how to private student loan consolidation

   
Private student loans cannot, in general, be consolidated with federal student loans. The low interest rates on federal consolidation loans are not available to private education loans. Nevertheless, there are several options for refinancing private education loans.

Since most private education loans do not compete on price, a private consolidation loans is merely replacing one or more private education loans with another. So the main benefit of such a consolidation is obtaining a single monthly payment. Also, since the consolidation resets the term of the loan, this may reduce the monthly payment (at a cost, of course, of increasing the total interest paid over the lifetime of the loan).

However, since the interest rates on private student loans are based on your credit score, you may be able to get a lower interest rate through a private consolidation loan if your credit score has improved significantly since you first obtained the loan. For example, if you've graduated and now have a good job and have been building a good credit history, your credit score may have improved. If your credit score has increased by 50-100 points or more, you may be able to get a lower interest rate by consolidating your debt with another lender. You can also try talking to the current holder of your loans, to see if they'll reduce the interest rate on your loans rather than lose your loans to another lender.

Home Equity Loans

Private education loans tend to have interest rates that are in the same ballpark as home equity loans. If your private education loan has a variable interest rate, you might consider using a fixed rate home equity loan to pay off the private education loan, effectively locking in the interest rate.

Education Lenders

The following education lenders will consolidate private education loans. These are private consolidation programs, so the interest rates are dictated by the lender, not the government. There may be additional fees charged for originating these loans.

You should not consolidate your federal student loans together with your private education loans. They should be consolidated separately, as the federal consolidation loans offer superior benefits and lower interest rates for consolidating federal student loans.
Government Student Loans may Help You to Get a Degree

The college life can be really rough. It is not simple to cope with the life inside and outside of your university. One of the things that usually hold back students from getting their college degree is the lack of money. Parents do not have the ability anymore to sustain their kids’ education. A number of poor families allot their money to their needs and set aside education for awhile.

You may be one of the people who are suffering from financial crisis and can’t bear all the costs of college education. You may have tried to ask for financial help and loans however you might be quite puzzled because of the many options available. If you have tried for grants about student loans and scholarships and you feel confused and frustrated, the government student loans ascertain to be a trustworthy option for you.

The government has created programs like giving student loans to people who are short on their finances. Good thing about having such loan is their terms and conditions.

The government student loans have low interest rates as compared to other loans. They also have multiple repayment options, much easier credit prerequisite than the private loans, and a longer repayment period. They tend to be lax when it comes to the duration of payment. They are available in different forms, from loans aimed for parents to need-based aid. These are given in the financed and unfinanced forms.

Government allows you to have a loan up to 100% of the rate of education.
For you to have these government student loans, you need to call the admin of the institution you are studying in. Your application form, which includes all the details about your financial status and requirements, has to be submitted. Few documents are also needed.  The officials will then check these details and documents and advise the government to grant the funds. If you are honest with the details you have given, then there will be no difficulty. The whole process can take a few days.

After having borrowed the government loans, you have to be cautious during your repayment to avoid problems n the future. In case you fail to repay some of your installments on proper time, then it must be made known to the officials.
Here are some of the things you need to know about government student loans.
The fundamental philosophy behind a student loan plan is that the accountability for post-secondary education (PSE) lies with the families and students, not the taxpayers. What the families and students can’t pay together will be financed through the government student loan.
This is not free money, it’s a loan. This means you have to repay after you have graduated.
This loan is interest-free to the students who are studying full-time.
Students need to complete their academic curriculum for which help has been received.
Remember, before you apply for the government student loans you have to ensure that you understand your commitments and responsibilities to avoid the financial difficulties.