Direct Student Loan Consolidation - A New Lease Of Life
There are many times when you find that the best of plans go awry and you can do nothing but sigh and suffer. Apply this truth to student loans - even when you plan most meticulously how and when you would repay this loan once you graduate, it sometimes happens that things do not fall right and you find yourself defaulting with your student loan.
When You Need A Life Line - Use The Direct Student Loan Consolidation Facility
When you find yourself enmeshed with unmanageable student loans, high interest credit card debts, and perhaps no job as planned, there is a life line which could give you a new lease of life - the direct student loan consolidation service. This is nothing but a new loan that consolidates all your students' loans; plus it gets it paid through a more manageable rate giving you the chance to straighten yourself up.
The advantages of using the direct student loan consolidation service are many, but the best of all is that your credit record would improve instantly because it would show that all your debts have been repaid.
Learn More About The Student Loan Consolidation Plans
There are basically four types of consolidation services offered for students:
The standard repayment plan - this is perhaps the simplest plan of all. It entails repaying the student loan over a period of ten years or more at a regular interval (say weekly, monthly, six-monthly and so on).
The extended repayment student loan consolidation plan - this is a 30 years repayment plan that needs you to pay a very tiny sum as monthly installment and it is best for people who are not yet established with their career. However, you end up paying an enormous amount in interest over these years.
The third type of loan consolidation offer is known as the 'Graduated Repayment Plan'. This also offers you the possibility of extending the repayment schedule over 30 years; however, in this type of plan the monthly installments would be raised as per pre-agreed terms every two years.
The last type of student loan consolidation plan is the 'income contingent repayment plan'. This plan would adjust the size of the monthly installment taking into consideration your financial capacity, i.e. your gross income, the size of your family, dependents, and so on. In this way you could repay your outstanding loans with the least of effort. The repayment schedule under this program should not exceed 25 years.
Choose carefully from among these loan consolidation programs so you would be rid forever of all worries pertaining to your student loans.
