penalties. You have the flexibility to prepay your Federal Consolidation loan in full or in part, without penalty, any time during the life of your loan.

Types of loans eligible for consolidation

• Federal Stafford and Federal Direct Stafford loans, both subsidized and unsubsidized.
• Federal PLUS and Federal Direct PLUS loans.
• Federal Consolidation and Federal Direct Consolidation loans.
• Federal Supplemental Loans for Students.
• Federal Perkins loans.
• Federal Nursing Student Loans.
• Health Professions Student Loans.
• HEAL loans.

Private education loans are not eligible for inclusion in a Federal Consolidation loans. Stafford and PLUS loans can be consolidated together only if you are the borrower of both.

International Student Loans

Student Loans for International Students
The International Student Loan Program is available to international students from around the world, who are looking to study in the USA. You have to be attending one of the approved schools, and you must also have a US Citizen or permanent resident to cosign the loan with you. The International Student Loans offers funding that is disbursed directly to you, with competitive interest rates and no application fees.

Student Loans for Study Abroad
The Study Abroad Loan provides funding for US Citizens who are looking to participate in a study abroad programs outside of the USA. Students need to be attending an approved school in the USA and have no need to complete a FAFSA form. Funds acan be available in a little as 5 days.

Student Loan for Canadian Citizens
For Canadian students studying or planning to study in the USA, we offer the Canadian Student Loan. Students applying for the Canadian Student Loan will require a US citizen or permanent resident co-signer. Formerly, we offered the Can Help loan, which was available with a Canadian co-signer; however, as of April 18, 2008 the Can Help loan has been discontinued and is no longer available. Instead of the Can Help, Canadian students can now apply for a Canadian Student Loan for study in the USA.

Student Loans for US Citizens Foreign Enrolled
The Foreign Enrolled Loan program provides US Citizens with funding for their education when they plan to enroll directly in a degree program abroad. This is a private, alternative loan that offers high loan limits to cover the cost of school abroad, with borrowing limits up to $50,000 per year for undergraduate programs and up to $70,000 per year for medical, dental, business or law school.