Debt Consolidation

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Debt Consolidation

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ALEIRE DEBT CONSOLIDATION

Federal student loan consolidation is a great tool that allows borrowers to merge all of their outstanding federal loans into one new loan. Many students, after graduating, begin to realize that instead of paying one payment to a single lender, they have to pay multiple payments to more than one lender at a time with various interest rates.

Consolidation removes the overwhelming obligation of repaying multiple lenders by giving you a lower single monthly payment, with a low fixed interest rate. Federal consolidation interest rates are based on the weighted average of student loan interest rates. Federal Stafford loans disbursed on or after July 1, 2012 have an interest rate of 3.4% (subsidized) and 6.8% (unsubsidized). Federal parent plus loans disbursed after July 1, 2012 have a fixed interest rate of 7.9%. For federal loans disbursed before the 2012-2013 academic year, log into your studentloans.gov account to view the most up-to-date interest rate for your loan(s).

Consolidation gives more room for the borrower to save money each month. Even if you are able to manage the monthly payments from your original school loans, you should still consider the option of consolidating to lower your payments and free up money for additional outstanding bills, like credit card payments, personal loans, and utilities. You will realize that the additional funds that student loan consolidation can leave in your pocket on a monthly basis, will enable you to be able to save towards your long term goals such as that dream home, vacation or even putting your child through college.

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Aleire services include a complete financial recovery scope as a supplements to our debt relief programs. Select one below to learn more.

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Questions/Answers Frequently Asked Questions About Aleire Financial Solutions, LLC

Question

Should I Consolidate?

Answer

If you have exhausted your deferment and forbearance options and want to avoid default, then this option may be for you. If you are sending payments to more than one lender and want the convenience of a single monthly payment, then this option would help you also. Remember that extending the years of repayment, increases the total amount that you will have to pay back in the long run.

Ultimately you will have to decide whether this is something that you would want to do. Calculate the remaining payments that you have left to pay on your loans. If you are really close to paying them off, then it may not be worth it to you to consolidate, which would end up extending the term of your loan agreement.

Question

Who is eligible for Debt Consolidation?

Answer

In order to qualify for student loan consolidation, borrowers must not be in default, and must not currently be in school more than half time for the loans that they are trying to consolidate.

Question

What is not required in order to consolidate?

Answer

  • You do not have to be employed to consolidate your loans.
  • You do not need to have any form of collateral.
  • You do not need a co-signer of any kind.

Question

4. What is the benefit of consolidating my loans?

Answer

Borrowers have the ability to combine multiple of their Federal education loans into a new loan, allowing payments and interest to be lower. Other benefits include:

  • Reducing your monthly payment obligation (up to 50% in most cases)
  • Simplifies your finances, giving you a single monthly payment
  • Provides a repayment option that is budget friendly, such as an income based repayment plan
  • Lowered payments providing money savings
  • No minimum amount required to qualify for a Direct Consolidation Loan

Question

What is the interest rate given on a Federal Student Consolidation Loan?

Answer

Federal consolidation interest rates are based in the weighted average of student loan interest rates. Federal Stafford loans distributed on or after July 1, 2012 have an interest rate of 3.4% (subsidized) and 6.8% (unsubsidized). Federal parent plus loans disbursed after July 1, 2012 have a fixed interest rate of 7.9%. For federal loans disbursed before the 2012-2013 academic year, logging on to your studentloans.gov account will grant you the most up-to-date interest rate for your loan(s).

If you would like more information on how to get started, or if you would like to speak with a company representative about your personal situation, Call 1855.4.ALEIRE today for a free evaluation, or click below to get started.

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