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Student Loan Consolidation

Loan Consolidation: How Does it Work?
Loan Consolidation, simply, is designed to make loaning easier for you. It aims at reducing your monthly payments, lengthening the lending time, obtaining flexible repayment options, and having the retention of subsidy benefits. Combining one or more of your federal education loans into a new one translates to refinancing them, which makes all types of federal loans repayment schemes a lot simpler and easier. Under the federal program, all consolidated public loans are considered fully paid by the new loan.
Our Loan Consolidation Program
The introduction of this program is deeply rooted to Assisting America’s desire to help all Americans who are in pursuit of quality education. By turning all public loans realistic for repayment, many Americans would be encouraged to enter school and study anxious-free. This program has been considered by financial experts and education advocates alike as a breakthrough answer to the-unsolvable student debt-related predicaments.
How Do You Qualify?
What makes you eligible for the loan consolidation programs? Students could consolidate their public loans after graduation. Students have an option of consolidating their loans during the six-month grace period following graduation or wait until after the loan enters the repayment phase. Borrowers must have at least one Direct Loan or Federal Family Loan that is either in repayment, grace, or default status.
Loans Qualified for Consolidation
Both Private and Federal loans are eligible for consolidation. However, it is essential that you have an understanding of each loan’s attributes, as these two are highly distinct from each other. Private Student Loans versus Federal Student Loans Private Student Loans are made, assessed, granted and managed by private lending establishments such as banks, educational foundations, private cooperatives, state agencies, and advocacy institutions. Federal Student Loans, in contrast, are offered by the federal state—or the government—either directly to the student borrower or through his chosen college or university. These two loans share major differences from each other, especially in the aspects of Interest Rates, Interest Accrual, and Repayment.
• Interest Rates
Federal loans, as these are mandated by a written law, typically have a fixed rate. This subjects the student borrower to an agreement that he/she pays the interest rate on the loan and pays that equivalent interest rate until the loan is totally settled and paid off. Private loans, as this is being run by an institution and considered a business venture, charge higher interest rates. Interest rates from these loans regularly change and are not fixed.
• Interest Accrual
In private loans, interest begins building up the moment the student cashes out the check. In federal loans, the accrual starts only when the student borrower graduates. However, federal loan interest are considered and counted as a tax write-off, while private loans do not qualify for a tax write-off. So, student saves money down the line in federal loans.
• Repayment
Federal loans require the student borrower to do repayments only when he/she graduates. On private loans, however, repayment starts immediately, and failure to comply with the payment methods could harm a lot the student borrower’s credit rating.
The Big Difference
Their difference tells why private and federal loans should not be consolidated into one, single loan. It is better to combine federal loans and private loans separately.
Processing Your Federal Student Loans Consolidation
1. Be Evaluated
Evaluation is for you to know your debt-paying capabilities and to know the best options for your consolidation plans. First, you must provide your financial portfolio to a trusted Assisting America partner. Your options are determined by the amount of money you can borrow and the current debts you have in fulfilling your monthly obligations will establish your options. Consolidating loans into one payment can save you money, and will give you a payback structure of your loans on your own terms.
2. Reassess Your Options
If you want a payment plan that relies on your income or payment capabilities, just come to us and we will give you the best recommendations in having what you want. We can also help you with other options, say, you want to extend loan payback over a longer period of time at the lowest fixed payment—it’s up to you. Our partner will explain these options to you and give you a recommendation for moving forward. We will also give you a hand in your student loan login and PIN, as this is important in having up-to-date loan information, which is part of your requirements.
3. Submit Application
Assisting America lives up to its name—indeed, we will assist you in every step of the way and make your processing a lot easier. All the hard work will be handled for you. We will be the ones who will do all the needed paper works, and submit your application at your go signal.
4. Get Your Loans Paid Off
After receiving application approval, your current federal loans starts getting paid off in less than 90 days. We ensure you that all your chosen loans will be consolidated efficiently and you are good to go!
5. Pay
Now, all you have to do is PAY on time! Remember to be hands-on so that you would have a complete grasp of what you are paying, and remember to keep the receipts for records purposes. You’ll start making your one new payment immediately on your consolidated federal student loans.
Federal Student Loan Repayment Plans
• Standard Plan
Here, you need to pay a standard, predetermined monthly amount till you pay your loans in full up to 10 years, which will be at least $50. Not selecting any repayment option means that you’re automatically choosing this plan.
• Graduated Plan
This is a plan that is perfect for those who have a projected steady increasing income as payments will be low at the outset and gradually increase on a payment schedule basis. Another great thing is that payments will never be more than three times the lowest payment.
• Pay As You Earn Plan
Introduced by President Obama himself, this plan offers monthly payments that are calculated on a similar basis to the Income-Based Plan. However, the payments are capped at 10 percent of flexible, unrestricted income. Adjusted on a yearly basis, you are given up to 20 years to pay off your debts.
• Extended Plan
This has the same payment qualities of the fixed or graduated plan; the only thing different is you have up to 25 years to complete your payments.
• Income-Based Plan
Here, your monthly payment is determined by your income, and your payment will be 15 percent of your discretionary income, family size, and as well as state of residency during any period where there’s a financial hardship.
• Income- Dependent Plan
Here, your monthly payments will be dependent on your calculated adjusted gross income, family size, and total loan amount. You have up to 25 years to pay your debts off.
Student Loan Consolidation & Your Credit
All federal and private loans are not backed by collateral or by any forms asset such as a house, a car, land, or a share. This is called unsecured debt. However, lenders find these loans favorable and pleasing to their eye each time they evaluate one’s credit ratings. Student loan debt is considered by lenders as good debt because it represents an investment. The reduction of active accounts on your credit report, which you achieved by consolidation, can give your better credit score and reputation. Loan Consolidation, without doubts, is also about improving and strengthening your credit ratings; that’s why it is important to make payments on time, regularly. START CONSOLIDATING YOUR LOANS NOW! ASSISTING AMERICA IS HERE TO HELP YOU!

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Phone: 888-891-5889
Fax: 888-794-7475
Email: info@AssistingAmerica.org

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18071 Fitch Suite 220 Irvine, CA 92614

AssistingAmerica.org

AssistingAmerica.org (AA) is a private organization and is not a government entity. AA is a Document Preparation, Submission and Tracking Service. AA will not pay your student loans for you or on your behalf. We offer our service only for the Preparation, Submission & Tracking of Federal Student Loan Consolidation Documents. Document Preparation Services are not available for residents of the following states, IL, CT, GA, KS, NY, WI, WA. *Results May Vary and are Solely Based on The Federal Consolidation Program You Choose. Not available in all States.