In this issue:
- Introduction
- Featured Sponsor: Alternative Student Loans
- Featured Article: How Student Loan Consolidation Works
- Scholarship Information
- A Word from our Sponsors
- Privacy and Subscription Information
- Back Issues
- Sponsor this newsletter!
Welcome to the September 2004 issue of The Financial Aid News. The new 2004 - 2005 school year has started in earnest, and we welcome back everyone from the summer. Whether you were working, vacationing, or studying abroad, we welcome you back and hope you had a safe, happy, healthy summer.
This month's newsletter helps get you reconnected to school, last minute financial aid, and plenty of great services for you to use in the upcoming months!
Have you visited FinancialAidNews.com? The Financial Aid News web site provides you with the back issues of Financial Aid News, so that if you missed an issue or your email address unexpectedly changed, you'll still get to read the articles you need. As always, please share The Financial Aid News with your friends, family, and colleagues, by simply forwarding this message, or letting them know to subscribe by visiting www.FinancialAidNews.com today!
Enjoy this month's newsletter!
The Financial Aid News
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Quincy, MA 02169
Featured Sponsor: Alternative Student Loans
Tuition higher than you expected? Books and supplies not covered by your financial aid? Get a private student loan in as little as 5 business days and get back to school the right way!
Visit: http://www.AlternativeStudentLoan.com today!
Feature Article: How Student Loan Consolidation Works
Those students who have graduated from college this past spring will be facing student loan repayment late this fall. Undoubtedly, your mailboxes will be full of advertisements for student loan consolidation, trying to convince you that it's the only possible solution for your student loan woes. Let's take a quick tour of how consolidation works, and who should or should not consolidate.
Student loan consolidation is often referred to as refinancing, which isn't 100% accurate. You do obtain new financing terms, but unlike a mortgage or a car loan, you're not simply changing the loan terms - you're actually getting a new loan.
Consolidation works in five basic steps. First, student loan consolidation companies like StudentLoanConsolidator.com receive from you a signed application for consolidation. This is usually a four page document detailing what loans you owe, who currently holds them, and what the balances & interest rates are.
Second, your consolidation company then obtains what are called LVCs - loan verification certificates - from your loan holders. If you've ever refinanced a credit card, an LVC is the equivalent of a final payoff statement. It gives the exact balance of your loans.
Third, your consolidation company pays off your existing loans. This, incidentally, is a great way to boost your credit rating, because student loans all show up individually on your credit report. By consolidating, you reduce the total number of loans you have.
Fourth, your consolidation company opens a new federal consolidation loan in your name.
Finally, your consolidation company sends you repayment information about your new loan, including a coupon booklet, and any applicable discount information. For example, StudentLoanConsolidator.com sends you information about how your loans can receive an additional 1.25% off your interest rate, along with the appropriate paperwork.
Student loan consolidation can be a lengthy process, depending on how many different loan companies are involved. Consolidation can take up to 90 days, so it's to your advantage to file an application as soon as possible.
For new graduates, student loan consolidation companies can preserve your grace period, so you won't get bills any sooner than you would have if you had decided not to consolidate.
Consolidate your student loans immediately after graduation with http://www.StudentLoanConsolidator.com today!
Scholarship season will start in earnest in January, but it's always a good idea to begin looking and building a list of scholarships as early as possible. The sooner you can submit an application, the better off you'll be, and the more likely your application will be considered.
Be sure to visit our archives for how to search for scholarships using Google, and sign up for our Premium Scholarship Search Service!
Visit: http://www.FinancialAidOfficer.com/scholarship_search/
And now a word from our sponsors...
Traveling Abroad?
Make sure you're covered with international travel medical insurance! InternationalStudentInsurance.com provides you with comprehensive coverage options, from short term policies for athose vacations in the Caribbean to multi-year plans for students studying long term abroad.
Visit: http://www.InternationalStudentInsurance.com
Privacy & Subscription Information
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