Bank loans for bad creditTime Is Working Out: Save Thousands With Federal Student Loan Consolidation Before July 1
Are you a college student or a recent college graduate with student loans? Do you know that student loan interest rates are expected to increase almost 40 percent on July 1? Luckily, you've loans for bad credit and no bank account still got a chance to cut costs and consolidate your student loans into one fixed-rate loan.
Time Is Working Out: Save Thousands With Federal Student Loan Consolidation Before July 1
Are you a college student or a recent college graduate with student loans? Do you know that student loan bank loans for bad credit interest rates are expected to increase almost 40 percent on July 1?
Fortunately, you've still got a chance to cut bank loans for people with bad credit costs and consolidate your student loans into one fixed-rate loan.
Federal student loan consolidation allows college students and families a chance to reduce bank loans for bad banks that offer personal loans for bad credit credit monthly payments and lock in low interest rates-potentially saving thousands of dollars over the life of the consolidation loan.
Relating to Nelnet, a leading education finance company, a student in college having a $20,bank loans for bad credit 000 stabilize and 20-12 months consolidation term can save more than $5,000 in interest by consolidating before the July 1 deadline. In addition to interest saved, student borrowers will also reduce their monthly payment by up to $22 by locking in the lower interest direct lenders for bad credit personal loans rate.
"To take advantage of this money-saving opportunity, college students and fresh graduates need to act quickly," said Tim Bornemeier, Managing Director of Nelnet Consumer Solutions. "Consolidating your student loans is an effective debt management tool that can save you thousands of dollars if you total and return an application before the rates rise on July 1."
Student loan consolidation combines multiple federal student loans, such as Stafford and consumer loans for bad credit PLUS loans, into one loan with one low monthly payment. The fixed interest rate for any federal student loan consolidation bank loans for bad credit is determined by taking the weighted average of the interest rates of the original student loans, rounded up to the nearest 1/8 percent. The fixed interest rate cannot surpass 8.25 percent.
"This is the last hurrah for in-school borrowers," added Bornemeier. "After July 1, a change in the consolidation program claims that in-school borrowers will have bank loans for bad credit to wait until they graduate or drop to less cash loans for bad credit and no bank account than half-time enrollment to consolidate, forcing them to risk higher interest rates and pay more for his or her education."
"We [at Troy University or college] strongly urge all eligible college students to consolidate before the July 1 interest rate change," said Fred Carter, Associate Vice Chancellor of Financial Aid at Troy University or college. "This allows them to get the lowest possible monthly payment, a fixed interest rate, and the opportunity to save thousands of dollars in interest payments. Many of our students still repay within the 10 years, but consolidation affords them the opportunity to lock in the lowest possible rate on the longest time."
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