Why Consolidate Student Loans

When you consolidate student loans the process is often long and sometimes difficult. Many students will find it confusing with obstacles that are tiring. For that reason is best to consolidate student loans as quickly as possible after graduation. For the most part, the student loan company will handle the difficult issues when you consolidate student loans. A student loan consolidation combines several payments into a single much lower monthly payment. When you consolidate student loans it makes life easier at a time when you are launching your career. With certain repayment plans, the student can easily budget out the payment each month to ensure that the loan is retired promptly.

When you consolidate student loans you not only lower the monthly payment, but budgeting your finances becomes much easier. The consolidation process can also potentially lower your interest rate, saving you significant money over the life of the loan. So don’t get discouraged when you consolidate student loans, as the student loan company is always there to help.

When you want to consolidate student loans, the Internet is the best place to find information on repayment options. Many options are available to you when you consolidate student loans, so it is important to get as much information as possible to assure you get the best payment plan. Some payment plans even have a sliding scale to compensate for lower income when you are just getting started in your career.

Before you apply for student loan consolidation you should check out student loan forgiveness programs. You can qualify to have your student loans forgiven by:

1) Performing volunteer work:

If you serve for 12 months in AmeriCorps, you receive up to $7400 in
stipends plus $4725 for your loan retirement. Call 1-800-942-2677.

Peace Corps Volunteers can retire up to 70% of consolidate student loans Call 1-800-424-8580 or 1-202-692-1845.

Volunteers in Service to America (VISTA) can earn up to $4725 in debt forgiveness. Call 1-800-942-2677 or 1-202-606-5000.

2) Performing military service:

The Army National Guard offers $10,000 of repayment funds its members.

3) Teaching in certain types of communities:

The American Federation of Teachers maintains a list of loan forgiveness programs for teachers.
Also contact your local school boards to learn which schools qualify for loan forgiveness

4) Medical and Legal service in certain communities.

Many law schools forgive the loans of students who serve in public interest or non-profit positions. Call Equal Justice Works 1-202-466-3686 or fax 1-202-429-9766.

The US National Institutes of Health’s NIH Loan Repayment Programs repay up to $35,000/year of student loan debt for US citizens who are conducting clinical medical research.

The more you know about your student loans and the options available when you consolidate student loans, the better judgments and decisions you will make. Most students who do not want to do volunteer work can benefit when they consolidate student loans. If you have small, low interest rate student loans, it is best to keep them separate when you consolidate student loans to preserve the advantageous interest rate.

To consolidate student loans is a smart way of managing student loan debt. Study all the options on the Internet and make good decisions on how to pay back student loans. When you consolidate student loans it does not remove all the pain of repaying your debt, but it makes life more enjoyable while you do.

How to Manage Student Loans and Get Rid of Credit Card Debt for Good

So you want to manage your student loans and perhaps even get rid of credit card debt for good, right? Learning to structure and organize your finances before you start to earn your degree never comes easy for anyone, and is often not taught by the people in our lives. More times than not our parents are too busy with their own lives and might feel they will stress you out more by playing with the numbers of budgeting to show you just what you are up against in advance. So once you have graduated you should already have a general idea by doing some basic inventory of your finances and perhaps check out what you may foresee for the coming 6-12 months in college.

We are hearing in the news that university education is about to get much more expensive, means that it is more important than ever before that students and graduates get their finances straight and are more proactive when it comes to money matters. Managing your finances as such an exciting, and expensive, time can be difficult, so we’ve put together some useful tips to help you on how you get in less debt and have a better chance of getting out of it once you finish in education.

Everyone should be keeping a close watch on overdrawn accounts at the lowest possible interest, make sure you know how much is in each account and make a record of any old direct debits or payments. To make some positive changes for the future of our finances we need to take a hard look at ourselves to see if we were careless with old statements and bank letters, usually in a big mixed up box where there is no chance of ever finding the document you’re after. Try to get out of the habit of doing this and use a filing cabinet or organizer to sort any documents by account, meaning it’s easier to find something should you need to check an overdraft limit, account number or any other information provided by the bank. Every 6 months go through your documents and get rid of anything you no longer require.

So we should always work at budgeting our monthly income and then subtract the cost of your monthly essentials from it. Begin with your rent, utility bills and food. This will leave you with your disposable income, which you should then divide into weekly amounts and at the beginning of each week take out in cash. Having the cash in your wallet rather than using your card means you always know how much is left for the week, making you less likely to overspend.

When debt worries creep up on you, it can be tempting to ignore them and carry on with the more enjoyable things in life- like the student union bar- but it’s really important that you remain aware of your finances and avoid diversion tactics such as writing out checks for amounts you know you don’t have or taking money out when you know a debit is about to put you up to your limit, as you will just end up in more debt because of charges.

Work at your studying, and work at learning to save your money and only borrow for the purpose of increasing your credit score, not to end up with high and out of control bills. There are plenty of part time jobs going, but make sure you use your time wisely and work more in Holidays and quiet times of the year. Working less during exams and deadlines to stay focused on your achievements.

Graduation Debt: How to Manage Student Loans and Live Your Life

Graduates have a lot of things to be happy about. Having a college education and a degree is the best way to make sure a bright professional future and a successful career. Student loan debt however, do not end upon graduation. It could take years, even decades, to payoff your student loan debt.

In order to get a head start in life and to get rid of student loan debt, management of personal finances is the key. Here are some tips:

  • Borrow only what you need for school. You might be eligible for more than what you’ll need to cover the cost of your education but remember, you’ll still need to pay for what you’re borrowing so be very pragmatic with the amount you’ll be taking out. Always consider your potential income on your first year out of school and include your loan payments in your monthly expenses.
  • Only consider private loans as a last resort. There are plenty of financial aids available for students and these are easier to payoff than personal loans. Financial help is also more accessible to students through grants and scholarships so unless it is necessary, stay away from private loans.
  • Be familiar with the fine print. Review repeatedly what your loan entails and your responsibilities to your lender. The terms and conditions are legally binding and you will need to pay them back. Before agreeing to take out an educational loan, you may want review your current circumstances to decide whether the conditions are doable on your end. Before signing anything, be 100% sure that you can get rid of your debt by the specified time frame.
  • Make timely payments. Or even better, make early payments. If you are a student trying to get rid of your debt, it’s best to start paying as soon as you can. Early payments could also give you a higher chance of having bigger personal savings in the future because you’ll be ending loan payments earlier. Get as much information as you can from your loan provider on the best payment options available for you.

To effectively payoff student loan debt,staying on top of your financial situation is essential. Always look 2-3 years ahead and consider your income and other financial resources that can factor in your monthly loan payments. It’s not impossible to eliminate student loan debt as long as you have the knowledge and discipline. Remember to stay focused this is something that can consume a large part of your life.