Student Loan Consolidation Hot Topics

Just a friendly reminder to all those 2007 spring graduates, August 1st marks the halfway point in your grace period. For those who don’t know, your grace period is the six months after graduation, before your first student loan payment is due. That’s right - you have to pay those back at some point. While I realize the only thing on everyone’s mind right now is warm sunny beach days and evenings filled with BBQ’s, a few minutes of preparation now could save a bundle of cash in the fall.

If you consolidate your federal student loans during your grace period, you will save an additionally 0.6% on your interest rate. That could translate into thousands of dollars in savings. Plus… you’ll get all of the benefits of consolidation; such as a lower monthly payment, lower interest rate with borrower benefits, and repayment plans designed to fit any budget.

So, if you planned on consolidating your loans in the fall when your repayment begins, take a few minutes right now and apply. Give one of our loan counselors a call – they’ll give you an idea of what your lower monthly payment will be, and how much you can save. Call toll-free (877)328-1565.
And have a great summer!

A common misconception with student loan consolidation is that lenders charge some sort of fee if you consolidate your loans with their company. There are NO fees to apply or receive a Federal Consolidation Loan. This is because federal regulations do not permit lenders to charge borrowers a fee. It costs you nothing to set this up AND there is no credit check. Students with bad credit or no credit can apply. You do not have to give any guarantee of income.

Applying for student loan consolidation is a fairly straightforward process. The borrower is required to fill out an application form. The eligibility specifications are the following:

Borrower must have over $10,000 is federal student loans.
The borrower must be out of school or under half time.
Loans must not be already consolidated.
You can not be in a default status on your student loans.

Once an application has been accepted, a statement containing all the important information such as payment plan, payment schedules, etc. is sent. To learn more or apply, contact a Student Loan Network Counselor toll-free at 877-328-1565 or apply online.

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

Student Loan Network