mortagesandforeclosures

by Jessica Mousseau

More than ten million borrowers nationwide have already taken advantage of the opportunity to consolidate their student loans. The choice is yours, as to whether you prefer to apply for student loan consolidation online or by a paper process.

Is There Any Difference At All?

Student loan consolidation can help those who have taken out federally funded educational loans to get out of debt by reducing their loan payments, refinancing loans at low interest rates, and bundling all their federal loans into one easy-to-manage package. Students are eligible to consolidate federally funded student loans. From one point of view, there isn't much difference in the financial services that different vendors provide those who apply by paper as opposed to online applications. As with other financial services, check out different service providers to find out what they offer clients like you. Many will guarantee you a specific or relative interest rate; some will offer you a discount for making the first 24 or 36 monthly payments in a timely manner. Most will be willing to waive a credit check, requirement that your application will be co-signed, or a requirement that you put up collateral. Some will offer you the opportunity to complete the application process online.

The Online Applications Easier

The advantage of an online application is that it's relatively quick and easy to apply on line, from the convenience of your own computer terminal. While an online application may take only two or three minutes, it can easily save you hundreds of dollars each month.

A variety of financial products are available to help you consolidate your student loans. Check the different offerings; some offer lower interest rates than others; some offer borrow discounts for paying on time over the first 24 or 36 months of your new loan; some will waive application fees, credit checks, collateral requirements, or cosigners. Many also offer online application forms, or even a 'concierge service' by which the vendor will fill out the paperwork for you.

The Online Applications More Timely

While the choice is yours, the online application offers an advantage that paper procedures can't match. Certainly, it can be easier to apply on line; a timely online application can save money, as well. Federal Stafford and PLUS loans are like one another in that they carry a one-year variable interest rate.

This interest rate is fixed to Treasury Bills, and any impending changes in the T-bill interest rate will affect federally funded educational loan rates. So when borrowers hear of an impending change in T-bill rates, it's a good strategy to consolidate their loans on-line, in real-time. Under these circumstances, an online student loan consolidation might offer you benefits that a paper program never could.

While the choice is yours, the online application offers an advantage that paper procedures can't match.

Certainly, it can be easier to apply on line; a timely online application can save money, as well. Federal Stafford and PLUS loans are like one another in that they carry a one-year variable interest rate. This interest rate is fixed to Treasury Bills, and any impending changes in the T-bill interest rate will affect federally funded educational loan rates.

So when borrowers hear of an impending change in T-bill rates, it's a good strategy to consolidate their loans on-line, in real-time. Under these circumstances, an online student loan consolidation might offer you benefits that a paper program never could.

About the Author:

Jessica Mousseau will give you the proper tools to help conquer the mountain called student loans; to further educate yourself on paying off student loans checkout the overlooked tips and tricks of paying of student loans.

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