Friday, July 27, 2007

Federal Loan Consolidation - A Fairy Godmother

Imagine this - you are a student with a huge debt and wishing that you were Cinderella with a fairy godmother coming to your rescue. Well, you need not go back to the fairy tale age because federal loan consolidation is available for your help and it can rescue you from debt trap.

The cost for higher studies is skyrocketing every day; student loans are necessary for higher studies along with good grades. However, it is in your best interest that you should opt for student loans consolidation, as soon as possible.

Why Do I Need It?

Most of us take more than one federal student loan. It means paying too many creditors quite a large sum of money. When you graduate, it will put a great strain on you freshly begun career. Hence, it is best to go in for student debt consolidation when you are graduating. It will help you in your new life as a working individual.

How Does It Help?

When you go for a federal loan consolidation, you are paying all your loans back through a single loan. Do not be alarmed at the mention of another loan; the interest rate is much lower and fixed. Even the repayment time period is longer, so you can easily manage your finance. They even offer additional benefits and flexible repayment option. The market is so competitive that they will lower the interest rate for student debt consolidation of this kind. The amount of money you can take as a loan is quite high but since the monthly repayment is fixed you can repay as well as have a healthy financial condition side by side, with federal loan consolidation. If you are going through a rough patch then that will also be taken into consideration.

Doesn’t It Sound Too Good To Be True?

Yes, it does and fortunately, this is one of the cases where what you see is what you get. Federal loan consolidation is so agreeable with student loan consolidation companies because the government is your guarantee! So if you miss any payment or default on your loan, they still get their money back. But remember, to get federal loan consolidation, you have to pass some criteria. So talk in details with the student loan consolidation companies you have approached for a student loan consolidation before filling up the form. Good news is that they do not check your credit card rating or see how much you earn and you do not have to mention your tuition fees either! Do not pinch yourself, you are not dreaming, it is all true.

Like all good things, this scheme may also end someday. So don’t waste a golden opportunity, contact the student loan consolidation companies today and go for federal loan consolidation.

Federal loan consolidation helps a student to repay his/her loans through a single monthly payment at a lower interest rate and is guaranteed by the government. There are various student debt consolidation options available through student loan consolidation companies. Student Loans Debt Consolidation has more details and information that you need for consolidating student loans.

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