After graduation, it is difficult for postgraduates to find employment in the competitive working world. Coupled with the increasing prices of tuition and costs associated with college life, it's becoming more burdensome for graduates and undergraduates to be able to pay for these costs without taking out multiple loans.
Loan consolidation companies such as E-Student Loan Consolidation can make it easier for postgraduates to cope with the costs of students loans and their interest rates.
VARIETY OF REPAYMENT PLANS
E-Student Loan Consolidation provides several options for repayment of federal loans.. These include:
- standard repayment: this provides the graduate with five to ten years to pay off the balance of the consolidated loan. This is the default repayment plan if the graduate does not choose one. The monthly payments are much higher, but allows the graduate to pay off the loan in the least amount of time.
- graduated repayment: payments start low and increase over time, for a period of two years. This kind of repayment plan is best suited for those who have gradually increasing earning from their employment. Consolidated loans must still be paid within a ten-year period.
- extended repayment: extended repayment is available if the principal is outstanding and the interest owed is more than $3000. The period of payment is extended to 25 years, meaning that monthly payments are much less than in the standard repayment plan.
- Perkins Loans Repayment: Perkins loans have a minimum monthly repayment fee which is set by law. For those loans after October 1992, the monthly fee is $40, and the period for repayment can be extended if the graduate suffers from extenuating circumstances. However, this means that the interests are much higher than normal, since they accrue during this time period.
Deciding on a repayment plan should fit the graduate's economic lifestyle, state of employment and how much he is earning.
E-Student Loan Consolidation does not have a minimum or maximum amount of federal loans to qualify for their consolidation program, unlike other loan consolidation companies. This means that more graduates can qualify for their consolidation packages. They will provide aid to any graduate that is interested in their consolidation program.
Private loans still have a limit of $7500-$12,500 in loans, and requires that graduates have a steady income of $2000 a month, or a cosigner with that much income, and repayment is for a period of a maximum 30 years, regardless of the amount of the loans themselves.
COVERS BOTH FEDERAL AND PRIVATE LOANS
It is not very often that a loan consolidation company will provide services for both federal and private loans. However, E-Student Loan Consolidation does provide consolidation for both federal and private loans, as well as a number of benefits for each. It is advised, however, that they should not be consolidated together in order to avoid the benefits and rights of the federal loans being eliminated.
However, E-Student Loan Consolidation does not provide deferment options for graduates who are struggling to make their monthly payments, and forbearance is only available on a case-by-case basis.
E-Student Loan Consolidation is a good choice for those graduates who have either federal or private loans or a combination of both, because of the wide variety of options and benefits that E-Student Loan Consolidation(Visit here for more information) provide.