If you are a student in the USA, then you are eligible for federal student loan consolidation from the U.S government.

The option for federal student loan consolidation plans applies for all kinds of students – these may be recent graduates, current students or even those who are working students.

And if your student loan consolidation application has been approved, you have the opportunity to cut down on the loan payment amount you have to pay, and you also might have more time to pay off any of your student loans.

So if you are currently trying to pay off more than one student loan, you can use federal student loan consolidation to combine everything into one single loan payment, which is much easier to pay down.

The Four Types Of Federal Student Loan Consolidation

The U.S government in a bid to attract more students to take up their student consolidation loans have come up with four plans to suit the different needs of students.

Standard Student Loan Consolidation

The premise of this loan is simple – you can request a loan for up to ten years with fixed payment per month. This type of plan is suitable for students who can afford to pay a fixed amount per month. Even if the student consolidation loan amount is quite large, the interest rate normally does not figure in much.

Extended Payment Plan

The only difference between this programme and the first is that this form of student loan consolidation allows for repayment periods of 15 to 30 years. The repayment period is dependent on the student loan amount.

Graduated Payment Plan

This type of plan is suitable for students still schooling and can only repay the student loan when they have a job after they graduated. The payment period is between 15 to 30 years. Another reason why the term is apropos would be the fact that the payment amount tends to steadily increase every two years. The intent is the as the student has worked for a longer period of time, their salary will increase accordingly and thus able to pay a larger repayment student loan.

Income Contingent Payment Plan

The student’s income level over a period of several years would be the main factor in this rather Byzantine payment plan. It is also based on the family’s annual gross income, other loan amounts owed, other assets, mortgages etc.

Because of their simplicity, most students prefer a graduated payment plan or an extended payment plan to meet their federal student loan consolidation needs.

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To make more money, here is a great way to use the assets that you have. It is not necessary for you to sell anything. Taking what you own and leverage it in a wise way in order to help you make even more money from it is all you have to do.

Are you interested? Of course it does. Now, with the best of them, you can leverage your assets.

If you want to get more money, one way to do so is have a secured loan. It’s true that it may seem like that, but a secured loan is an ideal way to make money. To do this, here are some steps:

A loan that provides some kind of asset as a guarantee to a lending agency is a secured loan. So when you apply for a loan, you also suggest that if you cannot pay, you have some kind of asset that will cover the default amount. For some people, it’s their car. For some people, it could be their stock certificates or even their jewelry.

Regardless of what it is, secured loans are what lending institutes like because it reduces the risk they have when lending money. If someone defaults on the loan, then there is little they can do to get their money back which is why unsecured loans are high risk endeavors for them. On the other hand, secured loans are a risk-free investment for the lending agency because they have some kind of guarantee. And because there is little risk to them, they are willing to pass some of that savings on to you in the form of reduced interest rates and longer repayment terms.

Here are ways in which you can make money from it. First, collect all of your credit card bills together. Add up how much you own. Many people owe in the thousands and are shocked to discover that the interest rate is abysmally high. Second, in order to get a secured loan, you need to find an asset that you can use. Next, you can shop around and find a loan provider.

Under one secured loan, you can consolidate those debts that you collected together. That way, you’ll reduce the amount of interest you pay on each debt because secured loans have lower interest rates than credit cards. And, you’ll stretch out your repayment period beyond the short term that credit cards give you. And, even better, you’ll have a fixed amount of money you know you have to pay each month, rather than get surprised every few days with another bill from a credit card company.

You’ll make money you would have spent by consolidating your loan into a UK secured credit card consolidation loan since people often pay half as much above the purchase price in interest on credit cards.

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You may see ads on TV, online, or in the newspaper claiming that your bad credit can be quickly and easily fixed. Don’t fall prey to these scam artists.

Steer clear from companies that tell you that only the credit-repair company can remove old or inaccurate information or truthful information can be changed or erased to improve your credit. These claims are false.

Be wary if you are asked for a large sum of money before the credit-repair company completes the job. You will not be protected from a disreputable company with just a money-back guarantee.

Avoid new credit identities

If you have filed for bankruptcy, you may be the target of a credit-repair scheme, often called “file segregation.” Here, by promising a new credit identity, you are promised a chance to hide unfavorable credit information.

But file segregation is illegal and this can be a problem. If you use it, you could face fines or imprisonment.

Other scams

Consumers looking for an easy fix often are targets of other credit-related scams.

Credit by phone. For credit card scams, pay-per-call or 900-number services have become a popular vehicle. Only a phone call away are “guaranteed” cash or credit loans as promised by advertisements. However, what the caller might only get aside from a phone charge or $50 or more is a list of banks that offer low-interest credit cards or a booklet on how to establish credit. Consumers rarely end up getting credit.

Facts about gold or platinum cards. You should be careful when it comes to promotions for gold or platinum cards that promise to get you credit and build your rating. There are cards that will only permit you to buy merchandise from special catalogs and will not help you obtain other credit although they may sound like all-purpose credit cards. You also might be asked to call a 900 or 976 exchange number for more information. These phone charges add up quickly.

What about the checking-account scam? This scam typically begins with a postcard advertising easy credit approval or low-interest credit card rates which tricks you into disclosing your checking-account number. When you call, your checking-account number is what you are asked to give as verification. Your number can then be magnetically encoded on a draft which is then forwarded to your unsuspecting bank for payment from your account.

Either you call the Consumer Protection Hotline at 1-800-392-8222 or you file a consumer complaint with the Attorney General’s office online if you suspect a credit-repair scam.

Unless you know the company is reputable, then you should never give out your bank account or credit-card number. Avoid being a victim of these credit card repair scams.

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