Student Loan Consolidation

 by: Ken MacKenzie

Why Consolidate Your Student Loans?

It's January of your senior year and time to start thinking

about all those loans you took to help pay for college.

Between Stafford Loans, Perkins Loans and all the rest,

between subsidized and unsubsidized you begin to realize

that a year from now you will have run out of grace period

and have to start paying back all those loans. You're going

to be paying back eight different loans at eight different

interest rates and eight terms. It's time to start thinking

about a student consolidation loan.

A student consolidation loan could be worth it just to

simplify your repayment schedules. But more importantly, if

you can get a loan with a lower interest rate than you are

paying on your school loans, then you can save yourself

some money. If the consolidation loan extends the length of

your student loan payback term, then it may have the added

benefit of lowering the monthly payment now (when you

aren't making a large salary). You can always increase your

payments as your salary grows.

How to Consolidate Your Student Loans

After deciding to consolidate your student loans, the next

step is to figure out how to go about it. You may have

several choices of lenders, and what you choose could affect

the amount you ultimately pay. Choose carefully.

The Department of Education provides the Federal Direct

Consolidation Loans Program. Numerous states have student

consolidation loans, some for your federal loans and others

for your state loans. Then there are private lenders offering

consolidation loans as well. You might first check with your

current loan providers to see what they have to offer. They

may have a better deal for current customers.

  (continued...)

Student Loan Consolidation
  Page 2

About The Author Ken MacKenzie is a successful writer and online entrepreneur. He has developed http://www.college-loans.us as a portal for presenting articles, information, resources, news and links about college scholarships, grants and loans. Copyright 2005, Ken MacKenzie http://www.college-loans.us You have permission to publish this article in your web sites, newsletters, ezines or electronic publications, as long as the complete article is used including the resource box, all links (clickable) and copyright information.

Additional Resources

category - Education Grants

SMART Grants - Educational Grants for the Student of Math, Science and Languages
National Science and Mathematics Access to Retain Talent (SMART) Grants assist those undergraduate postsecondary students that major in foreign languages or certain designated technical fields. Financial grant assistance is provided on need-basis to help these students meet their educational expenses.

---

Are You Eligible To Receive A Federal Student Aid?
The Department of Education offers several types of educational financial assistance such as grants, federal loans, and work-study programs. It is very much essential for student to determine which type of assistance will best suit his/her financial needs.

---

Learning Disabilities Innovation Hubs Program
The National Institutes of Health has partnered with the Eunice Kennedy Shriver National Institute of Child Health and Human Development (NICHD) to establish the Learning Disabilities Innovation Hubs Program where both agencies intend to solicit resource-related research project grant applications that concentrate on the etiology, manifestation, prevention, and remediation of writing, reading, or mathematics learning disabilities.

---

Financing Your Education - Work Study Opportunities
The Federal Work-Study Program assists those undergraduate postsecondary students that cannot afford their educational expenses without financial assistance by providing them with part-time employment. Not only does the Federal Work-Study Program provide part-time employment, it also encourages these students to participate in community service activities.

---