Find Student Loan Consolidation

1. NotAnyoneYouKnow Says:
   July 24th, 2008 at 11:11 am

   Me? :

   I would strongly recommend that you speak to the financial aid officer at your school.

   Students who attend the Florida Institute of Animal Arts are eligible to apply for federal student aid, and the financial aid office is responsible for administering that program.

   The process of applying for federal financial aid begins with the completion of the Free Application for Federal Student Aid (the FAFSA). That can be completed online (see the link below). When you have completed the FAFSA, your financial details are automatically submitted to the federal Department of Education - they analyze the information that you have provided and compute something called an EFC (expected family contribution).

   When you complete the form, you will indicate that you want the Department of Education to forward your info and the EFC to the Florida Institute of Animal Arts. Once they’ve received that information, the school will determine your amount of financial “need”, and use that “need” estimate to figure out what kinds of financial aid you qualify for.

   The US government either provides, or assists with several different types of financial aid, which take the form of loans, grants, and part-time work study employment. Loans, of course, must be paid back (but not until several months after you complete school), but grants are like “gifts” to you from the government - that money is yours to keep.

   For your purposes, the best thing about federal educational loans is that they are based on need - you don’t need an exemplary credit history, and you don’t a cosigner. (The government does have a type of loan, called a PLUS loan, that is for parents of students, but Stafford loans are strictly for the students themselves.)

   Sallie Mae is an educational lender, but they are the largest servicer of educational loans in the US. Often, the lender that actually loans you the money will turn over the billing and collecting process to a loan “servicer”. It’s not at all unlikely that many, or all of your student loans will wind up in the hands of Sallie Mae. However, unless you’re borrowing directly from Sallie Mae, they’re not going to make any lending decisions on your future loans. In fact, once you have been qualified for a federal loan by your school, you will have a choice of lenders.

   Do your best to avoid “private” lenders - at least until you have exhausted your eligibility for government loans. Unlike the government programs, private lenders DO base their lending on your credit history, and the interest rates they can offer will be higher than the government rates - particularly in your case, where your credit history suggests that the lender will be taking on a “higher” risk.

   If I can convince you of only ONE thing - please contact the financial aid officer at the Florida Institute of Animal Arts and discuss your financial need with them, before anyone else.

   Good luck!

2. Adrienne Says:
   July 27th, 2008 at 4:55 pm

   Sadly, the cost of funding an education these days can be high, and for those that want to improve their chances of a successful future through increased education there is the inevitable issue of debt to deal with. Many students now leave university saddled with a high amount of debt, and in addition to their student loan also have a rangerather than rushing into a decision. The objective of consolidation is to reduce the number of repayments that you make, but also to reduce the amount that you pay out each month, and if you choose the wrong plan or lender you could find that you do not achieve this objective.

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