Student Loan Consolidation Programs

We have had this question asked so many times that we finally had to answer it. "Are current students eligible for student loan consolidation programs? Read the rest of this one to get the answer and find out when the best time to consolidate your student loans actually is.

The answer to this age old question is NO.

Students must wait until after graduation and until their loans are fully disbursed to consolidate their student loans.

Married couples cannot combine their loans.

The best time to consolidate your student loans is always shortly after you graduate or leave school and before your grace period expires.

 

Posted by nicod3mus at 05:30 PM | Permalink | Comments (0) | TrackBacks (0)

The Canadian government is making a tidy little profit on their student loan program, get the gory details in this article.

According to a report by the Halifax Daily News the Canadian government will make about $550 million in 2009 and 2010 on the interest from student loans. The Canadian government says that after including write off the interest only partially pays for the program but most seem pretty skeptical about this one.

The feds also hired the same company responsible for the gun registry catastrophe to handle the customer service for their student loan program awarding a $270 million contract. It is reported that they are to "review" the program.

I personally believe that the government is making a small profit on these unsecured student loans but it looks like some publications are blowing it out of proportion. We all know that a percentage of these loans are going to default and chop into the profits.

Posted by nicod3mus at 08:15 PM | Permalink | Comments (0) | TrackBacks (0)

There are more student loan & consolidation industry reforms on the horizon. Get the latest on the new bill set to be before the House of Representatives Education Committee.

The bill is aimed at deterring the kinds of student loan scandals we have seen in recent years, most of which involved alumni or college administrators getting kickbacks from lenders. Reuters and other sources say the bill is expected to win easy approval.

The new student loan reform bill would impose a code of conduct upon educational institutions in regards to their dealings with their student body and lenders.

The house and the Congress have different versions of the bill so even though quick approval is expected in the House it may take some time to get both versions of the reform bill condensed and presentable.

At any rate student loan and student loan consolidation reform is desperately needed and I can't find anything wrong with this bill as of yet...looks like a move in the right direction.

Posted by nicod3mus at 10:37 PM | Permalink | Comments (0) | TrackBacks (0)