A rebate is an amount paid by way of reduction, return, or refund on what has already been paid or contributed. It is a type of sales promotionmarketers use primarily as incentives or supplements to product sales.

Student loan consolidation rebates are usually given by a private company when student loans are consolidated equaling more than $20,000. The more student loans consolidation, the higher the student loan consolidation rebate.

All this rebate is offered on Stafford loans and plus loans. The most common discounts offered on student loan consolidation are:

1. 0.25% reduction in rate if your EMI gets debited from your account directly.
2. 1% waiver in default fee depending upon the guarantor for the loan.
3. Additional rebate on making timely payments.
4. 2% reduction in rate after completion of 48 months

If you decide to go with a company,that is offering cash rebate option, please read the fine print thoroughly. Many companies say to submit a rebate form by a deadline to give the cash back benefit. If they don't receive the cash back form by the date,they will allow the borrower to get that rebate.

The federal student loan consolidation program is an excellent way to manage student loan debt as well as save thousands of dollars in interest payments. By asking the right questions and knowing what to look for, you can maximize your savings and make sure that you get the best deal possible on your consolidation loan.

This entry was posted on Tuesday, July 7, 2009 at 12:48 AM and is filed under , , , , , . You can follow any responses to this entry through the comments feed .


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July 7, 2009 at 7:50 AM
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July 7, 2009 at 7:52 AM

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February 9, 2010 at 4:12 PM

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January 11, 2012 at 5:49 PM

Student loans typically have lower interest rates than personal loans. Because the loan is specifically for use in higher education and related expenses, there are also many government-assisted options as well.

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March 9, 2012 at 11:59 AM

Student loans require a credit score assessment, but the education program for the loan for them is usually easy, and no FAFSA is required. This is a good idea, since these financial loans are offered by banks and other banking institutions who are trying to profit. Because of this, the ability of families to get favorable terms for thee financial loans is based on credit score ratings. The easy program for these financial loans has led many students to rely exclusively on private funding and ignore all other options.

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