Consolidate My Student Loans

Consolidate my student loans

Student loan consolidation should be done if you have already graduated college and still owe money to the government. By consolidating your loans, you will save money and pay less interest rate while paying off your debt. You might even qualify for additional grants and scholarships.

Lower Interest Rate

You can lower your interest rates by paying extra on time each month. The longer you make payments, the lower your interest rate will become. Make sure to contact your lender to find out how much you need to make monthly payments to get the lowest interest rate possible.

No Debt Collection Calls

Debt collection calls can put you into a financial mess. Once you consolidate your student loans, any calls regarding unpaid debts will go straight to collections instead of you. So don’t put yourself in a stressful situation!

Pay Less Money In Interest

If you want to reduce your monthly payments, think about refinancing your student loans. Refinancing means taking out a new loan with a different company at a lower interest rate. Your old school may charge you an application fee, so be careful where you apply.

Avoid Bankruptcy

When you’re struggling to pay back your student loans and bankruptcy seems like your only option, consider getting help from a nonprofit organization called Student Aid Funds (SAF). SAF is a non-profit organization that assists students in filing for bankruptcy protection. They provide free credit counseling services and they’ll file your petition for you. If you decide to use them, ask for their Credit Counseling Card.

Get Help From A Nonprofit Organization

There are many nonprofit organizations that offer helpful advice and assistance for people who are having trouble paying back their student loans. These organizations may give you low-interest loans, deferments, forbearances, or even write off some of your student loans. To find out what options are available, check out these organizations:

Consolidate My Student Loans

Consolidating student loans

One of the best ways out there to pay off student loan debt is to consolidate student loans. Many people have their student loans consolidated into a single payment at a lower interest rate, thereby saving money over time. You should always try to make payments on any debts before consolidating them to avoid paying too much and get stuck in debt. To consolidate your student loans, you need to visit www.myStudentLoans123.com. There, you will be able to enter all information associated with your account, including the amount owed and how many years you plan on making payments on your loans. Once everything is entered correctly, they will give you some tips for securing a lower interest rate on your balance. If you want to learn how to consolidate your student loans, then this website is highly recommended!

Consolidating my credit card debt

If you are just starting out with your financial life, it’s wise to start by taking steps to improve your credit score. One way to do so is to consolidate debt. In case you don’t know, your credit score is essentially a numerical representation of who you are as a borrower. Your credit score determines whether lenders offer you terms and rates favorable to yourself. The higher your credit score, the easier it is for you to borrow money and the cheaper your borrowing costs will be. So, if you find yourself buried under a lot of different types of debt, it might be worth considering getting rid of them altogether and consolidating your various debts into fewer, more manageable ones. By using our debt consolidation tool, you’ll be able to figure out what type of consolidation loan would work best for you.

Paying down debt faster

Before you even think about consolidating your student loans, it’s probably a good idea to focus on other forms of debt first. Remember: the goal of any debt repayment program is to reduce or eliminate your debt load entirely. While it’s true that consolidating student loans may allow you to make monthly payments smaller than those required for individual debts, it won’t eliminate your existing obligations. That means that if you really want to pay off your student loans, you’ll have to continue making regular payments until your entire balance is wiped clean.

Consolidate My Student Loans

I’ve been struggling with student loans my entire adult life and have finally decided enough was enough. I’m not going to keep paying interest forever! Here’s how I did it.

Today at age 41, I consolidated my two federal subsidized Stafford loans. Now I am making payments only once a month instead of twice per month. As soon as I consolidate my loans, I’ll still have to pay some interest over the course of the loan term, but the monthly payment will decrease substantially and then I won’t owe any interest. For me, consolidation was definitely worth the time and effort.

Here are the steps I took.

Step 1) Find out if you qualify for consolidation. To do this, go to www.studentloans.gov. Click on “Apply for  IV Aid” and follow the instructions. If you qualify, you get a letter telling you that you’re eligible. You need to print that letter off and bring it with you to your local bank.

Step 2) Get your financial aid package. Call your school and find out exactly what you owe (you don’t want to consolidate until you know what you owe). Print the statement out and bring it with you.

Step 3) Make sure your schools’ website shows that you apply for consolidation. Sometimes they forget to update their website. At my school, they forgot to put the application link in the email about getting your financial aid package. So double check. Also make sure your school doesn’t charge you anything extra for applying for consolidation. At my school, I had to fill out an affidavit of poverty, so they charged $20.

Step 4) Tell your lender you want to consolidate. Don’t wait. Your loan servicer may tell you that you have to wait until after July 1st to apply for consolidation. But you should start today.

Step 5) Tell them you want to convert your loans to a 10-year repayment plan. A 10-year repayment plan means you’ll make smaller payments each month than you would under a 15-year repayment plan. You’ll still have to pay back the total amount over the course of the 10 year period, but the monthly payment decreases as your loan balance decreases.

Step 6) Be prepared for questions. When you call your credit union to ask about consolidating your loans, they might ask you a lot of questions. Don’t panic–this is normal. Questions like, “Can I increase my payments?” or “What happens to my private student loans?” are just fine. Just remember: you’re doing this for yourself, and you deserve to get the best deal possible.

Step 7) Wait for your approval. Once your credit union gets all the information they need, they’ll send you a letter saying whether or not you qualified for a lower rate loan. Then you’ll get a notice telling you whether or not you got approved. Hopefully you did!

Step 8) Apply online. Log onto your student loan company’s site and click on “Apply Online.” Fill out the necessary forms and submit everything. You can now get a confirmation email telling you that the lenders received your request. After that, you will receive a final confirmation that your loans were processed successfully.

Congratulations! You’ve taken control of your student debt.

Are you ready to consolidate?

Consolidate My Student Loans

Consolidate my student loans

If you have any type of federal loan, then consolidating them may help you pay off your debt faster. Find out if consolidation is right for you by contacting your lender directly or visiting the National Foundation for Credit Counseling’s website at www.consolidation-counselor.org

Reduce interest rates

Some people use their monthly payments as savings and never miss a payment. If you’re having trouble making ends meet and want to make some extra money, reduce your interest rate on your student loans. There are many different ways to do so, and here are just a few: Talk to your lender about lowering your interest rate; ask your bank to lower your credit card interest rate; negotiate with your current lender about cutting back on fees; find a new lender with low interest rates; apply for a new line of credit (credit cards and personal loans); refinance your home.

Change your repayment plan

Your current repayment plan could be affecting how much of a tax deduction you get on your taxes. You might not realize that changing your repayment plan could save you thousands of dollars over time.

Refinancing

You can consider refinancing your existing loans into a fixed rate loan. In doing so, your payments will go down and, therefore, you’ll receive more favorable terms under the new loan.

Make your payments

Make sure to consistently pay what you owe on each of your debts to avoid late charges and penalties. You don’t want to be paying more than you should.

Cut costs

Don’t spend money on anything unnecessary or frivolous. Focus on keeping your expenses low. Don’t buy expensive gifts for yourself or others. Avoid going out to eat often, especially if you’re eating away from home.

Pay off your debt

When you pay off your student loans early, you’ll feel good about yourself. The sooner you pay off your debt, the sooner you’ll become financially stable.

Consolidate My Student Loans

And I’m Chris Guthrie.

My name is Chris Guthrie.

And if you’re looking at my background,

you can tell we have some similarities.

(laughing)

We both went to college,

and then we both ended up with student loans.

Now, the first thing that students need to know

is how to pay off their debt,

so they don’t get into trouble later on down the line.

So let’s go over those steps.

The first step is consolidation.

Consolidating means combining

or bundling all of your payments

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