For college students and graduates with multiple student loans, the student loan consolidation program provides an opportunity to make repayment easier. However, before signing on the dotted line, it's important for students to understand some basic facts about consolidation.
The student loan consolidation program allows borrowers to combine outstanding student loans. For example, if a student has three separate government student loans, the student can consolidate them into one single loan. Technically, all three of those loans will be considered paid in full and a new loan will be started in their place.
Consolidating loans through the student loan consolidation program is beneficial in three ways. First, it's more convenient. Students with multiple loans also have to make multiple payments every month. That means there's more paperwork and due dates to keep track of and a better chance that one of them won't get paid. With consolidation, there's only one loan payment due every month instead of two, three, etc. That's usually easier for most students and graduates to manage.
Another benefit of the student loan consolidation program is that it may save students money. For example, a student with three outstanding loans may be required to make $150 payments each month to all three lenders. That's a total of $450 per month. After consolidation, only one payment is required and that payment is usually much less than the combined payments from all of the loans. That can be a huge benefit for students who are just getting started in their careers and who don't have the income necessary to cover large loan expenses right away.
Finally, consolidating loans may open up additional opportunities for students. They may be given new deferment choices and/or more repayment possibilities. This added flexibility can come in handy for students wishing to continue their education even further, struggling to find employment in their field, or experiencing financial hardships.To learn more about the student loan consolidation program, read "Lock in Low Student Loan Rates" or visit the Federal Direct Consolidation Loans Information Center.
Additional information is also available in the articles "Government Student Loan Consolidation" and "Student Loan Consolidations".
Source : http://www.studentdoc.com/student-loan-consolidation-programs.html
Sunday, February 6, 2011
Friday, February 4, 2011
Federal Loans for Graduate Students
Maybe you graduated from college several years ago but feel the need to return as a graduate student to enhance your career or to set your career on a different road. Maybe you have just graduated from college and are opting to continue your education now instead of later. Either way, you are to be congratulated for choosing to continue your education.
Funding for graduate students is available from several sources but the most inexpensive source of money remains the federally funded student aid programs. There are several options for graduate students within these programs.
The campus-based aid program actually encompasses three different types of graduate funding. The one discussed here is the Federal Supplemental Educational Opportunity Grant (FSEOG). These funds are disbursed to the schools and are disbursed through the financial aid office of your graduate school. Your school may or may not have this particular option available through the financial aid office but it should have one of the campus based options available to you. Usually a school will have one of three options available but not all of the three. You will need to spend some time in the financial aid office to find out which campus based aid options they offer and which will best suit your needs.
These programs are based on the financial needs of the individual student. The school will note how much you have received through other sources and how much is available per individual through the funds provided to the school. Instead of disbursing the monies to every student, the campus based funds allots a certain amount of money to each school to be divided based on the number and need of the students applying for the money.
The FSEOG provides funding for graduate students who are in the deepest financial need. This is a grant and it will not have to be paid back. The applicant for this money may receive anywhere from $100.00 to $4,000.00 for the school year. The amount you are eligible for will depend on when you applied for the money, how much money you need, how much was funded to the school you attend, and whether or not you meet the requirements of the financial aid policies of the school.
Since this grant money is already funded through your school, the school will issue the funds to you once or twice a year and/or credit your account directly depending on the method established by school financial aid policies. With the backing from the FSEOG money, you will be able to concentrate on furthering your education instead of worrying about how to pay your tuition.
Source : http://www.feded.net/federal-loans-for-graduate-students#
Funding for graduate students is available from several sources but the most inexpensive source of money remains the federally funded student aid programs. There are several options for graduate students within these programs.
The campus-based aid program actually encompasses three different types of graduate funding. The one discussed here is the Federal Supplemental Educational Opportunity Grant (FSEOG). These funds are disbursed to the schools and are disbursed through the financial aid office of your graduate school. Your school may or may not have this particular option available through the financial aid office but it should have one of the campus based options available to you. Usually a school will have one of three options available but not all of the three. You will need to spend some time in the financial aid office to find out which campus based aid options they offer and which will best suit your needs.
These programs are based on the financial needs of the individual student. The school will note how much you have received through other sources and how much is available per individual through the funds provided to the school. Instead of disbursing the monies to every student, the campus based funds allots a certain amount of money to each school to be divided based on the number and need of the students applying for the money.
The FSEOG provides funding for graduate students who are in the deepest financial need. This is a grant and it will not have to be paid back. The applicant for this money may receive anywhere from $100.00 to $4,000.00 for the school year. The amount you are eligible for will depend on when you applied for the money, how much money you need, how much was funded to the school you attend, and whether or not you meet the requirements of the financial aid policies of the school.
Since this grant money is already funded through your school, the school will issue the funds to you once or twice a year and/or credit your account directly depending on the method established by school financial aid policies. With the backing from the FSEOG money, you will be able to concentrate on furthering your education instead of worrying about how to pay your tuition.
Source : http://www.feded.net/federal-loans-for-graduate-students#
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