Discussing Student Loan Consolidation with Bruce Mesnekoff

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Finalizing on the type of student loan you need
to go for is not the last step in loan
processing. While repayment you will again be
faced with the choices of consolidation or
refinancing. In this article we will be
discussing the why, what and how of consolidation
with our Student Loan Consolidation Expert Bruce
Mesnekoff. So According to Bruce Mesnekoff what
is consolidation? Consolidation is used when you
have more than one loan a new loan is taken to
pay off the rest. It is applicable only for
federal student loan. The interest rate is
weighted average of all the loans. This interest
rate is kept fixed thereafter. Who Can
Consolidate? You need to have entered into
repayment time or grace period to consolidate
loans. Students in school cannot consolidate
loans. Both parents and children can consolidate
loans but separately. All the loans should be
under the name of one borrower for consolidation.
You also need to have a good repayment history
to become eligible for it. Unfortunately private
loans cannot be consolidated. Why to
Consolidate? Consolidation is a way to keep out
of default which surely helps in long run. It
reduces the number of payments to just one
payment per month so it makes your life hassle
free. You want to go for fixed interest rate
over variable interest rates. Through
consolidation FFEL loans become eligible for
Public Service Loan Forgiveness. The monthly
payment might decrease since the payment time
increases resulting into you paying more
interest. According to Bruce Mesnekoff, also
there is no consolidation fees involved. It
helps in flexible repayment options which is
income driven. How to Consolidate? As per Bruce
Mesnekoff Consolidation can either be done online
or through mail. If you want to apply online,
login to studentloans.gov and complete the
application form. For mail, application will have
to be printed, and mailed after
completion. Disadvantages of Consolidation The
main disadvantage is the paying more money at the
end of the term since payment time will increase
and monthly payments will reduce. Another
potential disadvantage could be losing current
lenders borrower benefits. Also you might not be
eligible for certain military benefits. There
could be some repayment penalties. If you go for
consolidation earlier only in your grace period
then you will lose the grace period. Thus before
deciding Our Student Loan Consolidation Expert
Who is an Author of Various Book like The
ULTIMATE GUIDE TO STUDENT LOANS and CEO
of The Student Loan Help Center , a
thorough
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investigation is must since consolidation is not
for everybody. Considering all benefits and
potential risks is important and also that
whether it helps you or not to fulfill your
financial goals. For More Information Contact
Bruce Mesnekoff on LinkedIn