Student Loan Consolidation Hot Topics

Over the past month, we have seen a huge increase in the amount of consolidation application requests. Many of these requests are June graduates trying to get their applications submitted before their grace period expires.

If you are currently still in your six-month post-graduation grace period, you can apply for a consolidation and receive additional savings. During this six months, Stafford loans disbursed before July 1, 2006 have a 0.6% lower rate. By consolidating during this period, you are able to lock in this discounted rate. If you wait until your grace period is over your rate will increase by 0.6%. Your application must be signed and received in our office before your grace period ends in order to obtain the additional 0.6% discounted rate. When you fill out your consolidation application, be sure to include your grace period end date, and we will complete your consolidation when your grace period expires.

If you are not sure when your grace period expires, give us a call toll free at 877-328-1565 to speak with a loan counselor.

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Federal Loan consolidation is a practical way for borrowers to manage their student loan debt. Borrowers may consolidate for one or any combination of reasons. The most common reasons are:

• With only one lender involved you will always know who to contact.
• You will receive one monthly bill each month.
• An extended repayment period-from 10-30 years depending on the total loan balance.
• Renewed Deferments and Forbearance.
• Any subsidized Stafford loans that get consolidated will keep their interest subsidy benefits during deferment.
• If you consolidate during your grace period the interest rate will be lower. That is because the interest that applies to consolidation will be the “grace rate”, which is lower than the rates you pay after entering repayment.
• Depending on the interest rates of your existing loans and how long you take to repay, you could save money if interest rates increase in future.

For further information on loan consolidation or to request an application please visit www.studentloanconsolidator.com

The Student Loan Network: Stafford Federal Student Loans, Parent PLUS Loans, Student Loan Consolidation, Private Student Loans, Education Loans/College Loans

The date is rapidly approaching for many recent graduates to begin repaying their student loans. Now is the time to seriously look at the benefits of consolidation and to act soon. Graduates have six months from their graduation date (a period known as the “grace period”) to consolidate their federal student loans at a discounted rate. Graduates who consolidate during their grace period receive a 0.6 percent interest rate reduction, with some students consolidating at an interest rate as low as 6.625 percent. The lowest consolidation rate increases for graduates who miss this important deadline to 7.25 percent.

Once the grace period is expired the borrower will not be eligible for the grace period rate for federal loan consolidation. If you would like to find out when your grace period expires please call 877.329.1565 - or visit www.studentloanconsolidator.com.

The Student Loan Network: Stafford Federal Student Loans, Parent PLUS Loans, Student Loan Consolidation, Private Student Loans, Education Loans/College Loans