I need to help my brother get his student loans out of default. How can I get a complete list of all of his loans? To start paying on them we need to consolidate them and make one monthly payment. How do I do this?

You can get a list of all his loans from his school’s financial aid office. They can also give you advice on how to consolidate loans. If he has a whole bunch of federal loans, the government does offer a way to consolidate them. If he has federal loans, go to www.dlservicer.ed.gov and login. There will be an option to consolidate loans. If he has more than federal loans, many banks and companies offer consolidation of loans ay lower interest rates. My favorite is citibank through their program called citiassist, this can be access at www.citiassist.com. There are many others. I receive offers in the mail constantly, and I’m only a junior in college. I hope this info helps!

I have $60,000 in various student loans, but since consolidating my combined payment is only $300/month. I have no other debt. Do lenders view student loan debt differently due to the flexibility of the loans? Also, would they look more at the total amount of the debt or the monthly payment when determining the rate and loan amount?

With 20 years experience in the mortgage business, I have never seen a student loan that was in repayment treated any differently than any other long term debt. While you may be able to ask for a hardship deferal in the future, which is the only advantage on a student loan that doesn’t exist on a standard installment loan, no lender wants to anticipate that circumstance. As long as the payments extend past 10 months in the future, the lender will only use your monthly payment as part of your qualifying ratios. The total debt is not that important and would only be a minor factor. What will matter more is your payment history on the student loan: it should be perfect. It all comes down to the quality of your credit history (your FICO score) and your qualifying ratios of debt/income.

Try this site

http://free-college-information-usa.blogspot.com/

Free College information on financial aid for students, scholarship, student loans and more.

The DARK SIDE of Student Loans. PART Alan Michael Collinge, says student loans are a scam just shy of loan-sharking — and that colleges are in on the game.. FEB 25, 2009. NPR ON POINT Show

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Financing a college education is one of the more expensive debts
you may incur. Student loans can take years or even decades to
pay off. Making late payments or missing payments all together
can result in a poor credit rating and collections on your
accounts. Millions of people have found themselves owing large
sums of money due to student loans and other unsecured debts.
Finding a way to eliminate your debts and pay off student loans
is the primary thought on the minds of many people.

For some, student loans are the only way to get a college
education. The large sums of money you may have borrowed to
finance your education are not repaid nearly as quickly as the
amount of time it took you to finish college. Debt
consolidation, negotiation, and credit counseling may be a good
way to begin paying off your student loans and living a debt
free life. If your student loans are in default or you are
having difficulty making the monthly payments, there is a way
out.

Student loans can often be renegotiated. The federal government
offers programs to individuals who are having trouble making
their student loan payments. One option is forbearance. This is
a temporary postponement or a reduction in your payments for a
period of time due to financial difficulties. Your interest will
continue to accrue but you will get some relief from the amount
you have to pay each month. There are also income sensitive and
graduated payment plans available for those who are having
trouble repaying their student loans. The amount of money you
pay on your student loans will rise and fall with your income
when you enroll in one of these programs.

If you student loan is already in default, you may want to
enlist the services of a debt consolidation organization who may
be able to help you reduce the interest and fees you owe on your
student loans and help you pay down the balance quickly.

Ken Austin
http://www.articlesbase.com/debt-consolidation-articles/how-to-pay-off-your-student-loans-and-reduce-your-debts-819.html

As the Obama administration continues to spend hundreds of billions of dollars to bail out the nations banking system, a growing movement is calling on the government to do more to help students struggling to pay for college. These are some of their stories. Transcript & links at: http://www.democracynow.org/2009/3/12/reduce_the_rate_rev_jesse_jackson

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Here are a few important points about how you can save money on your student loan read this article carefully and follow this check list. these are simple techniques on how you can save money. If you are close to nearing graduation you properly want to consolidate your loans through the Federal Loan Consolidation Program to lower your monthly payments up to 50%.this checklist will help you handle your student Loan

1.Student Loan Interest Rate: Keep a watch on your Loan interest rate, your interest rate changes every July 1st and are variable you can lock your interest rate by consolidating your student loan now.

2.Use Automatic Payment: By using automatic Payment you ensure that your Loan Payments are made on time, there is no possibility of you missing out on a payment unless there is no money in your account, you also don?t have to worry about Writing checks every month.

3 Pay your Student Loan on time: Don?t delay or be behind in making your loan Payment, if you think you are in trouble and cannot make payment on time contact your loan servicer and find out if you are eligible for deferment, because remember late payment of student loans will negatively affect your credit.

4. choose a good Payment option: There are multiple payment plans available for your student loan you need to choose the best payment plan as per your financial situation.

5. Get rewarded for your student loans: There are a few lenders or service providers will often give you a borrowers interest, so if you pay your loan on time for a specified period you get rewarded for it.

If you are thinking about using college loan consolidation to possibly lower your monthly loan payments, then now is the time to start consolidating and lowering those payments. Never in recent history have the interest rates on student loan consolidations been quite as low as they are these days. What does that mean for you? Quite simply, you will be receiving the best available deals for debt consolidation when you choose to consolidate your student loans now and here. Whether you have just a small amount of loan debt or a very large amount, consolidation can start helping you to lower your monthly payments NOW if you get started on it right away.

There is some good news for those of you who have not graduated as yet under the new rules student dont have to wait to graduate to consolidate their student loan.

Which loans should you consolidate? You can consolidate Perkins, Stafford and PLUS loans
(parent loans for students) and even some previously consolidated loans. Unfortunately, you cannot consolidate private loans that are not federally guaranteed. Also, most lenders will only consolidate loans for students with loan balances of at least $7,500. For most of you, this threshold won’t be a problem. According to a recent Nellie Mae study, the
average student upon graduation owes an average of $18,900 in student loans.

Herman Dias
http://www.articlesbase.com/non-fiction-articles/save-money-on-your-student-loans-83287.html

A Brief introduction to Debt Consolidation Loans brought to you by www.mydebtfreelife.co.uk

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Student loan has become a ‘necessary evil’ for most of the students, which help them to complete their education. In the present social and economic scenario, the education is a costly affair, of which financial expenses cannot be managed without a financial aid in the form of a scholarship or educational loan. Scholarship is reserved for exceptional students and educational loans will be the only resort for an average student to pursue his student loan. The student loan has the advantage of several relaxations in the terms and conditions than a standard loan. However it is essential that the student loan amount including the prescribed interest have to be repaid. The top 5 ways to help the repayment of the student loans are comprehended from the testimonials of the students, who are successful in student loan repayment.

It is a fact the student loan repayment will not be practically easy in the beginning years of ‘struggle of existence’. The student will get a grace period of 6 months to 9 months for the start of the loan repayment after the course completion, which varies according to the nature of the loan. But in the entry level jobs, it will be pretty hard to find the amount for the loan repayment. Proper financial management is the only possible solution to handle the crisis successfully. But it may not be easy to restrict the expenses in the early days, even though you are aware about the student loan and other liabilities. A budgeting will certainly help you to plan the situation well and it can be a winning strategy, if you have the necessary will power to act accordingly.

The negotiation with your debtors can be the next step. You can contact them directly to avail any adjustments in the repayment schedule or can switch on to a more convenient repayment plan. The repayment period has to be selected according to your capability to spare for the monthly installments. The lenders benefits and offers can be another helping hand to pay off the student loans. Now most of the lenders have put forwarded certain benefits and incentives for the loan repayments. The utilization of the relaxations in the interest rates and total debt is certainly advantageous to pay off the student debts.

If you have multiple debts, the best strategy is to consolidate the different loans to a single consolidation loan. Now, Federal consolidation loan is available, which will help to consolidate all federal loans, with certain pronounced advantages in the rates and terms of the loans. However, it will not consolidate the private loans. You have to seek any of the private consolidation loans to mange the private loans. If the multiple debts cannot be consolidated, then you have to pay off the loan with the higher interest rate. The regular follow up of such a strategy will certainly help to pay off the student loan easily.

In case of defaults in the repayment of the student loan, the rehabilitation programs of the lenders can be utilized as the way, which help to pay the student loan. In brief student loans can be compared to the common saying “slow and steady wins the race”. If you are able to start the repayment during the study using money from the vacation jobs or part time jobs, it will certainly help to pay the student loan early. Also, keep in mind that the extended repayment schedule is not advised in all cases as it will levy more money as interest. Hence a planned and intelligent strategy will be the best way to pay the student loan easily.

Andy M
http://www.articlesbase.com/advice-articles/top-5-ways-to-help-pay-student-loans-64945.html

CNN needed an anecdote for its story on *Shady College Loan Profit-Sharing*. The poster child of student loan debt obliged.

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Credit agencies use several factors to determine your credit score, here are a couple that are affected by your student loans.

1. Number of open accounts: The number of creditors you have is one of the factors used – the more separate creditors you have the lower your score. Consolidation can increase your score by combining all of your separate lenders and reducing your open accounts to one.

2. Amount of monthly payments: The total amount of your minimum monthly payments is another factor in your score. Consolidating your student loans will lower your minimum monthly payment up to 60%, raising your credit score. For example, say you have three separate student loans all at the current rate of 6.8%.

1. $15000.00 minimum monthly payment $ 172.62

2. $20500.00 “ “ $ 235.91

3. $ 7500.00 “ “ $ 86.31

$43000.00 “ “ $ 494.84

Or:

One Consolidated $43000.00 loan monthly payment $ 300.49

Monthly savings of $ 194.35 or 40%.

Lower payment = less monthly commitment = higher credit score.

3. Debt to credit ratio: The amount of available credit you have on any given credit line will also affect your score. A credit card with a $5000.00 limit that has $5000.00 in charges on it will give you a lower score than a credit card with a $10,000.00 limit that has $5000.00 in charges on it. Student loans are considered maxed out credit lines until you have made some payments so reducing the number of maxed out accounts will raise your credit score.

If you also have private (non-federal) student loans you are probably already aware that they should be consolidated separately but you may not be aware that your federal loans should be consolidated first. Since private loans interest rates are based on your credit rating consolidating your federal loans first and raising your credit score can help you get a better rate on your private loan consolidation. Generally when you take private loans out you are a young student with not much of a credit history and you aren’t always given the best rates. This makes the consolidation process that much more important. With proper timing federal and private student loan consolidations can save you money, raise your credit score, and reduce the amount of time it takes to repay your loans. It’s a winning situation all around!

Matthew Kelly
http://www.articlesbase.com/college-and-university-articles/will-consolidating-my-student-loans-hurt-my-credit-122166.html