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.
The William D. Ford Federal Direct Loan Program (FDLP) or "Direct Loans," is aUnited States Department of Education program that provides loans and helps students pay for education after high school. The Department of Education acts as a lender.Theyare providing funds for Stafford loans andPLUS loans in the same amounts as the Stafford and PLUS loans offered through the Federal Family Education Loan Program (FFELP).
Consolidation is a great tool for managing your finances - providing immediate payment relief and long term benefits.Federal student loan consolidation,a fixed-rate refinancing program combines all of your existing federal student loans into one new loan. With our fast and convenient eSignature, your application will be complete in just a few minutes.
The Federal Loan Consolidation Program was created in 1986. In 1998, the United States Congress changed the interest rate to the aforementioned fixed rate weighted mean, effective February 1, 1999. Consolidation loans taken out before that date had a variable interest rate, determined by the individual FDLP loan origination center (e.g., in the case of a university, that university) or FFELP lender (e.g., a third party bank)
One of the key benefits of consolidating your federal school loans is payment relief. By combining all of your student loans into one consolidated loan, you can lengthen your repayment term from the standard 10 years to up to 30 years, depending on the amount of your education debts. With a lower monthly payment, you'll have more money available to meet other living expenses, including car payments, housing expenses, and career-related necessities. Because there are no penalties for overpayment, you can make larger payments and reduce your repayment term when it becomes affordable. Learn more about how student loan consolidation works in this step-by-step tutorial.
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