Of all the mistakes you can make as a student, one stands high above the others; falling behind on your student loan debt and defaulting. This is something that can follow you well into your professional career. With ACS student loan consolidation, though, you can sort through the loans and give yourself the ability to relax and breathe a little easier.
If your student loans are so big that just thinking about them makes you sweat, ACS student loan consolidation can bind all your loans into one or possubly two manageable loans. And to make your regular payments, you can just use one account.
If you are in danger of defaulting on your student loans, consolidation is something well worth considering. Defaulted loans can have negative effects on your credit and finances, and these effects last for years, well after you have graduated.
If it has been long enough since you defaulted, the federal government can actually deduct 15 percent of your paycheck to repay your student loans. The United States Treasury can also take your tax refunds and apply them towards your student loan balances as well. Beyond these acts, your defaulted loans also appear on your credit report, which can prevent you from being able to buy a house or car, credit card, and in some cases can work against you when trying to get a job or rent an apartment.
You can apply for ACS student loan consolidation via their website, and even use the site to pay and manage your loans. The method used to pay your loans on the site is called ExpressPay. The entire consolidation process is paperless, with all documents signed using only an electronic signature.
There are three types of ACS student loan consolidation programs that student debtors may apply for. There is the STAFFORD loan, which is for undergraduate students who are obtaining the loan for themselves. The PARENT PLUS is for parents or guardians who are taking out a loan on behalf of the students. The GRADUATE PLUS loan, meanwhile, is for graduate and professional students who are obtaining the loan on their behalf.
An ACS student loan consolidation program combines all eligible federal student loans into one new loan, which students can pay in monthly installments. If you want to reduce your monthly expenses on debt repayment, you might want to consider a debt consolidation loan. A consolidation can actually reduce monthly debt repayments by as much as 40% and, depending on your student loan balance, you can repay your loan for up to 30 years.
There are ten types of federal student loans that are eligible for loan consolidation. These loans are Federal Stafford Loans(Subsidized and Unsubsidized), Federal Direct Loans, Federal Parent Loans, Federal Grad PLUS Loans, Federal Direct Grad PLUS Loans, Supplemental Loans For Students, Federal Perkins Loans, Federally Insured Student Loans, Health Professions Student Loans, and lastly, Federal Nursing Loans.
ACS services both the CBSL loan program and the FFEL loan program, but because the two types work independently of one another, students with loans of both types must consolidate into a total of two consolidation loans. CBSL loans are made up of Nursing loans, Health loans, and Federal Perkins loans. FFEL, on the other hand, is made up of PLUS loans, Stafford loans, and Consolidated loans.
Taking a federal loan does, however, have its drawbacks. By taking out a longer term loan, you will end up paying considerably more interest over the life of the loan. If you have borrowed a Federal Perkins Loan, you may even lose your ability to cancel debt in some full-time occupations like teaching, military or peace corps service, or public service. Don't let this stop you from consolidating loans, however, as consolidation is always a better option than defaulting.
If your student loans are so big that just thinking about them makes you sweat, ACS student loan consolidation can bind all your loans into one or possubly two manageable loans. And to make your regular payments, you can just use one account.
If you are in danger of defaulting on your student loans, consolidation is something well worth considering. Defaulted loans can have negative effects on your credit and finances, and these effects last for years, well after you have graduated.
If it has been long enough since you defaulted, the federal government can actually deduct 15 percent of your paycheck to repay your student loans. The United States Treasury can also take your tax refunds and apply them towards your student loan balances as well. Beyond these acts, your defaulted loans also appear on your credit report, which can prevent you from being able to buy a house or car, credit card, and in some cases can work against you when trying to get a job or rent an apartment.
You can apply for ACS student loan consolidation via their website, and even use the site to pay and manage your loans. The method used to pay your loans on the site is called ExpressPay. The entire consolidation process is paperless, with all documents signed using only an electronic signature.
There are three types of ACS student loan consolidation programs that student debtors may apply for. There is the STAFFORD loan, which is for undergraduate students who are obtaining the loan for themselves. The PARENT PLUS is for parents or guardians who are taking out a loan on behalf of the students. The GRADUATE PLUS loan, meanwhile, is for graduate and professional students who are obtaining the loan on their behalf.
An ACS student loan consolidation program combines all eligible federal student loans into one new loan, which students can pay in monthly installments. If you want to reduce your monthly expenses on debt repayment, you might want to consider a debt consolidation loan. A consolidation can actually reduce monthly debt repayments by as much as 40% and, depending on your student loan balance, you can repay your loan for up to 30 years.
There are ten types of federal student loans that are eligible for loan consolidation. These loans are Federal Stafford Loans(Subsidized and Unsubsidized), Federal Direct Loans, Federal Parent Loans, Federal Grad PLUS Loans, Federal Direct Grad PLUS Loans, Supplemental Loans For Students, Federal Perkins Loans, Federally Insured Student Loans, Health Professions Student Loans, and lastly, Federal Nursing Loans.
ACS services both the CBSL loan program and the FFEL loan program, but because the two types work independently of one another, students with loans of both types must consolidate into a total of two consolidation loans. CBSL loans are made up of Nursing loans, Health loans, and Federal Perkins loans. FFEL, on the other hand, is made up of PLUS loans, Stafford loans, and Consolidated loans.
Taking a federal loan does, however, have its drawbacks. By taking out a longer term loan, you will end up paying considerably more interest over the life of the loan. If you have borrowed a Federal Perkins Loan, you may even lose your ability to cancel debt in some full-time occupations like teaching, military or peace corps service, or public service. Don't let this stop you from consolidating loans, however, as consolidation is always a better option than defaulting.
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