Recent Articles
Subscribe to Derrich.com
To subscribe to DERRICH.com by email, please enter your email address into the following field and click "Submit"
Derrich on Twitter
To subscribe to DERRICH.com by email, please enter your email address into the following field and click "Submit"
The costs of college are increasing at a rate almost double that of the general inflation rate….on average about 8% per year. That means the cost of college doubles every nine years. If it’s too late for saving money with Upromise, you may want to be better prepared when it comes to managing your student loan debt. Luckily, I incurred very little student loan debt over my college tenure so I didn’t qualify for consolidation. And it only took me 3 years to pay off my student loans.
According to the 2003-2004 National Postsecondary Student Aid Study (NPSAS), the average student loan debt among graduating seniors is $19,237 (excluding PLUS Loans but including Stafford and Perkins). So, to make things easy for the sake of calculation, let’s assume that you graduate with $19,000 in student loans at 6.8%, the current rate on Stafford loans, and you want to repay the loans in ten years. That would require a monthly payment of about $220. With FinancialAid.com, an interest rate as low as 5.375% is possible (calculated as the weighted average of the interest rates on the loans being consolidated rounded up to the nearest one-eighth of a percent).
Student loan debt consolidation with FinancialAid.com.
There are consequences to student loan consolidation. Well, sort of. As with any loan, if you stretch the amount of time it takes to repay your debt, you will pay more interest over the duration of loan. However, because there are no prepayment penalties and it is a simple interest loan, and by maintaining the same payments you were making prior to loan consolidation, you will not pay more in interest. And you will pay off the loan more quickly than before.
 Do you qualify? Find out securely. |
Keep in mind that there is a slim possibility that you will not always get a lower rate when consolidating. One thing is certain with FinancialAid.com — you will turn multiple payments into one single payment not to mention enjoy other benefits (such as a 1% rate reduction after 48 consecutive on time payments and a 0.25% interest rate reduction for using auto debit to repay your loan). A student loan consolidation program such as FinancialAid.com can help significantly.
This is a Sponsored Post.
Popularity: 4% [?]
Related posts:
© 2008 Derrich.com. All Rights Reserved. Powered by Wordpress and Blog Design.
May 18th, 2007 at 3:15 pm
is this a paid review? how do i get people to actually buy reviews from my site?
May 22nd, 2007 at 7:39 pm
Yes it is. I use ReviewMe and PayPerPost. Try those 2 sites.
June 21st, 2007 at 8:47 pm
[...] be among the least expensive borrowing tools. Worst case scenario — let them pay for it with student loans. They’re cheaper than your 11.9% interest rate credit card and your 6.2% [...]
August 9th, 2007 at 1:05 pm
[...] I’ve written about the importance of consolidating student loan debt. CreditLoan.com offers solutions for this and more. Debt consolidation of any type of debt should [...]
March 3rd, 2008 at 1:35 pm
[...] is a great way for you to help your children save now rather than having to worry about it later. Student loans are no fun and financial aid doesn’t always cover all of the expenses. Maybe your child will [...]
March 5th, 2008 at 5:36 pm
I love Upromise and feel it is free money that everyone is passing up by not using. It does not add to the cost of anything you buy and you get discount, up to 10% back from restaurants.