A remarkable way to lower your monthly loan payments by simply combining all your private student loans into one manageable student loan are the private student loan consolidation plans. Such consolidation loans would reduce the stress of multiple payments from your shoulder and would also allow you to budget accordingly to meet all your payments along with lowering the interest rates.
There are many added benefits of private student loan consolidation like lowering monthly payments, reduced interest rates, rate reductions, internship or residency and military deferment, better repayment terms, and no prepayment penalties. With any private student loan consolidation programs any of the borrower can reduce their monthly payment by simply extending the repayment term of their private student loan debt. Borrowers who have an improved credit statements may often lower their interest rates. But this may not be applied to existing loan holders even if their credit has improved. Borrowers may also apply on their own or with any co-signer for any private loan consolidation program such that they may receive lower APR rates. Even a 48 month deferment for any medical or dental residents and a 36 month deferment for all active military duty personnel may be made available through the Graduate Leverage Private Student Loan Consolidation Program. For the case of any undergraduate borrowers, they can easily receive up to a 25 year repayment term which would also offer them the lowest possible monthly payment while a Graduate borrower may receive up to a 30 year repayment term. All the payments made in excess of scheduled payments would go directly to the principal avoiding any prepayment penalties.
Such loan consolidation also benefits the borrowers for a first year interest rate equal to 3-month LIBOR plus 5% to 8.5%. origination fee would be ranging from 1% to 5% all depending upon an individual credit or even the credit of the co-signer. Such fee usually voids any out-of-pocket expenses at the time of loan closing. Private loan consolidation are very helpful and effective in managing ones monthly payments following graduation. So in such case one can easily afford many other expenses that may be associated with starting a career and a smooth life after college.
A graduate with good credit statement does not even require any co-signer to consolidate their loans, but in case of undergraduates a co-signer is generally required to consolidate the loans. But, if a graduate degree holder does apply with a qualified co-signer, it increases the chance of approval of the loan and could also provide him with a lower interest rate. So one can expect the entire student loan consolidation program to be completed by a period of 45 days, all depending upon the ability to provide the required documents regarding income, expenses and underlying private student loans.
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You can learn more about student loans consolidation programs at www.studentloanrelief.org/
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