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Fsa Makes Student Loan Consolidation Easy

Apr 13th, 2011
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If you’re looking for a student loan or a loan to consolidate your student debt, then you should take a look at the Federal Student Aid website. It has loads of tips and information about how to apply for a federal student loan as well as how to apply for a loan which you can use to consolidate your student debt.

The FSA offers the following types of loans:

1. Subsidized Stafford Loans.

These loans are for students with financial need as determined by federal regulations. No interest is charged while you are in school at least half-time, during your grace period, and during deferment periods

2. Unsubsidized Stafford Loans

These loans are for students and are not based on financial need. Interest is charged during all periods.

3. PLUS Loans

These loans are low-interest loans for graduate/professional students and for parents to help their children who are dependent students meet college costs.

4. Consolidation Loans

Consolidation loans allow students or parents to combine different eligible federal student loans into one loan.

In order to be eligible for an FSA loan, you must be enrolled at least half-time at a school that participates in the Direct Loan Program, and you must meet general eligibility requirements for the Federal Student Aid (FSA) programs.

The requirements are available for download on their website. You can apply for a Direct Stafford or PLUS Loan by completing a Free Application for Federal Student Aid (FAFSA), the same application used for the Department’s other FSA programs. Before receiving your first Direct Loan, you must sign a Master Promissory Note (MPN) that you’ll get from your school or from the Department. You may be able to complete the application and MPN online; check with your school’s financial aid office. The MPN explains the terms and conditions of your loan and is your legally binding agreement to repay your loan to the Department.

Good luck with your student loan consolidation program.

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With two bachelors degrees, one in business one in law, Brigitta writes articles on various topics


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Easy Student Loan Consolidation

Mar 19th, 2011
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A Direct Consolidation Loan allows a borrower to consolidate (combine) multiple federal student loans into one loan. The result is a single monthly payment instead of multiple monthly payments.

Make sure to carefully consider whether loan consolidation is the best option for you. While loan consolidation can simplify loan repayment and lower your monthly payment, it also can significantly increase the total cost of repaying your loans. Consolidation offers lower monthly payments by giving you up to 30 years to repay your loans. But, if you increase the length of your repayment period, you’ll also make more payments and pay more in interest than you would otherwise. In fact, in some situations, consolidation can double your total interest expense. If you don’t need monthly payment relief, you should compare the cost of repaying your unconsolidated loans against the cost of repaying a consolidation loan.

You also should take into account the impact of losing any borrower benefits offered under repayment plans for the original loans. Borrower benefits from your original loan, which may include interest rate discounts, principal rebates, or some loan cancellation benefits, can significantly reduce the cost of repaying your loans. You may lose those benefits if you consolidate.

Once your loans are combined into a Direct Consolidation Loan, they cannot be removed. That’s because the loans that were consolidated have been paid off and no longer exist. Take the time to study the pros and cons of consolidation before you submit your application.

For additional information, you can view the Checklist Tool for Consolidation or visit www.loanconsolidation.ed.gov.

What kinds of loans can be consolidated?

Most federal student loans are eligible for consolidation, including subsidized and unsubsidized Direct and FFEL Stafford Loans, Direct and FFEL PLUS Loans, Supplemental Loans for Students (SLS), Federal Perkins Loans, Federal Nursing Loans, Health Education Assistance Loans, and some existing consolidation loans. Private education loans are not eligible for consolidation. If you are in default, you must meet certain requirements before you can consolidate your loans.

Note: A PLUS Loan made to the parent of a dependent student cannot be transferred to the student. Therefore, a student who is applying for loan consolidation cannot include his or her parent’s PLUS Loan.

For a complete list of the federal student loans that can be consolidated, contact the Direct Loan Origination Center’s Consolidation Department by calling 1-800-557-7392 or visit www.loanconsolidation.ed.gov. TTY users may call 1-800-557-7395.

Note: Before July 1, 2010, Stafford, PLUS, and Consolidation Loans were also made by private lenders under the Federal Family Education Loan (FFELSM) Program. As a result of recent legislation, no further loans will be made under the FFEL Program beginning July 1, 2010. All new Stafford, PLUS, and Consolidation Loans will come directly from the U.S. Department of Education under the Direct Loan Program.

When can I consolidate my loans?

Generally, you are eligible to consolidate after you graduate, leave school, or drop below half-time enrollment.

What are the requirements to consolidate a loan?

To qualify for a Direct Consolidation Loan:

* You must have at least one Direct Loan or Federal Family Education Loan (FFEL) that is in grace or repayment.
* You can consolidate most defaulted education loans if you make satisfactory repayment arrangements with the current loan servicer(s) or agree to repay your new Direct Consolidation Loan under the Income Contingent Repayment Plan or the Income Based Repayment Plan.
* If you have a Direct Consolidation Loan, you cannot consolidate again unless you include an additional FFEL or Direct Loan. If you have a FFEL Consolidation Loan you also may be able to consolidate again under certain circumstances. For additional details, go to www.loanconsolidation.ed.gov.

If you consolidate your loans, you do not need to pay any application fees and you will not be charged any prepayment penalties.

What is the interest rate?

A Direct Consolidation Loan has a fixed interest rate for the life of the loan. The fixed rate is based on the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of 1% and cannot exceed 8.25%.

How do I apply for a Direct Consolidation Loan?

There are several ways that you can apply for a Direct Consolidation Loan:
* Apply online at www.loanconsolidation.ed.gov
* Download a paper copy of the application and promissory note at www.loanconsolidation.ed.gov
* Apply over the phone if you have all Direct Loans – 1-800-557-7392
* Request an application package be mailed to you by:
o Calling 1-800-557-7392 (TDD 1-800-557-7395) or 334-206-7400 (outside the USA)
o E-mailing consolidation@mail.eds.com

When do I begin repayment?

Repayment of a Direct Consolidation Loan begins immediately upon disbursement of the loan. (Your first payment will be due within 60 days.) The payback term ranges from 10 to 30 years, depending on the amount of education debt being repaid and the repayment plan you select. Direct Consolidation Loans that include parent PLUS loans are not eligible for the Income-Based Repayment Plan. For additional details on repayment plans available for Direct Consolidation Loans, go to the Loan Consolidation Web site or check with your loan servicer.

Repayment Plans—There are several repayment plans that are designed to meet the different needs of individual borrowers. You will receive more detailed information on your repayment options when you consolidate your loan. To learn more about repayment plans, go to the Repayment Information page on this Web site.

What if I have trouble repaying the loan?

Under certain circumstances, you can receive a deferment or forbearance that allows you to temporarily stop or lower the payments on your loan. For more information, go to the Repayment Information page on this Web site.

Can my loan be cancelled (discharged)?

Yes, but only under a few circumstances.

George Jefferson is an Education Specialist with CompleteSchools.com (http://www.completeschools.com/).  Complete Schools has Information on over 6,500 colleges and 120,000 public and private schools.  Complete Schools also hosts a large resource section to help you achieve your educational goals.

Resources include College Admissions Tests, Admissions Essays, Online Degrees, Student Loans, and much more.


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An easy guide to credit repair

Feb 24th, 2011
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Nowadays everyone is familiar with credit repair. It is an effective tool to repair your credit records and improve your credit score substantially. It is possible to repair your credit on your own. But if you do not know the nitty-gritty of the process then here is a step-wise detailed account of how to repair credit on your own.

Steps in credit repair

The first step in credit repair is to get hold of a comprehensive credit report. The free reports are not enough for credit repair and often make the task harder. So go for a tri-merged report which is available from credit bureaus against a nominal fee.
Scrutinize the report thoroughly and mark all errors to dispute. Do not let even minor errors to slip your attention. Take your time in locating all the errors and make a list of them.
Once you have marked all the mistakes it is time to compose a letter of dispute. The letter must be brief and to the point. Remember, the dispute processors are flooded with thousands of letters each day and only get time to glance through each letter. So it is vital that your letter addresses the problem directly for increased effectiveness.
Each bureau uses different systems to identify accounts which are usually a truncated version of your actual account number. When referring to disputes to a particular bureau, be specific about using the correct identification number to speed up the process and also for easy reference.
Do not expect immediate results. Often dispute letters are rejected or returned with requests of more information. There can be processing failures also. You should not lose your patience but resend the letter. When it comes to credit repair you have to persevere till you get the desired result.
Remember that credit repair is about your money and financial future. So it is worthwhile to take the pain and effort to repair your credit report and boost your credit scores. It is imperative that you take the job seriously and complete it.
If you feel that you cannot handle the task on your own then get professional help. There are lots of credit repair companies who provide service against a minimal charge. Try to hire service from a reputable company which will not only handle the entire process of credit dispute but also provide helpful tips on raising your credit scores most effectively.

Credit repair is the most effective way to boost your credit scores and can be done easily either on your own or through credit repair companies.

 

Mrs. Shveta Virmani (Writer on Team Sulekha) has an extensive knowledge on credit repair services and is well known for having provided many effective articles on problems related to credit repair and best credit repair services.

 


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Credit Repair – Obtaining Easy Consumer Credit Repair is a Breeze – Find Out How

Jan 22nd, 2011
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• Save Lot of Time: If you are very engaged with the documentation of credit repair; you will find that it is very tough to collect the required documents and apply for repair. A busy person who is involved in business or job cannot manage the time for collection and preparation of the documents. When you hire a professional repair company, it saves lots of time by providing you the related services. The experts of the legitimate company collect all the relevant documents from the financial institutions.

• Make It Effective: The process is technical and ordinary consumer does not understand financial terms. If someone does not understand the financial terms then how could he prepare affective documents? The function of repair services is to make the whole process very easy and affective. The experts make loophole in terms and conditions of financial institution and use those terms against creditors. In this way; they complete the whole process in no time and make you ready to get financial support again.

• Financial Training: The experts of legitimate credit repair services provide complete training about financial matters. In other words; they teach a consumer how to make savings and how to keep your credit score high. They also make a consumer realize about the importance of repair. Once a consumer follows the instructions of credit Repair Company, he always keeps his scores high.

Importance of credit can never be neglected and it is beneficial for the all consumers who are suffering from bad credit history. Lots of new loans are being rejected due to bad credit history and lower credit score. People all over the world are now conscious about credit history and are looking for easy consumer repair. This is lot more beneficial for a consumer to find best repair services. Some of the benefits are given below so that you could realize the importance of a repair company.

Obtaining easy credit repair services is not less than a cool breeze for a consumer. Many desperate consumers who were unable to take new loans are now enjoying financial supports from different financial institutions by just repairing their credit.

Many find themselves wanting credit report repair for a credit score of 700+, but don’t know what is necessary to achieve this goal. Disputing negative items on your credit report can be the first step to boosting your score. Negative items on a credit report must be validated, and those that aren’t must be removed. The end result is a credit report repair for the consumer. For more information on legal and efficient ways to repair credit, visit the following link:

Raise Credit Score

William Roberts is an advocate for consumer rights and a member of organizations helping citizens rebuild their financial state.


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FHA Home Loans Made Easy: 6 Steps To Pre-Qualifying!

Jan 7th, 2011
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FHA home loans are mortgages that are insured by the United States government, more particularly the Federal Housing Administration. FHA in itself does not make the loans. What they do is that they insure the loans that were in turn, given out by their qualified group of commercial lenders.

With the introduction of the FHA home loan, a lot of low-income Americans were able to secure a loan to purchase their homes. FHA home loans are conceptualized in 1930′s during the time of the Great Depression. The government acted to subsidize loaning programs through FHA in response to the growing rate of defaults and foreclosures.

The good news is that FHA is for every American. But they have to follow the set guidelines in applying for it. To know if you qualify for an FHA home loan, here is a checklist that you can use. See for yourself if you can take advantage of FHA’s easy mortgage loan plans.

1. First and foremost, you should have a steady employment history. By this, you should be able to prove to the agency that you have at least two years of service with your current employer. Stability of job and income is the main factor. That’s the primary requirement of FHA.

2. You should have an increasing income, or at least, a consistent one. So that FHA can correctly assess your capability to pay, you should show them that in your current job, you are earning a fixed amount. And if in case it is not the case, your income should follow a steady rising pattern, not a fluctuating one.

3. You should be able to boast about your credit history. Your credit report definitely says a lot about your financial status. It is FHA’s requirement that all their applicants are in good credit standing. And not only that, they also require that there is not a single payment over due for more than a month within the last two years in their credit reports.

4. You should also show that you’ve got no history of bankruptcy. Or even if you had, it should be at least two years before. You should also show and that you already had regained financial stability for the past two years. You should be in a good credit standing for two consecutive years.

5. Your foreclosures, if any, should be three years old at the very least. This one follows the same principle as the bankruptcy rule stated above. It is a must that for the past three years, what you have is a good credit standing.

6. You can only apply for a loan that is 30% of your total monthly income. If you have everything else worked out, remember this last important detail: FHA will approve you a loan corresponding to your gross income. So, do not apply for one that exceeds 30%. Your application will just be denied. Look and settle for a house that is just within the set limits.

These are the different points to consider when applying for an FHA loan. You should qualify in the every step stated here. These are the exact guidelines that FHA is currently following.

But you have to know that pre-qualifying for the loan is just the first step. It is not a guarantee of anything. All it means is that FHA will merit a review of your application and proceed from there. Your dream of buying the perfect house is still in the cooking stages, so to speak.

Pre-qualification is the first step to getting a loan, though. Needless to say, it is an important step altogether. If you don’t pass the pre-qualification stage, there is no way that you will be able to purchase the house that you always wanted, at least not through FHA.

What the pre-qualification step really does is that it assesses your income, your assets, and your ability to pay. After which, you are to show it to the lender waiting on the wings. Then they further study your case. You’ll get the loan once they see that you are indeed, financially stable.

With all these said, go ahead and start evaluating yourself for an FHA home loan. Take advantage of what they are offering today. This is your chance to own the house of your dreams. Take it while it is still there.

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