School Loan Consolidation!
Everything you need to know to make the right choices about your loans.
There are hundreds of websites that deal with school loan consolidation and student loan debt, but in reality, most of them are trying to sell you a loan, or make you complete a loan application to access their information about school loans. Not us! We have the largest compilation of free information to help you make the right choices about consolidating your school loan. Research the various types of loans. Learn how to apply for a school loan, discover a few of the secrets about loan discounts and how to combine your current loans into a single, manageable school loan. Find out how to lower your monthly payment and your interest rate at the same time. Please enjoy the information provided on the site, and bookmark us for future use.
What is Loan Consolidation?
School loan consolidation is the process of taking your current school loans, and paying them off with one new consolidation loan. Students who have gone to school for 4+ years, and received Federal student loans will have amassed a large, deferred loan balance by the time they graduate. In many instances, several types of loans will have been used, with various interest rates and monthly payments. A school consolidation loan pays off all of these loans, and gives you one, easy payment to a single lender.
- Reduces your monthly considerably.
- Locks in your interest rate.
- Simplifies your finances by having you make only one payment a month.
- Improves your credit rating.
- Saves you money today when you need it most.
- Provides flexible repayment options.
What You Should Know About FAFSA
The FAFSA, or Free Application for Federal Student Aid, is the first step in the financial aid process. In order to qualify for a student aid loan you will need to complete the FAFSA application.
If you currently have student loans and are planning on doing a school loan consolidation, you will probably not need to complete the FAFSA again.
The FAFSA online application will ask income history and other important information. After submitting the application, it will be processed by the Department of Education. Once they have determined what aid you qualify for, you will be sent a Student Aid Report (SAR). An electronic copy of your SAR is also made available to the schools you’ve listed on your FAFSA.
The Student Aid Report will show what types of aid you qualify for, including federal and state grants, such as the Pell grant, Stafford loans, and parent loans.
If you were awarded student loans or parent loans, you will then complete the application process for the specific type of loan you qualified for. Generally the funds are transferred to the college, and you will receive a disbursement during registration if your awards were above the cost of tuition and fees. These disbursements can take up to 45 days from the time they are issued.
