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Private Student Loans and Federal Student Loans

Financial Mortgage LeafWhat is the Difference?

There are numerous benefits that follow consolidating your student loans.  While every individual has their purpose in consolidating their student loans and saving money, here are some key benefits that everyone shares when consolidating:


Federal student loans are loan provided to you by the government and are frequently guaranteed, typically depending on your financial need.  One must typically apply for Financial aid via the Free Application for Federal Student Aid, also know as FAFSA, to determine whether or not they qualify for Financial Aid.


Private Student Loans are quite self explanatory.  They are offered outside the government funding circle and are typically offered by corporations such as banks and other lenders.  These loans rely a little more on your credit rating, and offer a wide range of programs and terms.  Private student loans commonly go hand in hand with private schools, such as Stanford, Harvard, etc.

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Financial Mortgage LeafEligible Types of Student Loans

  • Federal Subsidized and Unsubsidized Stafford Loans

  • Federal Direct Subsidized and Unsubsidized Stafford Loans

  • Federal Perkins Loans

  • Federal Plus Loans

  • Federal Direct Plus Loans

  • Federal Supplemental Loans for Students

  • Health Professions Student Loans - HPSL

  • Federal Insured Student Loans - FISL

  • Federal Nursing Loans - NSL

  • Federal Consolidation Loans

  • Federal Direct Consolidation Loans

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Financial Mortgage LeafFinding Out How Many Loans You Have

It is quite common that a student or alumni is not aware of how many student loans they have, and typically it is more than one. The most accurate way to verify this information is to submit an application and allow us to search the NSDLS for your loans.

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Financial Mortgage LeafConsolidating While Still In School

It is possible to consolidate your student loans while you are attending school.  You must be within six months of graduating before you are able to consolidate your student loans.

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Financial Mortgage LeafCurrent Student Loan Interest Rates

The interest rate on a student consolidation loan will be based on the weighted average of the interest rate on your existing educational loans rounded up to the nearest 1/8th percent, not to exceed 8.25%. As of July 1, 2006, interest rates on eligible student loans are as follows:


CURRENT STAFFORD RATES

 

CURRENT PLUS RATES

Loan date

Grace period

Repayment

 

Loan date

Repayment

7/2006 - present1

6.80%

6.80%

 

7/2006 - present1

8.50%

7/98 - 6/062

6.54%

7.14%

 

7/1/98 - 6/30/062

7.94%

7/95 - 6/982

7.34%

7.94%

 

10/1/92 - 6/30/982

8.34%

7/94 - 6/952

7.94%

7.94%

 

 7/1/87 - 9/30/922

8.49%

1New Student Loan Fixed Rates
2Variable rates that are resest on July 1st of each year.

Consolidate Your Student Loans Right Now

If you have any questions or concerns and would like to speak to someone over the phone, please call us at 1-(866)-250-4028.

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