Prepare for College
Second term is finally over. Yearbooks and final exams have been exchanged for free time and travel. Though education may be the last thought on the minds of high school students and parents during the summer months, it is crucial to keep focused. College is just on the horizon for all students who have the desire and drive to go. However, it is crucial to stay educated about the application process and organized no matter what time of year it may be. You could learn about types of student loans.
1. Assess current standing. Much of what is crucial on a student’s application are already part of the student’s high school routine. What is the student’s grade point average or GPA? Many college admissions websites will include the average GPA of their accepted applicants to help the student decipher whether this school is within his/her range. In addition, colleges look at a student’s participation in extra curricular activities. Schools want students who will make positive additions to their school community. Remember that these extra curricular activities can be great leads when looking for scholarship ideas.
Many families with student loans have a combination of loan products. These different student loans may have different interest rates, different payment amounts, different loan periods and a different day of the month when the payment is due. It can be quite difficult to manage. Student Loan Consolidation can help.
Student Loan Consolidation is when you take your various Student Loan Products and combine them into one loan with a single monthly payment and a single payback period. Student loan consolidation may not lower interest rates, but it can make Student Loan Debt more manageable.
Student Loan Consolidation Programs are available through the Federal Government, or student loan consolidation can be done through any number of reputable private lenders. Usually you can choose to consolidate all or only some of your student loans. You may consolidate both undergraduate and graduate student loans, and there is usually no minimum balance required to consolidate.
Student loans consolidation is designed to lower your monthly payment amount. Consolidation can result in reduction monthly payments by as much as 45%. However understand that consolidation usually lowers payments by extending the period of the loan, and therefore while student loan consolidation will lower your monthly payment it may increase you loan amount over all. Still if your monthly payments have been so high that you have already missed a payment, or are in danger of defaulting on a student loan, then consolidation can be a life saver. You can compare the costs of Student Loan Consolidation by viewing the chart available at: HERE