Student Loan Consolidation question:-College Cost Reduction & Access Act of 2007?
Asked by AnonykrisWhat, if any, impact does this have on recent graduates with existing student loans in terms of consolidation? I have not yet consolidated and am wondering if there's an advantage/disadvantage to doing so now vs in the future.
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Answered by mefuture
The good news is that almost anyone can consolidate their student loans, even with bad credit. The federal government sponsors a program through the department of education that allows anyone to consolidate their federally backed student loans (most typically, they are Stafford Student Loans but could also be PLUS Loans or Perkins Loans) and approval is not credit based by traditional underwriting standards -- the key is that you cannot be behind or have missed payments. You also must have graduated and you can only consolidate student loans once (typically) in the term of the loans. The exception to this last rule is that if you take on news loans, then you can consolidate again. The benefit of consolidating your student loans is that you can lock in a low fixed rate while at the same time extending the duration of the pay-back on the student loans to 30 years... which could cut your monthly payment in half. If you want to compare rates and terms to consolidate your student loans, you can get matched with several of Bills.com's pre-screened lenders, by applying here: https://www.bills.com/studentloan/loan/ To learn more about student loans, I encourage your to visit the Bills.com Student Loans Information page at www.bills.com/student-loans
The good news is that almost anyone can consolidate their student loans, even with bad credit. The federal government sponsors a program through the department of education that allows anyone to consolidate their federally backed student loans (most typically, they are Stafford Student Loans but could also be PLUS Loans or Perkins Loans) and approval is not credit based by traditional underwriting standards -- the key is that you cannot be behind or have missed payments. You also must have graduated and you can only consolidate student loans once (typically) in the term of the loans. The exception to this last rule is that if you take on news loans, then you can consolidate again. The benefit of consolidating your student loans is that you can lock in a low fixed rate while at the same time extending the duration of the pay-back on the student loans to 30 years... which could cut your monthly payment in half. If you want to compare rates and terms to consolidate your student loans, you can get matched with several of Bills.com's pre-screened lenders, by applying here: https://www.bills.com/studentloan/loan/ To learn more about student loans, I encourage your to visit the Bills.com Student Loans Information page at www.bills.com/student-loans
