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Consolidate My Childs Student Loans
is presented to help you solve your financial problem
that is when you need cash money in a hurry to finance you unexpected
student, do you encounter it tough to pay back your student loans?
Whilst student loans are great in that you and I will likely not be
capable to afford a tertiary education without it. Then again, it can
be demanding to make up the monthly payments on time owing to the high
rate of interest and other external elements which can challenge your
Whenever you experience a hard time in repaying your student loans, you
may prefer to take a direct student loan consolidation.
Therefore what is a direct student loan consolidation?
Basically, it is simply exchanging or consolidating your existing
outstanding student loans with higher interest rates for one loan with
a more manageable, fixed interest rate. The interest rate is determined
by the average of your loans, rounded to the nearest 0.125 per cent.
A direct student loan consolidation is especially useful if you know
you are about to default on your monthly student loan payments. A
direct student loan consolidation can mean a new start since it is
considered a new loan.
When you consolidate your student loans under a new loan, your existing
loans will show up on your credit card as paid off, thereby increasing
your credit score.
Before getting a direct student loan consolidation, you need to know
the types of plans for repaying. There are four major types. You may
like to investigate more to consider which is best for your needs.
1. Standard Repayment Plan
Standard Repayment Plan allows you a fixed monthly payment for up to 10
years depending on the amount you owe.
2. Extended Repayment Plan
An extended repayment plan allows you up to 30 years. Obviously, the
longer the period, the less amount you need to repay each month. Do
note, however that you will end up paying more as a whole if you spread
your payment over longer periods of time due to interest rates.
3. Graduated Repayment Plan
Graduated Repayment Plan usually have a repayment period between 12 and
30 years. The main difference between graduated and extended repayment
plan is for graduated, the amount of your monthly payment will increase
every two years.
4. Income Contingent Repayment Plan
If you have a job, then this plan may be what you are looking for. The
income contingent repayment plan set a monthly payment based on your
gross annual income. Other factors include your family size and the
amount owe. The repayment period is usually 25 years.
A word of caution, if you are close to paying off your student loans,
then a direct student loan consolidation may not be suitable for you
since you will be paying more due to interest rates over the long term.
Nevertheless, Once you've difficulty in repaying your student loans and
it's still years away from being liquidated, so a direct student loan
consolidation could be the solution. Not only do you pay off lower
interest over the long-run but it can improve your credit rating as