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Direct Consolidated Loans and Their Effects by Bruce Mesnekoff PowerPoint PPT Presentation


Whoever said that education is the key to unlock the golden door to freedom had never heard of Student Loans! Most students, by the time they graduate, will have multiple loans to repay and each of these loans come with a different interest rate. Whether they are federal student loans, private student loans or a combination of both, the loan repayment is expected to start within 6 months of graduation and they are dark shadows that loom over the student’s future until the loan amounts are totally repaid. For most graduates, if they are prudent in their spending and careful about the loan repayment dates, the loan repayment period can be anywhere between 15 to 20 years; it may even extend to longer than that if the student has opted for either a deferred plan or a plan with smaller monthly repayments.https://brucemesnekoff.newswire.com/news/direct-consolidated-loans-and-their-effects-by-bruce-mesnekoff-9465202

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Direct consolidated loans and their effects by bruce mesnekoff

AN OFFICIAL PRESS RELEASE

Bruce Mesneko?

Direct Consolidated Loans and Their E?ects

by Bruce Mesneko?

PRESS RELEASE MAR 21, 2016

Whoever said that education is the key to unlock the golden door to freedom had never

heard of Student Loans! Most students, by the time they graduate, will have multiple loans

to repay and each of these loans come with a different interest rate. Whether they are

federal student loans, private student loans or a combination of both, the loan repayment

is expected to start within 6 months of graduation.

Whoever said that education is the key to unlock the

golden door to freedom had never heard of Student

Loans! Most students, by the time they graduate, will

have multiple loans to repay and each of these loans

come with a different interest rate. Whether they are

federal student loans, private student loans or a

combination of both, the loan repayment is expected

to start within 6 months of graduation and they are

dark shadows that loom over the student’s future

until the loan amounts are totally repaid. For most

graduates, if they are prudent in their spending and

careful about the loan repayment dates, the loan repayment period can be anywhere

between 15 to 20 years; it may even extend to longer than that if the student has opted for

either a deferred plan or a plan with smaller monthly repayments.

Bruce Mesnekoff is a nationally-

recognized expert in student loan

management and consolidation.

Bruce serves as founder of The

Student Loan Help Center. He has

developed and implemented

programs which have enabled

thousands of borrowers to

successfully retake control of their

previously unmanageable student

loan debt.

BRUCE MESNEKOFF, FOUNDER OF THE

STUDENT LOAN HELP CENTER

Interests form a big enough share of the total loan repayment amount to prompt students to

look for alternative methods of loan repayment. Another consideration could be the difficulty

in keeping up with the repayment dates of each loan. The direct consolidated loan option

can help tackle both challenges. Not only does loan consolidation allow all the interest rates

to be averaged out into one, but it also helps in just one repayment per month. The ease of

repayment and converting very high interest rates into manageable ones are two significant

reasons for any graduate to consider converting to direct consolidated loans.

Consolidation of loans is equivalent to refinancing a loan. The terms and conditions of loan

repayment and the installment values will change. Keep in mind that only Federal loans can

be consolidated. So, if you have taken private loans or loans that carry no federal guarantee

to finance your tuition fees and living expenses while in college, be aware that these loans will


Direct consolidated loans and their effects by bruce mesnekoff

not come under the purview of consolidated loans. The terms and conditions that you agreed

on while applying for any private loan will remain unchanged. The loans that can be included

in consolidation are any loans that you have taken under the following programmes :

Subsidized or Unsubsidized Stafford Loans, Supplemental Loans for Students (SLS), Federally

Insured Student Loans (FISL), PLUS loans, Direct Loans, Perkins Loans and Health Education

Assistance Loans.

Since the purpose of direct consolidated loan is to have a certain fixed interest rate, which will

be calculated as an average of the various interest rates that you have borrowed on, you can

expect some relief with regards to those loan repayments that were borrowed on very high

interest rates. Bear in mind that the lowest interest rates will also be affected so do your

calculations before applying for the consolidated loan. If you are repaying loans from the

time when variable interest rates were in operation, then consolidated loans will convert

those variable rates into one fixed rate. The repayment terms of the consolidated loan will

also change since it will be considered as a new loan and you may extend the repayment

period to up to 30 years. This may not necessarily be an advantageous mix for all, as

extending the loan repayment period also increases the total interest to be paid on a loan.

For detailed information on how your repayment rates will be affected and how much total

interest you will pay in case you opt for consolidated loan, check with the consolidated

servicer while filling the application.

Another aspect that may be adversely impacted if you opt for direct consolidated loan is the

grace period of your existing loan. If your loan provider has offered you a certain grace period

for your loan repayment, that period will be wiped out in consolidated loan. Within 60 days of

your application approval for consolidated loan, you are expected to begin your repayment. If

you have been the beneficiary of Perkin Loans under the firefighters, police officers or

teachers schemes, the future benefits of these loans will also be nullified. From the day your

consolidated loan application is approved, you will pay a flat interest rate on all federal loans,

irrespective of the type or the scheme under which you were initially offered the federal loan.

An individual can apply for a direct consolidated loan after graduation or half way through the

programme in case he/she is dropping out and StudentLoans.gov is the only website through

which applications for loan consolidation can be made. Though the department prefers that

you apply online, you can also download and fill paper applications to be submitted by regular

mail. Any queries on the process, how it will affect you, which loans can be consolidated,

technical assistance, etc can be addressed through this site. Once your application has been

successfully submitted, you will be assigned a loan servicer who can answer all questions

regarding the subsequent process.


Direct consolidated loans and their effects by bruce mesnekoff

Categories:

Finance, Business Finance, Education

Tags:

Bruce Mesnekoff, Federal Student Loan, Student Loan

Company Contact Information

Company:

Bruce Mesnekoff

Suite 101 2660 Cypress Ridge Blvd , Wesley Chapel

Florida, 33543

855-258-6488

Original Source: www.newswire.com


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