Consolidating Federal Student Loans

Consolidating Federal Student Loans

"Lawmakers approved a broad measure Friday that freezes federally subsidized student loan rates for another year, reauthorizes the government flood insurance program and extends federal transportation funding for two more years. The deal resolved months of acrimonious debate on key legislative concerns on the eve of a Fourth of July recess, and offered President Obama an opportunity to claim victory after a high-profile campaign to pressure Congress into action on both the student loan and transportation issues." via Washington Post. John Iadarola and Ana Kasparian discuss on TYT University. What do you think about the deal that passed? WIll we ever get beyond one year extensions? Or will the continued problem of high student loan rates eventually produce a call for much stronger action - possibly even the student loan debt forgiveness that is being discussed? Let us know what you think! And if you liked this video, "Like" it as well! :) Subscribe to TYT U for more videos:www.youtube.com Submit a video to TYT U! We love hearing from students and faculty www.youtube.com Follow us on twitter!!! twitter.com twitter.com twitter.com TAGS: "student loan rate extension" "obama student loan" "obama college student" "obama college" "student loan rates" "federal stafford loans" "student loan debt" "ana kasparian" "john iadarola" "the young turks" "tyt university" college university students

http://leafgardenpress.com/ Crucial Student Loan Rate Extension Passes!

Several changes in student loan rates went into effect on July 1 that will affect undergraduate and graduate students who take out student loans. ... Updated: Tuesday, July 10, 2012 01:07. Various changes to federal student loan programs went into ... Congress makes changes to Federal student loans

you may need to look into consolidation. This is the option that many, many student loan borrowers choose, and it can definitely be a good option for you. Here's what consolidation is, what it can do for you, and how you can get your loans consolidated.

Basically, when you consolidate your student loans, you turn them all into one big loan. If you have loans for $ 3,500, $ 4,000, and $ 2,500, you'll turn them into one big lump loan of $ 10,000. The consolidation is really just one big loan that pays off all your smaller loans. You can stick with the same term on your repayment plan, and you may even lock in a better interest rate with this option.

The main reason many borrowers choose to consolidate their student loans through the government is that it makes repayment easier. Instead of writing three or four checks a month for your student loans, you'll just write one larger check.

Also, if interest rates are on the rise, you can lock in a lower rate when you consolidate. Basically, the interest rates on student loans change from year to year unless you lock it in with a consolidation loan. Sometimes this can help save you a lot of money in the long run, even if it's only a percentage point's difference.

To get your loans consolidated, your best option is just to do it through the government. You'll basically just take out one larger student loan to pay off all the small ones, and the government will write this larger loan, as well. The consolidation process is quick and simple, and you can do it all online.

Keep in mind that you can only consolidate federal student loans this way. If you have private loans, you may be able to take out a Private Student Loans to pay off both your private and your federal loans.

However, you need to make sure that you're getting a decent interest rate and doable payment terms on this before you sign the paperwork. It's easy to get roped in by a money shark who is just going to overcharge you for a consolidation loan that's supposed to make your like a whole lot easier. Just read the paperwork carefully to make sure you know what you're doing, and you'll be fine.

Suggest Consolidating Federal Student Loans Issues

Question by sandy t: Financial Aid question? So I applied for financial aid and my school gave me a rough estimate of my award: Estimated Cost of Attendance (COA) at SJSU for 2011-2012: $ 15176 Expected Family Contribution (EFC) - as determined by the Federal Government: ($ 0) Total Need (COA - EFC): $ 15176 Estimated Federal Pell Grant Eligibility: $ 5550 Estimated Federal Supplemental Educational Opportunity Grant: $ 600 Estimated State University Grant or Cal Grant*: $ 4440 Remaining Eligibility (Total Need - Grants)**: $ 4586 *Cal Grants are awarded by the California Student Aid Commission, which notifies new and continuing recipients in writing. Funding level for Cal Grants subject to change pending state budget allocations. **Remaining Eligibility can be met in many cases by student loans, federal work study, or by scholarships. Students cannot receive both Cal Grant and State University Grant funding. Some students may also be eligible for an EOP grant which is awarded to students admitted to SJSU through the Educational Opportunity Program and subject to funding levels for 2011-2012. MY QUESTION IS: If my family doesn't have to contribute any money (EFC=$ 0), then where does the $ 4586 come in? Do I have to pull that amount out of my own pocket? My family's income is a little above 19,000 bucks a year and my mom told me that I didn't need to worry because the Financial Aid department will cover it all. I still don't get where I can get the $ 4586. I qualified for Cal Grant B which covers $ 1,551 for books. I've heard they help cover my tuition too but that isn't the $ 4586 right? Best answer for Financial Aid question?:

Answer by just not that
YOu need to look up your schools tuition costs and figure out how much your bill is going to be. Then you can figure out if you have enough aid to pay for those direct costs to the school. The "Cost of Attendance" is just an estimate and NOT I repeat NOT a dollar amount that you have to pay the school. In other words NONE of the $ 4,586 has anything to do with paying anyone. If your schools tuition for the Fall is $ 3,200 and you get the $ 5,500 Pell and the $ 600.

Answer by PETA
It says this: Remaining Eligibility can be met in many cases by student loans, federal work study, or by scholarships. Students cannot receive both Cal Grant and State University Grant funding. Some students may also be eligible for an EOP grant which is awarded to students admitted to SJSU through the Educational Opportunity Program and subject to funding levels for 2011-2012. So they wil probably offer you student loans like Staffords and/or Perkins loans and federal work study. Most all students have federal aid loans so dont think it is a bad thing. You dont repay them until 6 months after you quit, graduate or fall below half time and then you start making payments. Federal work study they have jobs that you apply for like at the college or nearby and you apply like any other job and get a check and spend that money how you want. Also it is very important to see what your colleges includes in their COA budget. Make sure it includes tuition, fees, housing, meal plan, books, personal and travel expenses). Some colleges do not include everything so check that so you take out enough for college. Also in the personal expenses for my daughter in her COA they included 3000 worth of travel expenses but we did not need that since she is attending instate 45 minutes away from home, so we denied a 3000 loan offered to us because we did not need that. http://studentaid.ed.gov/students/attachments/siteresources/Funding_Education_Beyond_HS_2011-12.pdf

[federal student loan changes 2012]