If you’re planning to fund your nursing education with a student loan, take a few moments to learn about loan consolidation. Chances are, you’ll need several student loans to cover the cost of completing your online nursing program. But since loan consolidation combines multiple student loans into a single loan – one with new repayment terms, a lower interest rate, and a lower monthly payment — it makes the burden of paying off those loans a bit easier.
A student loan consolidation can also lengthen the time it takes to repay a loan without you having to pay penalty fees. It can additionally lock in a low interest rate so you’re not loaded down with costly (and often ridiculous) variable interest rates. And there’s even better news.
Student loan consolidation is free. There are no fees for consolidating nursing school loans and the process is available for a wide variety of loan programs, such as:
· Subsidized Federal Stafford Loans & Guaranteed Student Loans (GSL)
· Direct Subsidized Stafford Loans
· Direct Unsubsidized Stafford Loans
· Direct PLUS Loans
· Direct Unsubsidized Consolidation Loan, including Direct PLUS Consolidation Loans
· Unsubsidized and Nonsubsidized Federal Stafford Loans
· Federal Nursing Loans
· Health Education Assistance Loans
· Federal Perkins Loans
· Federal PLUS (Parent) Loans
· Subsidized Federal Consolidation Loans
· Unsubsidized Federal Consolidation Loans
· Federal Supplemental Loans for Students
It only takes about 15 minutes to apply online (www.financialaid.com) and gain instant access to a fixed low 3.5% interest rate and a single, a low monthly payment reduced as much as 54%. For additional savings, be sure to sign up for (1) the Borrower Benefits Package, which provides an additional 1.25% rate reduction and (2) its electronic payment system, which provides a .25% rate reduction.
If you find yourself buried in student loans totally $20,000 or more, make just 36 payments on time and get a 1% rate reduction. Consolidate your loans immediately after graduating and you can lower your rates even more.
If you’re starting to get the sense student loan consolidation is right for you, then you’re on the right track. You don’t need to sign, fax, or mail anything to anyone. Applying online makes the process easy and effortless and it makes enrolling in an online nursing program a very sensible decision.
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