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Debt Consolidation Loans- Presenting a Systematic Approach to the Debt Problem
Most of us will wonder whether consolidation of debts in the debts consolidation process is as important to make the entire debt settlement process named after it. Considered just a preliminary processing of debts, borrowers do not regard the...
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Personal Loans
The UK is a nation of debtors. It is estimated that 15 million
people in the UK are struggling with personal debt, while in
2004 some 46,000 people filed for bankruptcy with personal debts
running at an average of more than £50,000. Despite...
Personal Loans are here to fulfill your Personal Desires
UK finance market at present is very vast offering infinite
number of loan options. Borrowers take loan for different
purpose. One of the loans that will help you fulfill your
personal needs is the "Personal Loan".
A Personal Loan is a...
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Private versus Federal Consolidation Loans – What’s the Difference?
Private versus Federal Consolidation Loans – What’s the Difference?
A consolidation loan lets you combine your federal student loans into a single loan with one monthly payment. There are two programs available for consolidating student loans:
-The Federal Family Education Loan (FFEL) Program, through which banks, secondary markets, credit unions, and other lenders provide the consolidation loan
-The William D. Ford Federal Direct Loan (Direct Loan) Program, through which the federal government provides the consolidation loan
There are several differences between these programs, as outlined in the table below:
FFEL Program
Lenders - Banks, secondary markets, and credit unions
Loans accepted - Can accept all eligible loans from eligible borrowers, but are not required.
Repayment Plans- Offers four repayment plans
-Standard Repayment Plan
-Graduated Repayment Plan
-Extended Repayment Plan
-Income - Sensitive
Repayment Plan (in which the monthly payment amount is set according to the borrower's income and loan debt)
Timing of consolidation
Borrowers can consolidate after they have left school and all of their loans are in grace or repayment.
Direct Loan Program
Lenders - Federal government
Loans accepted - Must accept all eligible loans from eligible borrowers
Repayment Plans - Offers four repayment plans
-Standard Repayment Plan
-Graduated Repayment Plan
-Extended Repayment Plan
-Income - COntingent Repayment Plan (in which the monthly payment amount is set
according to the borrower's income, family size, and loan debt)
Timing of consolidation
Borrowers can consolidate while they are still in school.
In other ways, the two loan programs are similar:
-They both have options to allow borrowers who have defaulted on their loans to consolidate those loans.
-In general, neither of them charges prepayment penalties or origination fees, nor are credit checks or co-signers required. However, some private lenders may charge processing fees.
-The base interest rate on your consolidation loan is the same regardless of the lender. However, private lenders may offer additional incentives such as a reduced rate if you make your payment on time and if you have your payment automatically debited from your bank account.
Keep in mind that if all of your loans are through one lender, that lender has the first option to consolidate the loans. Only if that lender declines can you go elsewhere.
This article is distributed by NextStudent. At NextStudent, we believe that getting an education is the best investment you can make, and we're dedicated to helping you pursue your education dreams by making college funding as easy as possible. We invite you to learn more about Private Consolidation Loans or Federal Consolidation Loans at http://www.NextStudent.com .
About the Author
My goal is to help every student succeed - education is one of the most important things a person can have, so I have made it my personal mission to help every student pay for their education. Aside from that, I am just a pretty average girl from SD.
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