Student Loan Consolidation

With tuition increasing at a rate greater than the cost of living, college students are depending more and more on student loans to help with the costs of higher education. Over the course of four or five years or longer in the case of graduate students, this adds up to many loans. Whether the loans are from the same lender or program or from different lenders and programs, most student loans can be consolidated under the Federal Direct Consolidation Loan. Consolidating your student loans can occur at any time after you take out your first student loan. The benefits, at least at the moment, are that you only pay one lender and there are several repayment plans to accommodate your financial situation.

There are some basic things to note about student loan consolidation. The first is concerns interest rates. Interest rates for student loans are variable and they change every July 1st. Some years the interest rates go down, some years they go up. This year, student loan interest rates increased by 2% and at 7.14% for those of you in repayment and 6.54% if you are still in school. The trend for interest rates at the moment is in the upward swing and your best bet to avoid the variable interest rate increase is to consolidate your student loans. Student loan consolidation sets a fixed interest rate for all of the student loans you consolidate. At this point we are at the fourth lowest interest rate student loans have ever seen and it is best to consolidate now while they are still low. You don't want to end up paying a 9% interest rate on your student loans. The other important aspect is timing. If you are out of school, then you should simply consolidate your student loans as soon as possible. However, if you are still in school and plan on taking out more loans this year, you want to wait until you receive your loans for the last quarter you are in school this academic year. By waiting, you can consolidate all of the student loans you currently have at the lower interest rate.

Need to consolidate your student loans, here are a couple of resources for you:

No cost student loan consolidation

Lock in a 1.5% Lower Rate Consolidate your student loans. Cut your rate by 52% and save thousands

Consolidate multiple federal student loans with the Student Assistance Foundation, providing Great Low Rates!

College Tuition - Yahoo! News

03/11/2010 05:21 AM

Georgia college tuition going up? (Chattanooga Times Free Press)

DALTON, Ga. — Higher-education tuition increases resulting from state funding cuts could help college revenues but strain students’ wallets, officials and students say.

Tuition, fees going up at Southwestern Michigan College (22 WSBT South Bend)

NILES — Despite fall semester increases in tuition and fees approved this week by the Southwestern Michigan College Board, SMC still offers top-notch instruction at an affordable rate, says Fred Mathews, the board chairman.

Tuition will rise slightly at Cochise College (The Sierra Vista Herald)

By Derek Jordan Herald/Review SIERRA VISTA — The Cochise College Governing Board has voted to slightly increase tuition for in-state students beginning July 1. The unanimous decision by the five college board members to pass the proposed tuition and fee schedule for the next fiscal year also resulted in an increase in dorm room rates and the elimination of the cheaper meal plan. read more

Utah college tuition expected to increase by 10 percent (KSL Salt Lake City)

Many Utah college students can expect to shell out at least 10 percent more for tuition next year. The University of Utah and Southern Utah University are planning increases between 7.5 percent and 15 percent. Other schools are soon to follow.

Tuition, fees going up at Southwestern Michigan College :Institution still an outstanding value, board chairman says (South Bend Tribune)

NILES -- Despite fall semester increases in tuition and fees approved Tuesday night by the Southwestern Michigan College Board, SMC still offers top-notch instruction at an affordable rate, says Fred Mathews, the board chairman.

Tuition to go up at Kish College (Daily Chronicle)

MALTA – The Kishwaukee College Board of Trustees voted Tuesday to increase tuition and fees for the 2010-11 academic year by a total of $6 per credit hour.

Umpqua Community College considers tuition increase (KMTR Eugene)

UCC School Board officials pass first step in process to increase tuition by two dollars by 2012.

LCTCS tuition, fee hike OK’d (The Advocate)

Baton Rouge Community College students walk between buildings Wednesday on campus. BRCC and all other community and technical colleges in the state are increasing tuition and adding a new student fee this fall.