Consolidating Students Loan: 2012

Tuesday, March 13, 2012

Too Many Private Student Loans Can Ruin Your Life - Loan Consolidation How-To

Financing an education can be extremely expensive these days and it is more common to have a student leave school in debt than not in debt. In most cases this debt runs into the tens of thousands of dollars, and when it is private student loans the interest will accrue while you are in school and get added on to the loan after you graduate. The good news is that you have six months after graduation to get a job and decide to start consolidating private student loans, or paying them back one at a time. There is a lot to consider when you are thinking about consolidating student loans, and you will find a few different ways to consolidate your loans that you may want to take advantage of.

Unlike federal student loans that have interest rate caps on consolidation loans, consolidating private loans will put you at the mercy of the current loan rates. In some cases this can be a bad thing, and in other cases this can be the best financial thing to happen to you in your young life. Many financial institutions offer programs to help students consolidate education loans that carry high interest rates but extended payback terms. You can get a consolidation loan that would stretch as long as 20 years, and that can help lower your payments.

If you did not take out a large amount of private student loans, then consolidating private student loans may be a bit easier for you. One of your options is to pursue a secured private loan to consolidate your loans. A secured private loan requires collateral supplied by the borrower that needs to be owned in full by the borrower, and it can be unusual for a new college graduate to have that much personal property. However, if you are able to get a secured personal loan then you can pay off your private loans at a significant discount. If you were responsible with your finances in college then you may even qualify for an unsecured personal loan which is a loan that requires no collateral. Explore your borrowing options before resigning yourself to one solution.

Consolidating your student loans can lower your monthly payments and make paying your loans back significantly easier. If you are able to find a consolidation loan that is at a lower interest rate than your individual loan then you will be consolidating private student loans and saving money on interest payments for the overall cost of the loans at the same time.

Before you begin consolidation make sure you take a long look at the loans you are trying to consolidate. If you cannot get a better deal on a consolidation loan than you have with your individual loans then consolidation may not be your best move. If you got your private student loans at a time when interest rates were low and you graduated when interest rates were on the rise, then consolidating your loans may cost you more money than it would cost you to just keep them as they are.

Student Loans Refinance Student Loan

Student loan refinancing is done to decrease the monthly student loan payments. Banks have student loan consolidation programs to facilitate this. A student may have federal student loans and private loans. The federal loans have a lower rate of interest than the private ones. The private loans are personal loans given with a surmise that the income will increase with education. While refinancing, if these two loans are mixed, then the student will have to pay more interest rate on the total principal. So, it is advisable to finance the two loans separately. The student loan rates change as per the lender and credit history. While refinancing, it must be confirmed that the history is helpful. A credit report must be studied to overcome problems. Then, rates of different lenders can be compared. The rates of refinancing federal student loans alter annually, generally on 1st July.

Lenders for Student Loan Refinancing

Financialaid.com assists students with monetary help. It has an excellent customer service and highly trained student loan counselors guide the needy. The monthly payments can be decreased by 52%. The fixed interest rate may be as less as 6.75%. Early repayment is not charged with penalty. The loans can be consolidated to one easy payment. EstudentLoan.com is another lender. StudentLoan.com is a Citibank company. The Federal consolidation loan decreases the monthly student loan payments by half. There is one easy payment per month and a low fixed rate. No income or credit check is necessary. There is a 0.25% interest rate decrease as per a E-Z pay plan. The student loan account can be seen on the Internet. The Private consolidation loan is locked at a fixed rate or a variable rate. Only one payment is required per month. There exists a 0.25% interest rate reduction as per the E-Z pay plan. After the initial 48 successive monthly on-time payments, there is a 0.50% interest rate decrease. This loan account can also be seen on the net anytime. Each of these lenders have varying qualification needs. Most of them demand that currently the student must not have an active student loan or that there must be a minimum balance requirement.

Student Loan Payment

While refinancing, the monthly payments can be decreased by a lesser interest rate or a greater loan duration. Of these two methods, a low interest rate is the better option as the long term student loan debt gets reduced. In case the monthly payments are very large, the loan duration should be increased. Due to this, the span of repayment rises and the monthly payment becomes small. Long terms however imply high interest rate and consequently more interest payments. Overall, the student has to pay more, but it becomes less cumbersome.

Resources to refinance student loans effects of student debt school loan consolidation consolidation recommendations of the University of Michigan Law School consolidating federal student loans Difference between federal and private loans

The federal student loan can be consolidated if the student is not enrolled in school or is actively repaying the loan. Many consolidation companies need a minimum loan amount like $10,000. In case of federal student loans, the interest on the loan is tax deductible, the loan may be forgiven for some services or the payments can be postponed if the student returns to school. Private loans lack these benefits and may be secured or unsecured. They have to be repaid similar to other loans. Hence, it is recommended to consolidate federal and private loans simultaneously. Federal student loans have to be considered first and consolidated separately. The second step is to consolidate the private loans.

Student Loan Consolidation Rates

For most of us, student loans are a prime source of funding our college education. We often hope that after completing our college, we will land a decently paying job, that can take care of all our student loans. However, sometimes, situation has something else to offer. Owing to the current economic meltdown, many graduates are finding it increasingly difficult to land a job in the first place, let alone a decently paying one. Although, there is a grace period of six months on federal student loans and some private loans, the situation rarely improves even after six months. After that, the monthly EMI begins, which becomes a nightmare for the unemployed students. Some of them turn to student loan consolidation option, which provides some relief from the pile of debt. In this article, we will estimate the student loan consolidation rates for federal and private loans.

What is a Consolidating Loan

As a student, you and your parents may have borrowed money from various private lenders. A single federal student loan is rarely sufficient to cover all your academic and living expenses. As a result, people often end up borrowing from several financial institutions. The interest rates for these financial institutions also vary to a great deal. Every month, you are required to pay a separate amount towards each of these loans. A consolidating student loan is a loan which sums up the debt amount of all the loans into one single loan. As a result, you are required to pay towards only a single loan. This relieves you of the hassles of interacting with several different money lenders every month. The interest rates on a consolidating loan is calculated by averaging the interest rates of the separate loans. The accurate calculation of federal and rates is provided later in this article.

Student Loan Consolidation Rates Comparison

Consolidating loans may seem like an obvious choice for any student stuck up in the pile of debt. These loans have a cap of interest rate of 8.25%, meaning you won't have to pay interest rate any more than that. Since, one direct consolidating loan can take care of multiple smaller loans, your credit report gets a boost as it records a paid status for numerous loans, in spite of the same impending debt amount. Best student loan consolidation rates can be obtained on federal student loans such as Direct and FFEL Stafford Loans, PLUS Loans, Federal Perkins Loans and others. Since, these loans may have a interest rate more than 8.25%, you will end up paying much less on a consolidating loan as it cannot have an interest rate beyond 8.25%. However, there are certain limitations on the benefits you can avail from this loan. Firstly, consolidating student loan provides maximum benefits on federal student loans only. Private loans may already have interest rates less than 8.25%, in which case you will end up paying roughly the same amount after consolidating your loans.

Student Loan Consolidation Rates

Student Aid on the Web defines the student loan consolidation interest rates as weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of 1%, to a maximum of 8.25%. Following example will give you a clear understanding of private and federal student loan consolidation rates.

Mark, a student has loan A of amount $10,000, loan B of amount $5,000 and loan C of amount $3,000. Mark is paying 6.25% interest on loan A with a monthly payment of $625, 8.5% on loan B with a monthly payment of $425 and 8.75% on loan C with a monthly payment of $262.5. Mark's total impending debt can be consolidated into a single loan of amount $18,000 ($10,000 + $5,000 + $3,000). The interest rate on a consolidated loan can be found out as,

$625 + $425 + $262.5 = $1312.5

Divide the above amount with consolidated loan amount of $18,000 to arrive at a figure of 0.0729. Converting it to a percentage you get an interest rate of about 7.29%. The last step is to round the interest rate to one eighth of 1%, which is 7.25%.

This was all about the estimate for student loan consolidation rates. Evaluate your options wisely before going for a consolidating loan. Hope this article was resourceful.

Student Loan Consolidation Company - 3 Tips For How to Find the Right One

Having a lot of student loans can feel like a burden. After all, life has enough expenses for most of us to deal with: just to get by month to month, we have to pay for housing, food, medical bills, and transportation.

Sure, anybody who has had the opportunity to go to college is probably pretty grateful for having had that privilege. And, it is a wonderful thing to have access to loans as a vehicle for paying for that education. But still, that does not change the fact that they can be more than a little bit difficult to pay off.

One way to potentially reduce your monthly student loan payments is to find a student loan consolidation company and consolidate your student loan debt. This is ideal if you have more than one student loan. By consolidating, you can reduce your monthly payments by potentially lowering your interest rate and stretching out your payments over more time.

Student Loan Consolidation: Federal Or Private?

The first decision you will need to make is whether you should consolidate with a private lender or with a federal consolidation program. The decision is an easy one to make, once you know how it works.

Basically, you should consolidate with a private lender if your existing loans are private loans. However, if your current student loans are federal loans such as Stafford, PLUS, Federal Perkins, or HEAL loans, you should go with federal consolidation.

Private Consolidation: How Lenders Determine Your Interest Rate

When it comes to private loan consolidation, it is important to understand how your interest rate is determined. Essentially, it is a combination of two factors: 1. the current standard rate such as the prime rate (or LIBOR) rate, and 2. your credit score. Your credit score determines how big the spread (or margin) is that is placed on top of the standard (e.g., prime) rate. The better your credit score, the lower your interest rate.

Your consolidated loan rate is usually a fixed rate, and you can choose your loan terms (e.g., 15 years, 20 years, etc.). But first, you will need to choose a consolidation lender that will offer you the lowest rate.

How To Find The Right Student Loan Consolidation Company

Here are 3 tips for getting the lowest rate on your private consolidation loan:

1. Make a list of at least 5-7 consolidation companies: As with dating, looking for a job, car shopping, and pretty much anything else in life where choice is involved, more choices are always better when you are starting out. Of course, at some point you will need to reduce your choices down to a reasonable number. But, start with as large a set of companies as possible.

2. Narrow your list down to 3 companies: Do online research on the companies you have found. Look at factors such as how long they have been in the student loan consolidation business, any low advertised rates they show, and the terms and conditions of their loans. Also, pay attention to whether the company feels like one you would want to do business with.

3. Apply to all 3 companies: Now, be sure to apply to all 3 companies. It will be easy to want to stop applying once you get an offer, but this is not the time to be lazy! Just a bit of extra effort could land you a lower rate which will save you thousands over the life of the loan.

Follow these 3 tips to find the best deal out there for you on a student consolidation loan.

Steps to Finding the Best Bank For Private Student Loan Consolidation

Depending upon the type of student you were, your college experience was either filled with stress, studying and the excitement of reaching new learning vistas - or it was filled with beer, parties, and hanging out with lots of members of the opposite sex.

Either way, it is a fact that you - like all college students - had to come up with a way to pay for the whole experience. Whether you attended a less expensive state school as an in-state resident or whether you went to a fancy-schmancy private university, your student loans likely run into the tens or even hundreds of thousands of dollars.

The reality of having to repay all of those loans hits most grads at one of the worst-possible times: just a few months after graduation. Just when you are faced with the need to find a job, get an apartment, and generally get your post-college life on track, you get hit with your first student loan bill.

Things can even be worse if you have multiple loans, given that you are having to manage multiple payments at once.

However, for those with multiple loans, there is a bright side: you are likely to be eligible for private student loan consolidation.

Who Qualifies For Private Student Loan Consolidation?

If you have more than one student loan through a private lender (i.e., not the federal government but rather through a private bank), you are eligible to consolidate your student loans through a private consolidation lender.

You should consider consolidating if you are less than half-way through your repayment period, if you want to reduce your monthly payments, and/or if you believe your credit score has improved since your initial loans were received.

How Your Consolidation Loan Interest Rate Is Determined

For private loans, your consolidation loan interest rate is determined by a combination of the going prime rate - or other major right like the LIBOR - and your credit score. Of course, your private lender will have some discretion as to your new interest rate, which is precisely why it pays to shop your rate around with multiple lenders.

3 Steps To Finding The Best Bank For Student Loan Consolidation

Here are 3 steps to finding the best bank for private student loan consolidation:

1. Start with a list of at least 3-5 banks: Do your research online to get together a list of at least 3 to 5 banks who specialize in private student loan consolidation. Remember, it is very unlikely that your first offer will be your best, so by researching multiple banks you will have a much better chance of potentially saving thousands of dollars in interest over the life of your loan.

2. Visit their websites: These days, there is nothing like the Internet in terms of conducting efficient, fast and comprehensive research. Start with each company's website. If you like one or more sites and have the time, order an information packet through the mail.

3. Apply to at least 3 of them: Once you have found at least 3 lenders you like based upon your research, apply to all of them. When the offers start rolling in, be sure to wait for all of the offers before making a decision.

Follow these tips in order to find the best bank for your private loan consolidation.

Personal Loans for Students

Going to college is not cheap, and neither is the expense of living while studying. Many students that are low on cash have a job while they study but at times that is not enough. When it comes to tuition, loans are out there for most students, but even those cannot quite cover everything. Those going to college for more than four years have higher tuition and living costs which even a full-time job will not cover. There are personal loans for students out there, but use caution when securing them. They can be helpful, but they can also be costly if you underestimate what happens when you do not pay.

Personal loans for students are a bit different than government backed school loans. You have many options with student loans including deferment, income contingent payments, and in some cases, loan forgiveness. However, you may not have such options with personal loans students may take out on their own through a bank or credit union because they do not have enough coming in to support their tuition and their living expenses, even if they are working. Repayment starts immediately without a grace period and while you are still in school.

Many students find that private personal loans for students are much harder to get than traditional student loans. This is because you have to prove that you can start to pay back the loan right away. If you have a decent job, this will help. However, those in school first time probably do not make a lot of money each week. Also, you have to have decent credit. Often, students do not have many strikes against them on their record, but they also do not have any good credit. This makes it harder to get that loan.

Before getting this type of loan, students should shop around. Some have no choice and will be lucky to get one offer, but others may have a few options. Ask for better interest rates and better repayment plans so that you do not have to take out more personal loans for students to cover the first one that they took out to help with living expenses, tuition, or whatever it is that they needed. Interest alone can make or break a student just out of school trying to pay back hefty loans they needed for college.

At times, you may be asked for collateral for personal loans for students. Do not put anything down for this type of loan that you really cannot live without. If you put on your car, and you miss enough payments, they will take your car. How will you get to work without it? Instead of doing that, search until you find a better offer or realize that you have to find another way to get the money you need. Bring in a roommate, take on another part-time job, and look for a smaller loan. This can help tremendously in the long run. Loans can be great tools to get started in life, but only if you can comfortably afford to pay them back on time.

Government Debt Consolidation Loans

Many times, people find themselves buried under a pile of loans. Managing a number of loans, often proves to be cumbersome to the debtor. A debtor who is struggling with a number of loans, both secured and unsecured, may be able to reduce the debt burden by opting for a debt consolidation loan.

Understanding Debt Consolidation

A debt consolidation loan is made available to the debtor, at a lower rate of interest, in order to help the debt laden consumer replace the multitude of loans with a single loan that requires lower monthly payments. The luxury of being able to replace multiple loans with a single loan comes at the expense of a longer repayment period. This is because the monthly payments are reduced and spread over a period of time. People may try and consolidate their loans by obtaining an unsecured or a secured loan. For instance, a home equity loan (HEL) or a (HELOC) may be used to consolidate debts. Here, the built up home equity is used to obtain a loan or a line of credit with the house functioning as the collateral. Although unsecured personal loans may be hard to come by, an unsecured loan may be better for debt consolidation since the debtor does not risk losing the collateralized asset, which in this case is the home.

Both refinancing and debt consolidation help the debtor discharge the debt obligations under relatively favorable conditions. However, there is a subtle difference between the two. Refinancing is the process of paying off a secured loan by opting for another loan, usually of the same size using the same property as a collateral. Debt consolidation, on the other hand, is the process by which secured and unsecured loans are repaid using a loan that may not require a collateral. Generally, refinancing is better for discharging a secured loan while consolidation is useful for repaying a number of unsecured loans.

Government Debt Consolidation Loans - Debt Consolidation with Government Help

Debt consolidation with government help may be feasible in case a person is straddled with student loans. Student loans that are obtained directly from the Federal government are known as Direct loans. Student loans obtained from banks, credit unions and other lenders, participating in the Federal Family Education Loan (FFEL) program, are known as FFEL loans. Both Direct and FFEL Parent PLUS loans are offered to parents who are willing to fund their child's education. Government debt consolidation loans are available for consolidating both Stafford and PLUS Loans.

Consolidating Stafford Loans: Stafford loans are administered by the U.S. Department of Education. Stafford loans can be subsidized or unsubsidized and are administered as Federal Family Education Loans (FFELs) or Direct Loans. Stafford (FFELs and Direct) Loans can be consolidated by borrowers after they graduate or leave school. Students, who attend school less than fifty percent of the time, can also procure direct consolidation loans. The federal government administers both Direct Consolidation Loans and FFEL Consolidation Loans that can help borrowers consolidate their student loans. Borrowers, who do not have Direct Loans, can avail a Direct Consolidation Loan provided they include at least one FFEL Loan in the list of loans to be consolidated. This facility of consolidating student loans is also available to a borrower who is delinquent or has defaulted on the student loans provided certain conditions are satisfied.

Consolidating PLUS Loans: All PLUS loans are eligible for consolidation once they have been fully disbursed. FFEL PLUS Consolidation Loans can be availed by parents and guardians who are interested in financing their children' education. To obtain a FFEL PLUS Consolidation Loan the parents/guardians do not have to undergo credit checks. Parents/guardians can also apply for Direct PLUS Consolidation Loans provided they have a good credit history.

Government programs, like the Home Affordable Modification Program (HAMP) and the Home Affordable Refinance Program (HARP), help homeowners make mortgage payments by modifying the payments or by refinancing mortgage payments. The government, however, does not provide debt consolidation loans to homeowners to help them repay their mortgage obligations.

Federal Stafford Student Loans - Pros and Cons of Federal Student Consolidation Loans

The main components of the federal Stafford student loan are the two types of financing programs for post-secondary students.

Stafford loans are under the administration of the US Department of Education and comprise the William D. Ford Federal Direct Loan (Direct Loan) Program and the Federal Family Education Loan (FFEL) Program.

Only students can apply for a Stafford loan by filling an FAFSA (Free Application for Federal Student Aid) and send it to whatever school they want. Once the form is reviewed, the school decides the financial eligibility.

For direct student loans, the federal government is the lender but the FFEL program allows you to choose the lender using a list offered by the school or a qualified lender.

Under this program, the federal government will guarantee for the loan. The loan can be subsidized (the federal government pays the accrued interest while you're in school) or unsubsidized (the accrued interest will be included in your loan balance).

If a student brings all the correct documents, then he/she can benefit from a subsidized Stafford loan.

Each year in school influences the federal Stafford loan limits and also the subsidized / unsubsidized financing. Below you can find the current regulations that can influence your loan:

Pros: -The credit checks are not required because the Federal government guarantees for the loan. -The fixed rate interest rates are the lower interest rates on the market -The repayment plans offer very flexible terms. This means that you will set the payment plan that fits you best and also you can consolidate your other loans into a single and more affordable one. -During student enrollment the repayment is deferred.

Cons:

-Sometimes the loan limits are insufficient especially considering today's post-secondary education costs. -You have to submit a FAFSA (Free Application for Federal Student Aid). -You have to ask for Stafford loans every year and in time this leads to multiple payments and loans that will affect your post-graduation life. -You will only direct the use of the funds because they are processed and collected only by the school for your lab fees, books, tuition, etc.

Federal Consolidation Student Loan - Advantages and Disadvantages

Federal Consolidation Student Loan is a program under which students are allowed to consolidate their different loans into one single debt. This will facilitate their ability to get their monthly payments reduced with an extension of terms. Consolidation loans, unlike other loans, have a fixed rate of interest for the whole life term of the loan ranging from 10-30 years.

Eligibility Requirements

Students are eligible for two types of student loan consolidation.

(1) Federal Direct Student Loan Program offered through Department of Education and

(2) Federal Family Education Loan Program offered by government through private lending companies. However, students are eligible for consolidation of their loans only once they have either graduated or left.

A student is eligible for loan consolidation when

1. He or she is no longer enrolled in school (being enrolled less than half time)

2. He or she must be in the "grace period" of the loan or must be making the loan repayment regularly.

3. A typical loan amount of $ 10,000 is required

How to Apply?

Gather all information by searching online.

1. Have ready the application, Promissory Note, Introductory letter & instructions

2. Apply online and E-sign your Promissory Note.

3. Print, sign and mail your Promissory Note

4. Retrieve an In-Progress Saved Application (not submitted)

Disadvantages of Consolidating Your Student Loans

1. On taking an extended payment plan through this loan consolidation, you have to pay more interest in the long run which cost a lot of money and a negative impact on your financial future.

2. Rate of interest will be higher on loan consolidation when compared to other loans.

3. Consolidation may not be worth it if you already paid-off a big part of the loan.

Benefits of Consolidating your Student Loans

Consolidating multiple federal student loans into a single loan has so many benefits; some of which are:

1. Students can manage their debt easier by being responsible to a single lender and a single monthly payment.-this helps them to keep proper records and maintenance more effectively.

2. Students can choose their own payment options i.e. repayment plan such as standard, graduated, extended, Income Contingent, etc.

3. There is no fee for loan consolidation nor any minimum amount of students required for qualification.

4. Students who consolidate their loans can have extended deferment options even after exhausting these options before.

5. Lower monthly payments

6. Students can obtain subsidies on their student loans.

Federal Consolidation Student Loan is a relief to students who are fed up dealing with so many lenders and will help them to concentrate more on their studies. Lowering monthly payments with extended loan terms will help them to keep control on their finance. All in all, opting for such a loan consolidation is definitely a bright idea for each and every student who wants to pursue his studies at a higher level.

Consolidate Private Student Loans

If you want to consolidate private student loans it is advisable to first talk with your existing lenders as most will have a consolidation program. In America an average student graduates with almost USD 23,000 in student loan debt. Most of the student loans are for a long duration with loans lasting for 20-25 years. If you have student loans from multiple lending organizations, it becomes difficult to manage these loans.

? Simply put you take out a larger loan generally with lower interest rate to pay off your existing loans. Although it is not always viable to consolidate private student loans it is advisable to check with lending organizations as they at times have offers that might save you lot of money on interest rates.

Private Student Loan Consolidation

Student loans can be a headache at times especially if you have taken multiple loans and the creditors keep calling you. One of the main reasons why people opt to consolidate private student loans is that it makes it easier for them to manage one installment rather than paying several installments. Another reason people opt for is that they end up paying lower monthly installments for their loan. At times to means getting a loan with reduced interest rate. You can save lot of money if you find a financial institute offering low interest rate consolidation loans. A secured wherein you offer your property or other assets as collateral will even allow you to consolidate private student loans with bad credit. Some lending organizations levy variable interest rates on student loans, it is advisable to consolidate private student loans at fixed rate of interest by taking a home equity loan. Fixed rate student loan consolidation is a good way to lock the interest rates on your student loans. If you are still wondering , one option is maintaining a good credit and then applying for a consolidation loan. If you have a good credit score then a lending organization might give you a loan with lower interest rates than your original loans.

Loan Consolidation Pros and Cons

It is advisable to understand the before you take your decision. Make a list of existing loans and their interest rates, contact one of the lenders of your existing loan to check for the interest rate they might offer you a consolidation loan. It is possible that you might be offered a lower rate of interest than your existing loan. If the term of your existing loan is coming to an end and you take a consolidation loan you might end up paying installments for a longer duration of time. Although the monthly installment on such a loan is less you end up paying more than what you initially owed because the duration is more. Most of these loans do not have prepayment charges and if you have a sudden influx of cash you can get rid of the entire loan. This is advantageous especially if you are in line for gainful employment, some lending institutes also offer a deferment period for individuals called for active military duty. Also consider the processing fees and penalties involved in the consolidation process because at times prepayment charges with existing lenders can be heavy and it will not be advisable to take a consolidation loan in such an event. It is always advisable to consult a financial expert before you decide to consolidate private student loans. If you have a good credit score then you have a greater chance of securing a consolidation loan at lower interest rates.

Citibank Student Loan Consolidation - 3 Ways To Get Lower Interest Rates

With the increasing amount of student debt and the soft economy, many college students and graduates are having trouble making their monthly loan payments. Thankfully, there are banks willing to help out the students and aid them in solving this problem. Several lenders have begun offering products and services that focus on these loans and the students who took them out. The Citibank student loan consolidation is one of the most common in the market. There are three things you should look for before applying for one of these loans.

Pay On Time

The first thing you should be on the lookout for is lower interest rates. Usually a student loans consolidation package will have lower interest rates. There are two different ways this can be done. The first is that the bank can offer lower interest on student loans consolidation if the borrower pays their loan bill on time for the first six months. There is also a second way to get lower interest rates.

Automatic Payroll Deduction

The second way that banks offer lower interest rates is if the borrower agrees to sign up for an automatic deduction from her bank account. Many lenders believe that an automatic charge leads to fewer missed payments. Because the money is deducted immediately. they do not have to rely on the borrower to put the check in the mail or go to their online account and make an electronic payment. With the automatic payroll deduction, it is very quick and easy for both the borrower and the bank. This makes the bank likely to accept a lower interest rate as one of the terms of the loan.

Increase The Loan Duration

Most lenders will also be willing to make a consolidation loan at a lower interest rate if you agree to a longer life of the loan. This makes sense and is helpful to both sides. If you are going to pay them less each month, they want to be paid for longer to make up the difference. Of course, it helps the borrower by making it easier to meet monthly budget requirements. The actual amount paid out each month is less.

Consolidating student loans can be a great idea. Citibank student loan consolidation is one of the most popular programs for good reason. Before you agree to a loan with Citibank, or with any other loan provider, be sure to consider the three points above and negotiate for the best possible terms for yourself.

Student Loan Forgiveness - New Federal Student Loan Repayment Plan Offers Debt Relief Hope

Crushing student loan debt is hammering college graduates. Student loan defaults are soaring toward new records. College loan borrowers have called for debt relief. But now President Obama has proposed faster government-backed loan consolidation and loan forgiveness plans to help borrowers repay their college debts and give a boost to the American economy.

President Obama's decision to expand education loan forgiveness to more students now could very well mean that loans you took out to pay for college may get much easier to handle. Details of his new "Pay As You Earn" program, outlining new rules for repayment, are still emerging.

Loan consolidation at a lower interest rate is the main objective of the plan. Three major features of the plan benefiting college graduates struggling to make their monthly educational loan payments are:

Repayment Term

Each loan that would be consolidated retains its original repayment term. Thus, borrowers will pay less interest over the life of the loan than they would under the traditional consolidation programs.

Interest Rate

A fixed rate (not to exceed 8.25%) after applying the 0.25% interest rate reduction to qualifying loans being consolidated. Lower interest rates means more of the monthly payment pays off the principal balance.

Electronic Debit Payment Benefit

Those who take advantage of this new consolidation plan are eligible for an additional 0.25% interest rate reduction if their loan is repaid through the Department of Education's automatic debit system.

The loan consolidation program will only be made available during a 6-month window, Jan. 2012 through June 2012, so borrowers need to act fast.

The government wants those people holding both private and government student loans to be allowed to consolidate their debts right now into one new government loan. Such a move could slash their interest rates, and save them money in the process as the federal government speeds up roll-out of an income-based repayment program that was originally slated to begin in 2014.

College graduates would still be responsible to keeping making payments on their loans, but those revised payments would be capped at just 10% of their income.

And, best of all for those who borrowed tens of thousands of dollars to finance their college education, their loans would then be forgiven after 20 years.

It is still not entirely clear how many students the new law is aimed at helping; estimates range from 450,000 to upwards of 6 million.

When Congress passed the Income-Based Repayment Plan (IBRP) in 2010 -- the new law which drops the monthly payment to 10% of discretionary income and would forgive all college student debt after 20 years -- there was a long waiting period before it became a reality; it was originally not set to go into effect until 2014. Now, the new terms would take effect in Jan. 2012.

Low-income borrowers would benefit the most. If a student loan borrower qualifies, then monthly payments are based only on any income above 150% of the poverty line ($16,335, the current 2011 U.S. poverty threshold.)

For a graduate living on their own, IBRP payments would be based on what he or she earned over this $16,335. Moreover, if the graduate is unemployed and has no income at all, then no monthly loan payment would be due at all.

Although it is unclear how this monthly reporting would be done, this new debt relief plan still represents a positive step forward toward resolving the debacle affecting untold numbers of college graduates who are struggling to make their college debt repayments. More detailed information on , visit FindHow2.com.

Steps to Finding the Best Bank For Private Student Loan Consolidation

Things can even be worse if you have multiple loans, given that you are having to manage multiple payments at once.

However, for those with multiple loans, there is a bright side: you are likely to be eligible for private student loan consolidation.

Who Qualifies For Private Student Loan Consolidation?

How Your Consolidation Loan Interest Rate Is Determined

3 Steps To Finding The Best Bank For Student Loan Consolidation

Here are 3 steps to finding the best bank for private student loan consolidation:

Follow these tips in order to find the best bank for your private loan consolidation.

Private Student Loan Consolidation - The Truth

If Federal student aid is not enough to meet your educational expenses, then you can avail of college loans from a private lender. Private loans can also help medical, dental and legal students meet post-graduation expenses, such as the cost of finding a residency or reviewing for the bar, since these are not eligible for Federal aid programs. The advantage of private loans is that you can apply at any time, there are no eligibility requirements as long as you are creditworthy and you don't have to begin repayments until after graduation.

And once you've started repayments, you can take advantage of private loan consolidation programs. Loan consolidation combines all your private college loans into one fixed-rate loan with lower monthly payments, freeing up money that you might need for daily living or job-related expenses. With a consolidated loan, you may end up reducing your monthly payments by as much as eighty percent. However, you cannot consolidate Federal student loans along with private loans.

Other advantages of private student loan consolidation include a longer repayment term (of up to 25 to 30 years), reduced interest rates for borrowers with improved credit scores, deferments on monthly payments of 36 months for military men in active service and 48 months for medical and dental graduates taking up their residencies, and no penalties for over payments, meaning payments in excess of the required minimum go towards repayment of the principal of the loan. Consolidating your loan may also help improve your credit score since it cuts down on the number of open credit accounts that you have.

However, expect interest rates for private student loan consolidation to be higher than those from Federal loan consolidation. Interest for private student loans is based on LIBOR or prime rates, unlike Federal Stafford loans are fixed at 6%-6.5 percent. Also note that some lenders charge fees which could wipe out gains from low interest rates. Try and pick a loan with no fees, even if it charges slightly higher interest rates.

To qualify for a consolidation loan, you should owe at least $5,000 in student loans but no more than $250,000. When applying for private student loan consolidation, it is highly recommended that you apply with a qualified co-signer, as this will increase the chances of your loan being approved and might even qualify you for a lower interest rate. Choose a loan whose interest rates are based on the LIBOR, since it will be less expensive in the long-run. You also need to continue servicing your loans while the consolidation is being processed in order to maintain your creditworthiness.

New Law Favors Those Seeking to Escape Student Loan Consolidation Troubles

New changes to student aid programs put a stop to government giving banks free money while pushing desperate people. A new law eliminated a $60 billion program that supports private student aids with federal subsidies and replacing it with government lending to students. The new changes also affect rates, repayments, student aid consolidation, etc.

By ending the subsidies and effectively eliminating the banks as middleman, the new student aid program would generate $61 billion in savings over 10 years, according to the nonpartisan Congressional Budget Office.

Believe it or not, under the prior Federal Family Education LoN program, the government effectively assumes the risk for aids issued by private lenders, who then pocket the subsidies. The federal government started subsidizing private student loans since 1965 and in the 1990s began lending directly to students.

it's important for you to understand some of the changes affecting the student aid program that took effect on July 1, including:

Now all federal student aids are now issued through the federal government's Direct Aid program. Before these changes, banks and other financial institutions provided federally guaranteed student aids through the Federal Family Education Aid Program, but the new health care reform bill enacted in May ended subsidies for lenders.

Lenders can still offer private student loans. But facing a new reality, in recent months, some lenders, trying to replace the loss of billions in federal student aid subsidies, have lowered their rates and fees for their private aids.

But do not even think about private aid until you have used all the federal student loans since not only the interest are lower that the program is a lot more flexible, specially if you ever confront financial problems.

Rates on some federal student aids have also been lowered. Rates for subsidized Stafford aids, which are available to borrowers who demonstrate economic need, fell to 4.5% from 5.6%. This new rate will apply only to subsidized Stafford aids issued between July 1, 2010, and June 30, 2011, but aids issued before July 1 won't change, he says. The rate for unsubsidized Stafford aids, which are available to all students, remains at 6.8%, says Robert Murray, spokesman for USA Funds, a non-profit company that services loans.

Origination fees for Direct Stafford aids dropped to 1% from 1.5% on July 1.

All PLUS loans (Parent Aid for Undergraduate Students) are now issued through the Direct Loan program. As you remember, these loans were also previously offered by private lenders, as well as through the Direct Aid program.

The rate for Direct PLUS Aids is 7.9% vs. 8.5% for FFEL PLUS Loans. Parents can use PLUS aids to pay for any college costs that aren't covered through Stafford aids and financial aid. Graduate students are also eligible to borrow through the PLUS program.

Student aid consolidation help

The new law could provide relief for graduates who are in financial troubles or that aren't making enough money to afford their aid payments.

Borrowers doing student aid consolidation can use the income-based repayment program to have their loan payments reduced, based on income and family size. This is important because for most eligible borrowers, aid payments can be less than 10% of their income.

Married couples will no longer be penalized. The new law ended another affair practice of when couples filed a joint tax return, the program assumed that both spouses could use 100% of their combined income to make loan payments. When both spouses had student aids, the minimum payments were much higher than the minimum for unmarried borrowers with the same debt and income. But the new calculations take into account married couples' combined income and their combined debt to calculate minimum payments.

Eligibility for income-based repayment will be based on the balance when the aid went into repayment or the current aid amount, whichever is greater. This is another important change benefitting borrowers who have gone into forbearance or deferment.

Get the Best Student Loan Consolidation Rates

These days, a college education is one of the best ways to get a high-paying job and further your career. But with the skyrocketing cost of higher education, many students have to take out student loans to pay for college.

By the time you graduate, you may have multiple loans to pay off. Refinance may be your best option, in which case you will have to find the best consolidation rates to make your monthly payment a lot easier.

By consolidating your loans, you will be able to get a single loan and pay off your individual loans. You will end up making only one payment each month.

By getting the best rate for the consolidation of your student loans, you should be able to lower your interest and monthly payments. You should also be able to increase the term of the loan, further reducing the monthly repayment amount. This is a great boon especially if you are just starting out with your career and your income is low.

If you were able to obtain federal student loans, you may be able to apply for a government student consolidation loan. The rate for a government loan is typically lower than the rates offered by private lenders.

If you obtained your loans from private lenders, you will have to refinance and consolidate your them with a private lending institution. Be sure to get the lowest consolidation rates to reduce your payments.

Two types of loan consolidations are offered by lenders. With the fixed-rate type, your monthly repayments will remain the same until the loan is paid off. The term of the loan is typically 10 to 30 years.

A flexible or graduated loan allows you to make lower payments at the beginning. The amount increases over the term of the loan. Compare the different options available, including the interest rate and term of the loan. Try to negotiate for a loan that is affordable in terms of monthly and total payment.

It's also a good idea to find out your credit rating before you look around for a lender. Knowing your credit rating may give you more leverage or provide you with a realistic idea of what your consolidation rate will be.

It is important to find a good rate for your student loan consolidation. Shop around and search online for the best available rates. You could be paying for your student loan for many years, so it is vital to get the best deal possible.

Fixed Rate Private Student Loan Consolidation - Top Way To Go

Do you know fixed rate private student loan consolidation can help you fix challenges like searching for a way to make student loans convenient? And searching for a very low payment along side a very low interest rate? Yes, indeed it can help you get what you are searching. These are a few of the information you will need to know.

1.When talking about this type of loan consolidation it entails you combining your loan to become one using one payment. Obviously, this is brilliant way of making things easier on the student because the task of managing numerous payments is no longer on the student side. That is one company, one payment, one due date and one interest.

2.When searching for this kind of private student loan consolidation you need to make concrete inquiries so to be sure of the company you are choosing will care for this in the right way. You can ask them the type of options the present if you wish to return to school. What you as a student should be searching for is an answer like this-that if you go back to school your loan will repeatedly go into education determent. This means that you will not have to pay on it.

3. One must bear in mind to rank high in your credit rating because the creditors and lenders take this very significant. A better way of having high credit rating is by going for a fixed rate private student loan consolidation service and it is made promising because you are paying them all at once and not the lending companies. In general, consolidation allows you to have only one company instead of having two or more.

4.Finding out what will happen if hard financial times come unknowingly. Is very imperative for you to know because you will want to protect your credit. If forbearance plan is presented that can be used in times of hard financial condition you can go for it. This is a period of time which you do not pay on the loan. It last for six months.

Fixed Rate Private Student Loan Consolidation - The Best Way to Go!

Are you looking into a way to make your student loans more manageable? Do you want a lower payment along with a lower interest rate? You can use what is called fixed rate private student loan consolidation in order to help yourself get what you are after. Here are some of the details that you will need to know.

First, when it comes to using fixed rate private student loan consolidation you will be rolling all your loans into one with one payment. This is an excellent way to make life easier on you because you will no longer have to manage multiple payments. You will have one payment, with one interest rate, one due date, and one company.

Second, with fixed rate private student loan consolidation you do need to make sure you pick a company that will treat this the right way. You want to ask them what type of options they offer if you decide to go back to college. They should tell you that if you go back to school your loan will automatically go into an education deferment and you will not have to pay on it.

Last, you should also find out what happens if you come across hard financial times. This is important because you will want to protect your credit and you can do so if they offer a forbearance plan that you can use during a tough financial situation. This is usually a 6 month period where you do not have to pay on your loans.

Fixed Rate Private Student Loan Consolidation - A Sure Way to Save Times and Sweat

A lot of student and some college students that have just graduated are searching for proper means to make some saving. One of the assured means of saving is through a fixed rate private student loan consolidation and this has been a very effective means of saving over a long period of time.

Consolidating college loan is a successful way of totaling up all of once previous loans be it on different company or one company. These loan of your is combine together into one loan and the difficulty of tracking all of once loan at different place at different time is eliminated from the student with ease to the consolidation company that is the company is in charge of taking care of your loan for you.

Consolidating student loan is necessary because one may not have enough time to handle his or her loan due to things like been busy with your new work and your life. The reimbursement of consolidating college loan, are continual and one among them is that a student can have very low monthly payment this is as result of very low fixed interest rate. It is known that the effect can only be done once and not one after the other from company to company.

One must remember to rank high in your credit rating because the creditors and lenders take this very important. A better way of having high credit rating is by going for a fixed rate private student loan consolidation service and it is made possible because you are paying them all at once and not the lending companies. In general, student loan consolidation allows you to have only one company instead of having two or more.

Consolidating student loan is of great help and relief to the student but searching for a very good company to run the task is not as easy as you think. Now you have known the meaning of consolidating loan you can as well look up for a company that has had great result in the past and has existed for a considerable number of year. Endeavor to trial in your best possible effort to pick the most trustworthy one.

Five Tips for Landing the Best Student Loan Consolidation Interest Rates

The benefits of a college or graduate school education are almost beyond expressing. Having been graduated lends one the self-confidence of a solid grounding in a discipline that can launch a career and open doors to a thoughtful life. That accomplishment can seem tarnished when accompanied by thousands of dollars of debt carried long after the degree has been framed.

As time passes, managing student loan debt can seem insurmountable as life changes, and buying a home, affording transportation, raising a family, come into the game of life along with the requisite cash flow. Having different lenders, with different interest rates and terms of repayment, is at least a financial inconvenience, if not a financial disaster. Student loan consolidation with the best interest rates should be your next goal.

Get a Good Rate and Consolidate

To avoid ending up as a bad credit risk, wrecking the monthly budget, and sacrificing peace of mind, many graduates would benefit by consolidating their student loans. With student loan consolidation, a once monthly, affordable payment, at an interest rate that is comfortable, and a duration that is doable, can become a budget-saving, mind-easing reality.

Calculating for Consolidating

If you have a number of private student loans, you will have to consolidate your student loans with a private consolidation lender. Your interest rate will be calculated based on a combining of the current prime rate, or other standard index, and an additional margin (or spread) determined by your credit rating (FICO).

Five Tips to Qualify for the Best Rate

If you do choose to consolidate your various student loans, you will want to do all within your power to qualify for the best rate. This could save you thousands of dollars over the duration of the loan. Following are five tips to assist you in achieving that goal.

1. Credit Report

Get your credit reports from all three of big three credit bureaus (Experian, Trans Union, Equifax). This can be done for a reasonable fee over the Web. The rate for your student loan consolidation will be determined in part by your credit score.

2. Weighted Rate

Then you need to figure the weighted average of your interest rate calculated over all of your student loans. The resulting calculation will give you a rating you will try to outdo while you shop. Calculators are available on the Web. Calculating your weighted rate is important to get a student consolidation loan at the best possible rate.

3. Research Lenders

Do an online search in an effort to compile ten different lenders that specialize in student loan consolidations. Do not be tempted to restrict your search to less than that. Your chance for getting a good deal increases with the amount of lenders you research. Being lazy or lax can cost you thousands.

4. Research Log

Start a research log. As you hold one lender to the next, keep meticulous notes, maybe in Excel, that includes the lenders name, a name or contact there, useful phone numbers, rates that they publish, the quality of the website, and even record your gut feelings about the business.

5. Five Lenders

You are now ready to make applications with the top five on your list. Make sure the numbers are identical across all the five loan applications to facilitate your shopping. Do this with five, no less, or again, you are cheating yourself.

So, knowing what interest rate you want to target, how well you do your research, how well you home in on the right offer, could all help lower your monthly payments by three figures, maybe more.

Finding The Best Student Loan Consolidation Lender

A consolidation loan is a gathering up of all the loans you have taken with various student loan lenders and paying them all off with a loan from a consolidation lender. So, instead of having a number of creditors, each with a different amount due, each with a different day of the month due, and each with a different interest rate; you can have one bill due per month.

Finding a Student Loan Consolidation Lender

Choosing the wrong consolidation lender could potentially ruin your monthly budget and that could lead to late payments, late fees, even default. Late payments or defaults will cause very bad marks on your credit history and that is not the way you want to start life in the real world. The following guidelines should help.

Private Vs. Federal Student Loan Consolidation Lenders

If all your original loans were taken from federal sources, you would be wise to seek a consolidation lender who works under the auspices of federal student loan programs. These lenders usually are more convenient because of their understanding of federal student loan programs. They also tend to offer lower interest rates than private student loan consolidation lenders.

On the flip side, if the loans you wish to consolidate are from private student loan lenders, you should probably opt for a private student loan consolidation lender. When asked to consolidate non-federal loans, federal loan consolidation lenders will not usually come up with the best interest rate. It is always wise to shop around and compare rates and fees.

Another consideration is that private lenders tend to exert more requirements than federally connected lenders. Private lenders base their approval process on credit histories. Having just graduated, you may not have much credit history. Because of this, the lender may request a cosigner. His or her credit history will be scrutinized.

Interest Rates

Private student loan consolidation lenders tend to determine interest rates based on two factors: Your credit rating and the interest it allows along with the market rate this type of loan is presently demanding. The higher your credit score, the lower the interest rates. Shop around, various lenders will calculate interest rates a little differently.

Private lenders may offer you a consolidation loan with variable interest rates, determined yearly by the caprice of loan markets. You would do yourself well to find a lender willing to grant a loan based on a fixed interest rate so you avoid the loan market fluctuations.

Most federal lenders will calculate an interest rate that is a weighted average of the individual interest rates you are now paying to each company.

Terms and Conditions

Just as as you must when seeking any type of loan, you should keep your eye on certain considerations.

Loan Amount: Do not agree to a consolidation loan if it will not completely retire all your outstanding student loan amounts, including any odd fees or adjustments.

Fees: These are often determined by your credit score, or the score of your cosigner. They are usually referred to as application fees or origination fees.

Deferment Time: This is the time between the satisfaction of the amounts owed the various lenders and when you must start payment to the consolidator. The longer the better.

Maturity: This is the amount of time the lender will give you to satisfy your obligations. The larger your monthly payments, the sooner you can retire the debt. Of course, the lower your monthly payments, the longer you will be in debt and the more interest you will pay.

Cosigner: If at all possible, try to avoid having a cosigner. This further complicates the process. Sometimes it is hard to find a trusted individual who is willing to assume the responsibility.

Consolidate Your Student Loans With Low Interest Rates

It is wise to consolidate your student loans before it's too late! That's what I did. After attending three colleges and accepting federally funded student loans, I knew that I had to do something, quickly, before graduating. I researched the Internet one day for the lowest possible consolidation rate and found that I qualified for a very low rate and was able to extend my repayment period to 25 years. Yes, the lender allowed me to take a longer time to pay back the loan and at a low interest rate, which means my monthly repayment is low.

Don't Wait to consolidate! Most federal student loans are usually due for repayment only six months after graduating, and believe me, that is not long. If you don't take immediate action, you will be contacted by your lender before your first payment is due. And don't expect it to be a small amount if you have quite a few loans hanging over your head.

Many people end up defaulting on their student loans due to fear that they will never be able to make payments. Fear no more. What these people don't realize is that financial help is available by most banking institutions. They exist to help bring all the 'financial pieces' together - under one roof . This allows you to make only one payment instead of a few monthly payments to different lenders.

Just bringing your student loans to one lender may not be enough. Find a lending institution that will benefit your current needs. Look for the lowest consolidation rate possible. Yes, shop around. Before you buy a car, you want to make sure it is a car that suits your needs, is affordable, and will benefit you for many years. Consolidating your loans is no different.

Student loan repayment rates are now at a record low in 2009. This means that it is a great time to consolidate.

But here are some things to consider before you consolidate your student loans:

Your multiple loans will be grouped together into a single loan at a fixed rate.

If interest rates go up, yours won't. Hooray!

If interest rates go down, yours won't - this is definitely something to think about before consolidating.

Rigorous rules to play by - Some lenders allow discounts if you play by their strict rules. That is, a bank could offer you .25 - .50 discount off of your loan if you pay through ACH and are on time for 24 consecutive months. If you default or are late in paying them within that period, you will lose your discount. Ouch, that hurts.

Considering the length of time you have to pay back your consolidated student loans, you may not actually be saving at all as your loans would be extended over additional years and not the normal 10 year loan period.

Bank Rates on a Consolidation Loan - 3 Tips For Student Loans

Smart college students and grad students know how to any number of impressive things, like write a sonnet, understand complex physics equations, or speak Old Norse. However, no matter how wise they have become while receiving their higher education, many college graduates remain puzzled as to how to get a handle on their student loan payments.

Why Repayment Is So Challenging

Most individual student loan programs have repayment schedules of up to 10 years. This relatively short repayment schedule squeezes into a relatively short period of time payments for what can amount to tens or hundreds of thousands of dollars in loan debt. The result: very high - and sometimes unmanageable - monthly payments.

Students are particularly challenged in repaying their loans given the current state of the world economy. Jobs are more scarce than usual in many sectors - even for these well-educated grads. And, with living expenses showing no relief in sight, managing those regular loan payments is very challenging.

What can compound the problem is when students have multiple loans with different lenders. Holding multiple loans means having different payment due dates each month. It also means paying different interest rates on the various loans, while at the same time having different repayment schedules. This situation makes it hard to plan for one's financial future.

Defining A Consolidation Loan

A consolidation loan for students is a single loan that one uses to repay all existing, outstanding student loans. The new loan results in the borrower having to make only one payment each month - rather than 2, 3 or more as before. Also, consolidation loans allow for longer repayment periods of up to 30 years. This drives the total monthly payment amount down as compared to before consolidation.

Federal Versus Private Consolidation Loans

The rules and terms for federal consolidation loans and private consolidation loans are a bit different. Under the federal consolidation loan program, the new loan will always have a fixed rate. The loan will be contracted with a government-approved financial institution. The bank rate for a federal consolidation student loan is calculated as the weighted average of the person's existing loans, rounded up to the nearest 0.125% (with a cap of 8.25%).

Meanwhile, private student loans work a bit differently. These loans will be contracted via any number of private student loan consolidation firms competing in the market today. Unlike with the federal programs, the rate for these loans is calculated based upon the borrower's credit score. The final rate offered is a function of the person's credit score and the LIBOR or prime index (depending upon the lender).

Tips On Getting Good Bank Rates On A Consolidation Loan

If you are going for a private consolidation loan, here are some tips for getting yourself the best rate:

1. Contact Multiple Lenders: As with anything else in life or business, the more choices you have, the better your chances of finding the best-possible situation. Find at least 5 private student loan consolidation vendors online.

2. Compare Rates And Offers: Apply for loans from each of the lenders. You may be surprised to see that the various offers may vary significantly in their terms and rates. Good for you - this means more choices.

3. Select Best Overall Offer: Of course, you will want to select the best offer. Be sure to look not just at the interest rate, but at the other terms such as whether it is a variable or a fixed rate, as well as your repayment schedule options. You want the loan that keeps your payments as low as possible, while at the same time does not cost you too much in interest payments over the life of the loan.

Do your research on bank rates on a consolidation loan and you will be rewarded with a money-saving loan offer that can save you thousands over the life of the loan.