Loan Consolidation

One of the biggest financial decisions many college graduates face is whether they should consolidate their student loans or not. Consolidators promise lower interest rates, one easy payment, and financial flexibility. But, is it right for you?

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1-888-MyStuLoans Consolidation Helpline Launched

OneSimpleLoan®, an Oldsmar, FL-based national student loan finance and consulting firm, today launched a toll-free student loan Consolidation Helpline, 1-888-MyStuLoans (1-888-697-8856), for student loan borrowers seeking help with consolidating their student loans, just in time for the industry’s annual July 1st rate change.
This is a superb opportunity for student loan borrowers and their parents to obtain straightforward clarity on available student loan consolidation options, especially prior to the July 1st rate increase.

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Consolidation Interest Rate Increase July 1st — Big Deal or Not?

Interest rates for student loan consolidation will go up a whole eight (8) basis points effective mindmight, June 30, 2007.
Notice we said basis points, which means .08. While that may not sound like much, it still means that if you don’t consolidate now while you can, your interest rate will go up on July 1st.
Frankly, why give any money away if you don’t have to, no matter how little it may be?
In addition, don’t overlook the value of consolidating during your grace period, which is the 6 months right after you separate or graduate from college. Consolidation during grace period means you can earn another .60% interest rate reduction over the life of the loan. Now that can add up to several thousand dollars!
To answer the question, yes, July 1st a big deal. Because no matter how you look at it, the federal consolidation program is a boon to student loan borrowers So don’t leave money on the table; consolidate your student loans now, if you can!

How to Find the Right Student Loan Consolidation Plan

As seen in the news lately, student loans have a huge impact on young people’s lives. Finding the right loan or consolidation plan while being targeted by multiple lenders, not all of them honest, can lead even straight-A students to throw up their hands in confusion. A recent survey revealed that less than 15% of graduate professional students could identify the best loan for their financial needs. This is statistically worse than a random guess, and is at the heart of the need for transparency, analytical tools and a way for students to make real comparisons.

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Federal Student Loan Consolidation

There are many benefits to a student loan consolidation.
• Reduces your monthly payment up to 60%
• Locks in your interest rates- protecting you from future increases.
• Simplifies your finances by having to make only one payment each month.
• Improves your credit rating.
• Provides flexible payment options.
• No prepayment penalties
In addition competing consolidation lenders offer repayment incentives which will save you money.

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10 Pointers on College Loan Consolidation

Should I consolidate my college loans or not?
1. Still in school, yes! Rates are low, but they’re scheduled to go up. Your college loan payments will then remain as manageable as possible when you leave school. If you have graduated, or will be graduating this May or June, yes! Graduates can lock in historical low rates, and reduce their monthly payments more than half. You can lock in a rate even while still in school, and even if you have been out of school for a couple of years can get a good deal, too.

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10 Pointers on College Loan Consolidation

Should I consolidate my college loans or not?
1. Still in school, yes! Rates are low, but they’re scheduled to go up. Your college loan payments will then remain as manageable as possible when you leave school. If you have graduated, or will be graduating this May or June, yes! Graduates can lock in historical low rates, and reduce their monthly payments more than half. You can lock in a rate even while still in school, and even if you have been out of school for a couple of years can get a good deal, too.

Continue Reading

10 Pointers on College Loan Consolidation

Should I consolidate my college loans or not?
1. Still in school, yes! Rates are low, but they’re scheduled to go up. Your college loan payments will then remain as manageable as possible when you leave school. If you have graduated, or will be graduating this May or June, yes! Graduates can lock in historical low rates, and reduce their monthly payments more than half. You can lock in a rate even while still in school, and even if you have been out of school for a couple of years can get a good deal, too.

Continue Reading

Student Loan Consolidation after July 1st — Still a Smart Move?

Now that the July 1st mad dash has come and gone, the question now is “with interest rates higher, does it still pay to consolidate my student loans?”
For many people saddled with student loan debt, the answer is still a resounding yes.
> You may be able to cut your interest rate by 42%, because you may able to obtain rates as low as 5.375% including rate reduction borrower benefits.
> Interest on student loan repayment may be tax-deductible (check with your tax advisor or the IRS for details), which may lower your actual cost of borrowing.
> Student loan consolidation can improve your credit score. By consolidating several student loans into one, the credit bureaus see one loan debt instead of several. This can help improve your FICO score, so that you can potentially qualify for and/or earn lower interest rates on other credit products such as additional student loans, a car loan, mortgage or other personal loan products.
> Consolidation can offer peace of mind. Wouldn’t it be nice to know that you’ve done all you can to manage your student loan debt so that you can get on with your post-education career?
Make it a priority now to explore your consolidation options with a reputable student loan company, to see if consolidating your student loans is a smart move for you.
consolidate@onesimpleloan.com

Only One Week Left to Lock-In Lower Interest Rates

With only a week left before the July 1, 2006 student loan interest rate increases, the “noise” about consolidating your student loans now is about to be amplified.
However, let’s take a moment to reflect on this most interesting time…
• Have you noticed how members of Congress have jumped on the “consolidate now” bandwagon? With the cost of college tuition going up, students have had to take out more loans. And more loans at higher interest rates means an onerous student loan burden upon graduation. And the kids and parents are all voters or potential voters, which makes members of Congress sit up and take notice.
• A student loan consolidation firm, OneSimpleLoan®, is challengng the Department of Education’s early termination of two-step consolidation, a process to help more students to lower their borrowing costs. Isn’t it a bit ironic that a government agency advocating education in our country takes away such a benefit?
• However, there is a bright light to all this. The recent repeal of the single holder rule has now provided borrowers who have all their student loans with one lender the privilege of shopping around for a consolidation company that will work best for them. The government taketh away one thing, yet the government giveth back something else. We wonder, why does there even have to be a trade-off?
So as you contemplate all the consolidation offers and ads about low rates, rebates and give-aways, we strongly encourage you to read the fine print. Like anything else in life, you get what you pay for. Shop around, yes. But be sure to speak with consolidators who will give you the straight facts on rates, “borrower benefits,” repayment terms and yes, on fine print.
After all, with one week left, you’ll want to make the right decision that will affect your financial affairs for years to come.