If you've been wondering lately "What is loan consolidation?" then you are in luck, because instruction 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 repayment for millions of college graduates.
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The Advantages of Federal learner Loan Consolidation
However, while the advantages of federal student loan consolidation are plentiful, so are the pitfalls. It is important for federal student aid borrowers to understand the risks and rewards when they need to integrate their educational loan.
Advantage #1 - You will save time and money. No fees, simple paperwork process. No refinancing decisions based on your prestige rating. The new program is reportedly available only from Jan. 2012 through June 2012 will also be offering a tiny deduction for selecting the automated debit selection in repaying your loan. This not only helps you make timely payments, but it also helps sell out the amount of interest you'll be charged over the life of your federal direct loan.
Advantage #2 - You may improve your prestige score by avoiding default. Consolidating instruction loan debt could be the mark 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 collection agent letters. These loans must be repaid! So by consolidating, getting a smaller monthly loan payment, and sticking to a repayment program consistently, over time you will pay off your debt. Federal student loan consolidation then gives you a path to resolving your financial problems associated to college debt.
Advantage #3 - You will avoid disappointment by only having one bill to pay each month. Having to keep track of 2 or 3 dissimilar 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 amount 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 occupation advancement now and in the future. But now, repayment of those college loans looms large. And the new federal student loan consolidation program available for only six months by the U.S. Agency of instruction (Jan. 2012 - June 2012), could be the winning mark to taking advantage of direct loan consolidation.
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