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By Ryan Paulin
Student loan consolidation is defined as a financial tool available to consumers and/or students with existing student loans. This financial tool allows a consumer to consolidate into one loan several or different student loan contracts. This is usually availed of by consumers who have unfavorable student loan terms and/or those who are in default in order to convert past due loans into current and manageable loans. In addition consumers who are reasonably certain of an impending default may request for consolidation.
When consolidating student loans it best to gather accurate and relevant information regarding the same, as well as collect useful tips, techniques and resources for a more effective and efficient negotiation and takeout. This article will provide the readers with several online resources.
Consolidate Student Loans: Search Engine
There is no one search engine that provides readers with the best result. This is really a question of preference and proper search queries. Tip, for best results use general words like “government student loan consolidation programs” or how to consolidate student loans”.
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Consolidate Student Loans: Online Dictionaries
Websites like Wikipedia, Investopia, Answer, etc. provide the reader with easy to read initial reference sites. Best start reading getting general information from these sites before diving into more technical websites. Tip, always keep these websites open as early reference.
Consolidate Student Loans with the National Student Loan Data System (NSLDS)
This government unit is the main database of the US Department of Education regarding student loan programs. The NSLDS has a website which provides students and consumers access to Title IV loans and grants. Use this website to check if the particular student aid program being offered to you is actually regulated and/or compliant with government standards.
Consolidate Student Loans: Online Repayment Calculators
There are plenty of student loan consolidation calculators on the internet. Best use calculators linked with government websites. In addition, best use calculators that are up to date and are specifically tweaked for a particular state. This is because some states may have different provisions relative to student loan consolidation programs. Remember, you do not need to pay any cash to use online calculators, anybody or any website that tells you otherwise is not worth considering.
Consolidate Student Loans: Deferment
Any sign of trouble I making payments on time need to be pre empted by contacting the loan servicer and requesting for deferment of the loan payment. This way if the request is approved the default will not be considered as such. Remember, any default ton your loan payments and the interest chargeable on consolidation becomes higher. That is why it is best to request deferment pending pre-approval for student loan consolidation.
The best website to get information regarding deferment and/or for is the Federal Student Aid. Just type “Federal Student Aid” and the first website with a “.gov” that pops up is the correct website. Read through the related literature. Remember you need to read the contents at least twice in order to really understand the contents of the same.
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