Student Financial Aid

Recent studies indicate that two out of every three college seniors will have to payoff a student loans debt of approximately $22,000, and that debt is increasing every year.

The cost of college has been rising at about twice the inflationary rate and because of the state of the economy it's getting more and more challenging for students to get the financial help they need to help take care of their educational needs. Because the number of available grants and scholarships have declined many students are now using credit cards to finance their education. That's a very scary situation with credit card interest rates being as high as they are.

In order to alleviate potential problems, many students are now doing whatever they can while they're still in school to pay off their student loans debt. This way the financial burden will not be as great once they graduate.

Here are seven ways to lower your student loan debt. Some are for those still in school and others for those of you who have already graduated:

1. Go to your campus employment office and see if there is a work-study program. Although work-study jobs often pay minimum wage, the money you save can really add up over the course of your college education.

2. Get an internship during summer vacation. If you can save even half the money you earn you can substantially reduce your student loan debt once you graduate.

3. Go to your campus financial aid office and find out if your school offers financial aid programs for its students.

4. Apply for as many scholarships as you can. The more you apply for the better your odds. If 10% of the scholarships you apply for accept you and you apply for 100 scholarships you will get 10 scholarships. Even though it's a lot of work now it can save you many thousands of dollars and help you to sleep more easily in the future.

5. Apply for grants such as the Federal Supplemental Educational Opportunity Grant Program (FSEOG), the Federal Pell Grant, and the Leveraging Educational Assistance Partnership (LEAP).

6. Perform volunteer work in exchange for reducing your student loan debt. You can consider joining the Peace Corps or Americorps. As an alternative you can teach or provide medical or legal services in a number of low-income areas.

7. Start investigating student loan consolidation. After graduation, if you consolidate student loans, you will be able to combine all of your loans into one loan that can offer you a lower interest rate as well as extend the amount of time you have to repay your loans.

Student loan consolidation can potentially knock literally hundreds of dollars per month off your loan payments.

One of the toughest things to decide is to go to college and take out loans because you know that when you graduate you are going to have to pay the loans back. The reason many people take this path is because they don't know that there are many other possibilities for them to choose from. One of these possibilities is actually joining an online Internet business and I will be identifying three reasons why you should choose this over the college route.

#1 No Loans Needed To Get Started

In order to get started in an online Internet business you do not need any loans because there are many ways to start for an affordable investment. Believe me when I tell you that you would not be paying thousands of dollars and this is something that is very powerful because you're going to be learning a lot more than you would in any College. Many of the people that graduate from college graduate into debt but this is not going to be the case for you as you're probably going to graduate into profit.

#2 Earn As You Learn

As you continue to learn about your online Internet business and how you're going to be successful at it you will be able to earn as well by applying the lessons that you learn. This is very powerful because while you go to school you're not going to earn anything until you graduate. Not to mention that everything you earn will probably be going to paying your school loans for many years of your life.

#3 Build Your Future In 4 to 5 Years

You're going to be able to build your future in 4 to 5 years by being part of an online Internet business and this is the exact time that it will take you to graduate from college into debt. So you can literally say that in the time that it took someone to graduate you will probably have your business empire growing on a consistent basis.
Do you want to learn more about how Willox Perez runs his home based business online? He has just completed a brand new marketing system.

You can see it FREE here- http://www.WorkInYourUnderwear.info

Willox Perez is a veteran home based business expert who is revolutionizing the way business is done on the Internet by creating a community, building friendships and establishing trust.

You may have heard the term "student loan forgiveness" before. However, most people simply assume that they will not be able to take advantage of these types of programs because they seem too good to be true. Student loan forgiveness programs literally forgive your debt. You do not have to pay it back. The end result is that you have basically had a "scholarship" for part or all of your college tuition and educational training.

However, you definitely will earn this "scholarship" if you receive it. Generally, student debt forgiveness is based on your career choice. If you choose a career in public service and remain in that career for a decade, then not only will the federal government forgive any remaining debt, but in some cases they will actually cut you a check for some of the payments that you did make over that period of time. And you may be surprised at the types of careers that can qualify you for student loan forgiveness. Examples of public service careers include not only firemen, policemen and community defense personnel, but also doctors and lawyers who work with underprivileged clients and people who do a variety of charitable works as part of their job.

If you believe that your career may qualify you for student loan forgiveness, then you should immediately start gathering documentation. For example, a yearly written job description from a supervisor, highlighting the things that you do to make your job "public service" can go a long way in this type of case. Also, make sure that you have documents proving how long you have been employed in that position. Go ahead and contact any relevant government programs to find out exactly what they will require for you to get your student loan forgiveness so you can gather as you go rather than waiting until your decade is up and then hoping you can make and prove your case. 

Of course, certain types of loans are more likely to qualify for college loan forgiveness than others. Federal student loans nearly always do. However, if you are a parent who has taken out a PLUS loan, you are probably not going to be eligible for student loan forgiveness regardless of you or your child's career choice. This does not rule out your chances at getting your loan forgiven entirely though. If there was a failure in the educational system where your child attended, then you may be able to make a case.

When it comes to student loan forgiveness, dedication and attention to detail is the key to your success. Make sure that you have thorough documentation of all your qualifying work. Be persistent but always polite to lender representatives and program aides. You will find that they are as eager as you are to find a way to help you get loan forgiveness if you qualify.

Cheap student loans are becoming harder and harder to come across due to the tightening of credit markets around the world. Cheap student loans are becoming particularly difficult to find in the private student loan sector, with more and more private lenders boosting their interest rates for less-than-ideal borrowers and other sorts of unique situations. If you are looking for cheap student loan financing then you need to become aware of your situation both in terms of options and personal circumstances so that you can eventually get the financing you need.

This means that you must first understand that private student loans are a credit-based loan product that will depend heavily on your personal credit and income. This means that to get the cheapest private student loan possible you must have both good credit and a good income, and if one of these are missing then you might not even be able to get approved by some private lenders. The better you credit score is the better interest rate you'll be able to secure and this will translate into less money you'll have to pay each month for your student loan.

Some of the best private student lenders that can offer you the cheapest college loans are the ones that offer what are called fast student loans. Fast student loans are essentially private college loans that don't have to be certified by the school you are attending, and for many students these kinds of loans can provide the additional layer of security that can allow them to get a great interest rate but at the same time save the most money. The private lenders that provide such fast student loans can be found all over the Internet, and these kinds of lenders will typically make it well known on both their website and in their advertising that they provide student loans that don't require school certification.

Once you apply for these kinds of fast student loans and you are approved then you can normally receive your money in less than two weeks, and the check can be sent straight to your home address. This will allow you to avoid any "rate-capping" or other sorts of practices that can keep you from getting the best rate for your student loan. As long as you have your application all ready to go you should have no trouble getting these types of college loans, and in the end that will mean more money in your pocket over the long-term.

The best student loan consolidation program is the program that offers you the lowest student debt consolidation interest rate as well as the best terms of agreement. To obtain the best offer, it requires a lot of time and effort in searching and evaluating the program which suits your needs most. There are 4 key steps you need to take to obtain the best deal.

Step 1:

Do thorough research

In order to get the lowest study loan consolidation interest rate for yourself, you need to put in some hard effort. Do some research either online or offline to find out more information about student debt consolidation from the banks and credit unions. You need to compile all the interest rates as well as the basic terms and benefits offered by the lenders.

Step 2:

Do comparison carefully

The interest rates for student loan consolidation may vary from one program to another. You are advised to make a comparison chart by listing all the interest rates and terms offered. By looking at the chart, you are able to see clearly which financial institutions are offering the lowest loan consolidation interest rate. 
  
Step 3:

Evaluate all the terms offered

After comparing the interest rates, you are then required to evaluate the terms and benefits offered. You are reminded not to look at the interest rate only, you need to consider all the terms offered to you. You should not choose the program which offers you the lowest interest rate but all the terms are not in favor of you.

Step 4:

Negotiate further

Before making your final decision, it is recommended that you should find the opportunity to negotiate with the lenders further. You may stand a chance to negotiate for a lower interest rate or better terms. 

By taking the 4 key steps above, you may stand a better position to reduce your student loan and save some costs.

1. NATIONAL SCHOLARSHIPS

There are two major sources of National Scholarships:

i. Ministry of Education (MoE)

ii. Higher Education Commission (HEC)
The Higher Education Commission of Pakistan (HEC) offers following two types of scholarships to Pakistani Students:

a. HEC Scholarship Programmes:

Under this program, The Higher Education Commission of Pakistan (HEC) provides a number of scholarships to the Pakistani students for the professional & higher education. The scholarships are provided for various Undergraduate, Masters and PhD programmes, both within the country and foreign universities. These scholarships are advertised through major national newspapers and are also available on HEC website. (http://beta.hec.gov.pk/Pages/main.aspx)

b. HEC Foreign Fellowships
The Higher Education Commission of Pakistan (HEC) also annouces various foreign fellowships that are mostly sponsored by a foreign partner. The details of such fellowships are provided on HEC website here.




2. INTERNATIONAL SCHOLARSHIPS

Here are some International scholarship programs available for Pakistani Students. Further detail is available at the link given below under each heading.

1. Sheffield University Scholarship
http://www.sheffield.ac.uk/pakistan/scholarships.html

2. British Council Scholarship
http://www.britishcouncil.org/pakistan-education-scholarships.htm

3. Deutsche Botschaft Islamabad Scholarship
http://www.islamabad.diplo.de/Vertretung/islamabad/en/06/Studieren__in__Deutschland/Stipendien.html

4. The British Chevening Scholarships
http://www.chevening.com/about/countries/pakistan/index.html

5. NRF Research Postdoctoral Fellowships
https://rita.nrf.gov.sg/AboutUs/NRF_Initiatives/NRF_RF_2008

6. HEC-Japanese Need Based Scholarship

http://www.fui.edu.pk/web/page.asp?id=440

Some other scholarships available for Pakistani students include:

• Japan Scholarship Program at National University of Singapore
• Endeavour International Scholarship, Curtin (Australia)
• Doctoral Research Grants, University of Heidelberg (Germany)
• Harvard University Faculty Fellowships
• Monash Graduate Scholarship, MGS (Australia)
• Research Fellowship Program for Young Muslim Scholars
• World Bank Graduate Scholarship Program - JJ/WBGSP (Japan)
• Studentships in Law, Arts, Social Sciences (UK)
• DAAD Scholarships for Pakistani students (Germany)
• Postgraduate Research Scholarships, La Trobe (Australia)
• Fellowships at Woodrow Wilson Center, Washington (USA)
• Rhodes Scholarship 2009, University of Oxford (UK)
• 2009-10 Fellowships in International Human Rights (HRW, USA)
• Undergraduate Scholarships for International Students, Western Australia
• Canon Foundation Scholarships 2009
• 2009 Endeavour Awards in Australia open for International Students
• DUHS Scholarship for Higher Studies
• World Bank - Young Professionals Scholarship Program
• Full Scholarships in Huazhong University of Science and Technology (HUST), China
• Commonwealth General Scholarship Program 2008

Besides above mentioned scholarships, there are many other scholarship programs available for Pakistani students. Most of the universities provide merit based scholarships, so it is better to contact university you select, to know about scholarship programs available at that particular university.

NOTE:

There are a lot of scholarships to Pakistan Students offered by USA, UK, Australia, Germany, Japan, New Zealand and some international organization. The detail of these scholarships will be uploaded at this blog shortly. So add this blog to your favourites and keep on visiting http://loanorg.blogspot.com/

Please forward this link to other pakistani students so that they may get some financial assistance.

School certification would be required by many private lenders who are giving out the private student loans. Federal student loans are the best financial solutions for students. But the major problem with these financial solutions is that the money obtained through these loans would not be sufficient enough to handle all the expenses. A private student loan is always necessary to manage all the expenses associated with the college education. In such cases, the private college loans provide great relief to all students.

To obtain these loans with no school certification, you need to search for lenders who are ready to give loans without the involvement of your institution. This is not very hard to obtain at all. You just need to search everywhere in the internet where basic information about the student loans is given. There are many websites where the side by side comparisons between various lenders are given. These will provide massive help to students in picking the best offers.

But the private lenders are going to depend on the credit score for their loan approval. If you do not have a good credit rating, a credit worthy cosigner will be the ultimate solution to get the college loan. Lenders would never agree to give loans if you have a bad credit and are not able to provide a cosigner. Since these lenders need to be paid only after graduating, there will be no pressure on you initially. But once the college education is over, you have to start paying the lender. So be patient and get a lowest interest rate loan so as to avoid problems in the future.

In April 2009, the Student Loans Company announced that it will now be registering defaulting customers with the credit reference agencies (Experian, Equifax and Callcredit). Initially, this will only target customers who took out loans before 1998. Student loans taken out after 1998 are collected by HM Revenue and Customs (HMRC) with payments taken directly from earnings. This makes it much harder for these customers to avoid paying their debt.

The student loans Company believes that it has up to 60,000 customers who took out loans before 1998 who are failing to pay. Loans in default that will be registered with the credit agencies include those still owned by the student loans company itself and also Honours Student Loans which purchased a number of the loans over the past 10 years. The Student Loans Company believes that half of these (30,000 individuals) will end up being registered as defaulting with the credit reference agencies.

Defaulting clients will be given 28 days to agree a repayment or deferral plan. After this, customers who have not deferred and are not meeting repayment obligations will be registered with the credit reference agencies. Once a default is registered, it will remain on the individual's credit file for 6 years in line with the current industry practise. The default will show up if and when the defaulting client tries to apply for credit in the future. Many credit card companies and high street lenders will then be put off from offering new credit agreements or extending existing facilities.

The question is whether this new initiative is a good or bad thing? Prior to the initiative's launch, information about the non payment of student loans company debts was not disclosed. This meant potential lenders had no idea that the customer had a past history of credit problems. Arguably, this was not a satisfactory situation for either the debtors or potential lenders as people who were not in a position to repay their current debts were being offered additional credit.

Over the past 10 years, I have seen the negative effect of this situation. I have worked with many graduates who have taken student loans which they have not been able to repay on leaving higher education. If a graduate is lucky enough to find a job after leaving university, many find that they continue to borrow to fund their more expensive lifestyles. Subsequently they fall deeper into debt which is made even more difficult to repay because of their student loan repayment obligations.

Of course, controlled borrowing does not necessarily lead to credit problems. I strongly believe that where people are maintaining their student loan repayment, obligations, then they should have the opportunity to take further credit. These facilities can be vital in helping a graduate establish a new career which may require new accommodation, clothing and increased living expenses. However, I agree with the Student Loans Company when it argues that it is vital to make data on its problem clients available to potential lenders. If this does not happen then there is an increased risk that those already struggling to repay what they owe will be offered further credit and fall deeper and deeper into debt.

I would think that commercial lenders will also welcome this development which gives them the opportunity to minimize their losses by not lending where they feel that the risk of non payment is too great. Ultimately, if individuals who are defaulting on their student loan repayments are allowed to take further credit, it is likely that there will be difficulties with the repayment of the commercial credit into the future. If this happens and the individual then chooses to declare them self insolvent (entering into either an Individual Voluntary Arrangement (IVA) or Bankruptcy), the student loans Company is protected as their debt will not be written off within these procedures. However the commercial lenders will lose their shirts. This is clearly not a good prospect for lenders or the wider economy which, as we have seen in the past year, may suffer greatly on the back of unpaid bad debt.

Worldwide student loan consolidation is not as hard as it sounds. Research and diligence are two tools that are needed for this task. Below are three tips on how to make this process a little less daunting.

Consolidation From Abroad:

Assuming that you obtained private loans in order to study abroad, you may find that consolidating the loans is tough. Not only is it tough to find companies who are willing to consolidate loans that were for use overseas, you will find that the interest rates are much more expensive than loans given to students who studied at home. The first tip would be to search online and find the lowest interest rate. You can easily use a search engine to find these companies. Once you have found the directory, you will want to do research on the company. Choose a company that has the lowest interest rate but at the same time a company that is well established and always read the fine print.

Consolidations: Federal Or Private:

The same rules apply when searching for a worldwide student loan consolidation when you went to school in your home country. You have a choice of using federal or private companies. Federal loans will almost always have the lowest interest rate and you can find them fixed if that is what you prefer. However, soon all federal loans in the US will be fixed which will keep you from saving when variable rates go down. Private loan consolidators have a higher interest rate and mostly use a variable interest rate. This has its pluses and minuses too. With a variable rate you could end up spending more than you would on a fixed rate consolidation if rates rise.

Worldwide Student Loan Consolidation:

There are private institutions that may help with student loans whether you studied abroad or you studied at home. You should obtain a list from your college that will help with the decision making process. Your college whether overseas or not will help with any and all loan requests. You need only make an appointment with financial aid.

If you are student you can obtain worldwide student loan consolidations though perseverance and patience. You will want to take the time to assure you are getting the best possible deal from a reputable company.

Wish you had enough money to take an overseas vacation? Or renovate your home? Now you can
realize your dream with a Personal Installment Loan from HSBC. This convenient and easy-to-obtain all-purpose loan does not require invoices or quotations of whatever you intend to purchase.
Benefits
All purpose Loan 
No personal guarantee - no cash security 
Wide range of loan amounts - the scheme covers loans ranging from PKR50,000 to PKR500,000 (up to a maximum of ten times of your monthly income) 
Simple and easy documentation when applying for the loan 
No hidden costs with low processing fees 
Flexible repayment period - You can repay the loan in the form of equal monthly
installments (EMI) in 12 to 60 months. Just choose whichever suits your needs. Your monthly installment will be debited from your personal account held with us.  
Wish you had enough money to take an overseas vacation? Or renovate your home? Now you can
realize your dream with a Personal Installment Loan from HSBC. This convenient and easy-to-obtain all-purpose loan does not require invoices or quotations of whatever you intend to purchase.

Benefits
All purpose Loan 
No personal guarantee - no cash security 
Wide range of loan amounts - the scheme covers loans ranging from PKR50,000 to PKR500,000 (up to a maximum of ten times of your monthly income) 
Simple and easy documentation when applying for the loan 
No hidden costs with low processing fees 
Flexible repayment period - You can repay the loan in the form of equal monthly
installments (EMI) in 12 to 60 months. Just choose whichever suits your needs. Your monthly installment will be debited from your personal account held with us.

Eligibility
Age between 21-60 years. 
Minimum monthly income of PKR30,000 for permanent and contractual employees

Pursuant to the announcement made by the Federal Finance Minister in his 2001-2002 budget speech, a STUDENTS LOAN SCHEME (SLS) for Education was launched by the Government of Pakistan in collaboration with major commercial banks of Pakistan (NBP, HBL, UBL, MCB and ABL). Under the Scheme, financial assistance is provided by way of Interest Free Loans to the meritorious students who have financial constraints for pursuing their studies in Scientific, Technical and Professional education within Pakistan.

The Scheme is being administered by a high powered committee comprising Deputy Governor, State Bank of Pakistan, Presidents of the commercial banks and representative of Ministry of Finance, Government of Pakistan.

ADMINISTRATOR OF THE SCHEME

National Bank of Pakistan

ELIGIBILITY

Under the scheme the students are eligible to apply for loans provided:He/She has obtained admission on merit through normal course/procedure in the approved Universities/Colleges of the public sector mentioned hereunder. He/She falls at the time of admission within the age bracket of:-

For Graduation Not exceeding 21 Years
For Post-Graduation Not exceeding 31 Years
For Ph.D Not exceeding 36 Years

He/She has secured 70% marks in the last public examination.
He/She has undertaken the study of the subjects given below.
He/She is unable to pursue studies due to financial constraints.More Info Click Here :

More Info Click Here :
http://www.nbp.com.pk/StudentLoan/

When a student first applied for several student loans from several different agencies and student loan providers, they each gave a different interest rate and term for paying back the loans. The idea of student loan consolidation, is to take all the different student loans and put them into one easy convenient loan. You then only have to make one monthly loan payment every month, instead of several loan payments every month over time. This saves the student both time and money. Having a lower interest rate and less checks to write every month are a couple of advantages of doing a student loan consolidation.

Credit Check Before You Get Student Loan Consolidation Rates And Payment Plans

The most obvious way to get the best student loan consolidation rates and payments, is by having great credit. It's easy to get great student loan consolidation plans with a credit score, also known as FICO, over 660. But, there are several ways to get the best student loan consolidation rates and payment plans.

You can do a simple online search on FICO and credit scores to find the information you need to check out your credit score. Knowing your credit information should be your first step to getting the best student loan consolidation rates. With knowledge, you will get the best student loan consolidation rates for your financial and credit situation.

Student loan consolidation rates and plans can vary from person to person. The loan rates offered will be based on your financial situation and credit. With a FICO credit score under 600, it can be a challenge to get a good student loan consolidation rate and plan in most cases.

7 Aspects To Consider With Student Loan Consolidation Plans

1. Lower Monthly Payments. Depending on your student loan situation and the type of lender you choose, you may be able to lower your monthly payments by up to 50%

2. Having Simple Loan Payments. By consolidating your student loans, you only have one loan payment per month and one check to write. This is very beneficial if you are writing several checks every month to multiple lenders.

3. Having Fixed Interest Rates. With some federal consolidation loans you can have a fixed rate for the life of your student loan. It's best to do research to see what the best interest rates and term you are eligible for. You can check online to calculate the interest rate on a new student consolidation loan based on the rates of your current student loans. You can then round up to the nearest 1/8th of a percent of the weighted average of the interest rates on your eligible student loans.

4. Extending Your Payment Period. You may have a lot of student loan debt. With federal consolidation loans you may be able to extend the payment term up to 30 years. It's a good idea to realize you will end up paying more interest over the life of your student loan consolidation. The idea is to get some leverage until your career takes off. You can focus on making money instead of several monthly loan payments.

5. In School Consolidation Programs. While still in school, eligible students can lock in a low rate. This would put you into repayment status, but since you are still in school, you are automatically put into deferment. The drawback of consolidating your loans while in school, is that you lose your 6 month grace period. The solution to this would be to request forbearance for up to 1 year on your student loan consolidation. Here again you can do some research and get more information online.

6. Lower Interest Rate. Student loan consolidation can save you thousands of dollars. You may be using credit cards with 10% to 28% interest trying to keep up with your bills. This can cost you thousands of dollars when you pay the minimum monthly payments on high interest credit card debt. Having a student loan consolidation may be your best option if you can get lower interest rates when consolidating your student loans.

7. New Interest Rates. With a new student loan consolidation, you may be able to get a much better interest rate. Interest rates are now at an all time low. You may have been paying on debt you built up from several years ago, at high interest rates. Things change over time in the financial industry.

Resources Online For Student Loan Consolidation Rates And Payment Plans

With today's Internet resources, you have an advantage when looking for the best student loan consolidation rates and plans online. If you take some time to do research on the process of getting the best student loan consolidation rates and plans, you may be able to save yourself the high costs on student loan consolidation.

Online website services can make it easy to see if you qualify. There are many tools and ideas online to help you get the best rates and plans available for your student loan consolidation needs.

About the author: Dean Shainin is a consultant specializing in student loan consolidation. Get valuable resources, tools, information and more articles on student loan consolidation, visit this site: http://www.studentloanconsolidationtips.com(Copyright 2005 Dean Shainin)

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Student Assistance Foundation's mission is to provide students and families with the knowledge and tools to finance and pursue their postsecondary education. SAF uses proceeds from its student loan servicing business to offer a range of programs that include grants, community outreach, counseling and training on education finance planning.
(refrence: ww.safservices.org/)

If your scholarships, grants, and federal student loans don’t cover the total cost of your education, you can still get the money you need for school. Our private student loans are available to undergrads and graduate students for tuition and fees, room and board, and your other education-related expenses: books, supplies, your trips home, even a laptop.

* Please be aware that due to current conditions in the student loan market in particular and in the financial sector in general, NextStudent is not currently able to accept any new applications for NextStudent Private Loans. However, you may be able to apply for a private student loan from one of our trusted partners.

Cover up to 100% of your college costs.

Get the money you need for college or grad school. With a NextStudent Private Loan, you can cover up to 100% of your higher education expenses. Get from $3,000 up to $45,000* a year to pay for those college and grad school expenses that your scholarships and federal financial aid didn’t cover.

For the most part, students struggle to fund their international education. Scholarships and grants are always available, but if you are one of the lucky ones to receive one it will still not cover all your expenses. That is where an International Student Loan will help you. Our lender partners offer n o application fees or other out-of-pocket fees and preliminary approval in as little as 15 minutes. Normally, funding is very quick, but currently processing and funding times have slowed down.

Each year over 200,000 Americans study abroad and nearly 600,000 international students come to the USA to study. However, studying abroad often requires financial assistance for extra expenses such as travel, accommodations and materials, which can make it a greater financial commitment. InternationalStudentLoan.com is here to help, by offering a range of international student loans and study abroad loans to international students and Canadian students in the USA and for US Students studying around the world.

Both federal student loan consolidation and private student loan consolidation offer the benefit of a significantly lower monthly payment and simplified finances. If you want to consolidate student loans, begin with your federal Stafford, Parent PLUS, Perkins, and all Federal FFELP and Federal Direct Loans that were taken out for your education. Private student loan consolidation is a separate program that allows you to refinance all non-federal, education related debt.

Even if you can make the monthly payments from your original school loans, you may still want to consider consolidating to lower your payments and free up money for bills with higher interest rates. These include credit cards and personal loans, neither of which have tax-deductible interest.

Higher education loans differ from scholarships and grants in that they must be paid back. They come in several varieties in the United States:
Federal student loans made to students directly: No payments while enrolled in at least half time status. If a student drops below half time status, the account will go into its 6 month grace period. If the student re-enrolls in at least half time status, the loans will be deferred, but when they drop below half time again they will no longer have their grace period. Amounts are quite limited as well.
Federal student loans made to parents: Much higher limit, but payments start immediately
Private student loans made to students or parents: Higher limits and no payments until after graduation, although interest will start to accrue immediately. Private loans may be used for any education related expenses such as tuition, room and board, books, computers, and past due balances. Private loans can also be used to supplement federal student loans, when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of higher education.

Student debt is a form of debt that is owed by an attending, withdrawn or graduated student to a lending institution. The lending in question may usually be in the form of a student loan, but debts may also be owed to the school itself if the student has dropped classes and withdrawn from the school (especially if a low- or no-income student has withdrawn with a failing grade, which would functionally deprive the student of the ability of further attendance by disqualifying the student of necessary financial aid); such due payments may be a retroactive penalty for services rendered by the school to the individual, including room and board.

As with most other types of debt, student debt may be considered defaulted after a given period of non-response to requests by the school and/or the lender for information, payment or negotiation; at such a point, the debt is turned over to a Student Loan Guarantor or a collection agency. Furthermore, until the student debt (also known as "financial obligations") is paid in full, most educational institutions will retain control over student records and transcripts long after the student has ended his or her attendance to the school, functionally disqualifying the student from attending another educational institution that is demanding of a full archive of the student's past attendances; however, if the student either begins to make a monthly payment to alleviate the debt or pays the debt with another student loan, the former school may allow for an unofficial copy of the transcript to be sent to the latter institution in order for registrar of the latter institution to remove a hold on further attendance.