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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
Should I consolidate my college loans or not?
1. Still in school, yes! Rates are low, but they're scheduled to
go up. Your college loan payments will then remain as manageable
as possible when you leave school. If you have graduated, or
will be graduating this May or June, yes! Graduates can lock in
historical low rates, and reduce their monthly payments more
than half. You can lock in a rate even while still in school,
and even if you have been out of school for a couple of years
can get a good deal, too.
2. The newest twist in the consolidation puzzle is the "in
school consolidation", affecting students who are currently
enrolled and will be enrolled past the July 1 consolidation. You
can consolidate your existing college loans now to secure the
low rates for at least part of their student loan portfolio.
3. Consolidating could save thousands of dollars in interest
payments on college loans. There are impending student loan rate
changes and new interpretation of regulations by the Department
of Education, also, Congress is considering ending the
fixed-rate program. Experts are urging students to consolidate
to relieve themselves of a higher debt load.
4. Many students and families are looking for a simple, clear
answer about whether to consolidate college loans or not. The
simple answer is to take some of the bite out of the debt by
loan consolidation. You could live like a miser and save as much
money as possible or consolidate your federal student loans now.
5. For students still in school, you have an opportunity to
choose consolidation. Consolidating would put a college loan
borrower into repayment status, but the student can defer
payments until after graduation by making a deferment request.
Consolidating today can have payments put off until graduation.
6. The federal loan program allows consolidation, which is when
a borrower pools his student debts together so that only one
monthly payment is necessary, rather than several. It's not just
the convenience of one payment that is making consolidation so
compelling. The most significant aspect of the program is that
it allows a person to permanently lock in a lower interest rate
on loans. These loans are backed by, or granted directly by, the
federal government.
7. Rates for federal Stafford loans, the most prevalent type of
student loan, as well as some other types of federal student
loans are set annually based on the rate of 91-day U.S. Treasury
bills at the end of May. The exact rate won't be known until the
end of the month, but experts say it will be about 2 percentage
points higher. (Private loans and federal loans cannot be
consolidated together.)
8. For the first time, the U.S. Department of Education will
allow students still in school to consolidate federally backed
loans. Federal PLUS loans can also be consolidated. PLUS loans
are used to help pay the cost higher education.
9. Students, regardless of enrollment, should absolutely
consolidate their college loans, arranged through the student's
lender. There are no fees, no credit checks, and interest rates
are expected to move higher. Those are good reasons to
consolidate.
10. Act quickly to put lock on current federal-aid interest
rates. Graduates should act now to insulate themselves from a
drastic rate change. Apply early. Do not wait until the last
minute to file paperwork. Those who have already graduated or
left school should not wait to investigate consolidation. In the
first six months after graduation, you are in a grace period.
Within that six-month window, you can lock in a low rate on
Stafford loans and spread the repayment over as long as 30
years. If you're going to consolidate, now is the best time to
do it.
About the author:
Georgio Heberto is dedicated to offering news, articles, and
instruction on financing college education. You have a definite
choice in how you finance your education and beyond. Visit http://www.atopeducation.com
for more information.