Student Loan Consolidation - More Options on Student Loan Owe

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Student Loan Consolidation - More Options on Student Loan Owe

Graduated Repayment Plan
With one of these plans, your payments start our low and will rise over time. This plan is often good for a student who is just starting out and expects their salary to increase as they gain more experience.
Caution: One of these plans can stretch your loan out as ling a s 30 years.

Extended Repayment Plan
An extended repayment plan allows you to pay your student loan over 12 to 30 years instead of the standard 10 years. It is more expensive, but if the lower payments keep you out of default, it should be worth it.

Income Contingent Plan
With one of these plans, your payment is based on your adjust gross income (AGI), as reported on your U.S. income tax return, your family size, the interest rate, and the total amount of your Direct Loan debt.

Consolidation
If you have more than one student loan, you may be able to consolidation them into a lower cost single payment loan. This can save you money if the new payment is lower than your previous combined payment, which if often the case because it is a new loan. Your consolidated student loan payment is based on the average interest rate on the student loans you are consolidating. Your consolidated rate is set by the government. So, there is not is not a whole lot of advantage in shopping around among different lenders.

In some cases, consolidating your student loan can also take you out of default, which can benefit you in a couple of ways. One way, of course, is by halting the collection costs associated with a defaulted student loan. The other way it can benefit you is that it can help your credit report. If you make 12 conservative on time payments on a student loan that you brought out of default, the previous late payments can be erased.

Be A Smart Borrower
It’s not unusual for student loans to be sold, or for a student to have eight or more loans! It can be tough keeping track of them all. Lose track of a loan though, and you may quickly find yourself in student loan hell. The Department of Education offers these tips for being smart borrower, and they’re good ones:
Keep all your loan documents
This simply piece of advice is one of the most important. You’ll have problems later if you can’t find your promissory note, can’t remember what type of loans you received, or don’t know who you’re supposed to repay or how you go about postponing (deferring) repayment if you have financial difficulties. Keep a file of all documents connected with your loans from the time you first get a loan, so you’ll always have what you need in one place. Then you won’t be confused about what you’re supposed to do or who you’re supposed to contact if you have questions.

Keep records
Whenever you talk to your lender or land servicer, keep a record of the person you talk to, the date you had the conservation, and what was said, If you send letters, always include your loan account number, and keep copies of those letters (and the responses you receive) in your file. That way, you’ll know who said what and when, which can help you avoid problems and misunderstandings.

Notify your school and/or loan holder in writing
If you move, change your name or Social Security number, or reenroll in school, you must make sure your loan holder won’t lose track of you. If that happens, you could miss payments and become delinquent (late). Also your loan could be sold, and you won’t know who has it or where to send payment because you couldn’t be notified.

Ask questions
If there’s something you don’t understand or if you’re having trouble making payments, ask. Don’t wait until things become too tough, ask for help from your loan holder or loan servicer right away!

Source: The ABC’s of getting out of debt - Sutton, Garrett

Student Loan Consolidation - More Options on Student Loan Owe

Avoid Bankruptcy and Free Your Debt . Get Refinance Loans , Secured Debt Consolidation or Debt Settlement Advices.