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Federal Loan Consolidation Program

Thousands of students are now considering Federal Loan Consolidation through Government Grants. The Federal Government has become concern for the Nations students and have put together several programs that have paved the way for students to be able to stay out of dept and pay back their their student loans through 100% Government Grants.

Our Government is finally concern for our students and the Dept through Federal loan Consolidation, Federal Student Loan Consolidation, Federal Direct Consolidation Loans and Consolidation Federal Loans programs Students.

Not only the Government but every year private foundation give billions of dollars in free grants in their free give away programs. Unfortunately most people do not even know that these programs exist. Most people never apply for these FREE GRANT MONEY because they some now feel it isn't for them, there's too much red-tape or simple don't know who to contact. The fact is that people from all walks of life do receive FREE GRANT MONEY and other benefits from the Government, and you should too.

Consolidate by June 30, 2005 to fix your educational loan interest rate at a low level! A lot of people have been wondering whether they should consolidate their college loans at this time to " lock in" current low interest rates on Stafford loans. The current interest rate on the Stafford loan (as of July 1, 2001) is at a 20-year low at 5.99%. Since the Stafford loan is a variable rate loan, the chances are good that the interest rate will be set at a higher level in future years (each year the variable rate gets re-set on July 1).

Stafford borrowers have the opportunity to " lock in" the current low rate for the remaining life of their loan by refinancing the loan through the Federal Loan Consolidation program-- if this is done between July 1, 2001, and June 30, 2002, the rate will be fixed at the 5.99% level, rounded up to the next 1/8%-- in other words, the lock in rate will be 6.00%.

If you have borrowed from more than one source or even heavily from a single source, and the total amount borrowed is burdensome (your lender can help you assess this), you may wish to renegotiate your loans into a single new loan under the Federal Consolidation Loan program. The old loans would be paid off and the amounts transferred to an entirely new loan with its own promissory note, guarantee, interest rate repayment terms, and payment history.

The new loan would provide more convenient repayment arrangements (such as lower monthly payments, extended length of loan repayments, and the ability to combine multiple student loans into one loan). Loan consolidation can be arranged through many commercial lenders through the Federal Loan Consolidation program or directly with the federal government using the U.S. Department of Education Direct Federal Loan Consolidation program.

This income contingent loan consolidation option is available to all borrowers who had a Federal Stafford Loan or a Federal Direct Loan-- with it all loans are brought together into a new consolidated loan with monthly payments established according to income level. The repayment period will last as long as it takes to pay the loan off under this arrangement, but if the income-contingent loan is not paid off after 25 years, the rest of the loan is paid by the government, and the debt obligation is fulfilled at that time.

  Students who simply desire to combine their loans but prefer to choose a regular repayment plan such as the standard 10-year repayment period, an extended-years plan, or a graduated repayment arrangement beginning with lower payments that increase in time can contact one of many lenders that participate in this program.