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Federal Student Loan Refinancing
Federal Student Loan Consolidation is a financing facility that allows a borrower to merge his several federal student loans into a single new loan, and thereby bring them under one repayment plan. Federal student loans are generally issued or guaranteed by the United States government and comprise loans from the US Department of Education as well as the Department of Health and Human Services. These do not require any collateral security, and in contrast to private student loans, have low rates of interest. The Stafford loan is one of the most popular federal student loans.
When a borrower consolidates federal student loans, the original federal student loans are paid off by a loan consolidation company or by the Department of Education. Then, a new loan is created with one monthly payment. One of the prime advantages of federal student loan consolidation is that it lowers ones monthly payment by up to 60%. Low fixed interest rates, reduced monthly payments, and retention of subsidy benefits are other merits. Federal student loan consolidation offers several flexible repayment options and varied deferment options to choose from. Depending upon the amount of the debt amount, the repayment period extends from the standard 10 years to 30 years.
However, certain conditions are to be met for availing federal student loan consolidation. Only loans with an outstanding amount of $7,500 can be consolidated under this scheme. Private student loans are not eligible for federal student loan consolidation. Federal Perkins Loans, Federal Stafford Loans (both subsidized and unsubsidized), Health Professions Student Loans (both subsidized and unsubsidized), Health Professions Student Loans (HPSL), Nursing Student Loans (NSL), Federally Insured Student Loans (FISL), Auxiliary Loans to Assist Students (ALAS), Federal Supplemental Loans for Students (SLS), National Direct Student Loans (NDSL), Health Education Assistance Loans (HEAL), Federal Parent Loans for Undergraduate Students (PLUS), and Loans for Disadvantaged Students are eligible for consolidation.
Avail Low APR Loan to take care of short term finance crunches
Taking loans means a costly affair and yet another financial burden on oneself. Before availing a loan, one should first calculate the cost of availing that money. This entire financial exercise will provide a clearer picture as to how much extra a person will be paying in order to handle a particular emergency or requirement through the loan.
People are on a look out for a low apr loan which means a low annual percentage rate of interest. The lower the rate of interest,the cheaper the loan. These days people find it convenient to avail loans through online money lenders.
Most of the online money lenders offer instant unsecured loans and pay day loans. The most vital criteria for availing such loans are
1.The loan borrower is a resident of UK 2.The loan borrower is above 18 years of age 3.The loan borrower operates a bank account 4.The loan borrower has a source of regular income
Once the person interested in availing loans puts in an loan application online. He can wait for the loan approval which is usually done with 24 – 48 hours and can enjoy almost instant credit of the loan amount into the bank account. These unsecured loans are usually approved without much delay and without asking questions of any sort.
Low apr loans are suitable for tiding over minor cash crunch situations such as repair of a vehicle, a boiler repair or payment of credit card dues to name a few of them. The low apr loans are issued for short periods say 2 3 weeks maximum. In most cases, the borrower has to repay the loan by the next pay day, if a pay day loan has been availed.
With a large number of online money lenders ready to offer loans, it would be wise to collect as many online loan quotes and compare them before choosing the most suitable one. Most important points to check out for include
Rate of Interest charged Loan repayment schedule Loan repayment amount Terms and Conditions Default Terms and payments
At a future date, repayment of Low APR loans should not cause a problem. The borrower should be confident of repayment the loan instalment amount within the predetermined term. In case of a delay in payment or default, the penalty along with the loan amount is likely to be very high, leading to additional financial burden on the borrower.
Availing Low APR Loans is easy and feasible. The presence of large number of money lenders online does simplify the task of availing loan as fast as possible. At this point it is crucial to look out for the lowest APR Loan available in order to lower the financial burden.