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If youve been wondering lately "What is loan consolidation?" then you are in luck, because education loans are about to get a whole lot easier to pay off.

President Obama student loan proposals are now impacting college debt consolidation and federal loan repayment for millions of college graduates.

However, while the advantages of federal student loan consolidation are plentiful, so are the pitfalls. It is important for federal student aid borrowers to understand the risks and rewards when they need to consolidate their educational loan.

Advantage #1 - You will save time and money. No fees, simple paperwork process. No inancing decisions based on your credit rating. The new program is reportedly available only from Jan. 2012 through June 2012 will also be offering a slight deduction for selecting the automatic debit option in repaying your loan. This not only helps you make timely payments, but it also helps reduce the amount of interest youll be charged over the life of your federal direct loan.

Advantage #2 - You may improve your credit score by avoiding default. Consolidating education loan debt could be the ticket to staying current and not defaulting on your financial obligations. These types of loans cannot currently be discharged for dismissed (except for loan forgiveness programs); not bankruptcy, not by hope and prayer. Not by ignoring the threatening collection agent letters. These loans must be repaid! So by consolidating, getting a smaller monthly loan payment, and sticking to a repayment schedule consistently, over time you will pay off your debt. Federal student loan consolidation then gives you a path to resolving your financial problems related to college debt.

Advantage #3 - You will avoid frustration by only having one bill to pay each month. Having to keep track of 2 or 3 different bills each and every month can seem daunting; so, by consolidating into a new federal loan consolidation program, you will not only lower your monthly bills. Youll also lower the number of checks you will have to write and mail each month!

College was worth the price of admission. Your college degree opens many new doors to career advancement now and in the future. But now, repayment of those college loans looms large. And the new federal student loan consolidation program available for only six months by the U.S. Department of Education (Jan. 2012 - June 2012), could be the winning ticket to taking advantage of direct loan consolidation.

There are also disadvantages lurking around the edges of the new federal and private student loan consolidation programs: Some consolidation programs make you ineligible to get your loans forgiven if you later enter a qualifying career. Some federal loan consolidation programs exempt certain types of loans, and loans that were taken out at an earlier time period. Oftentimes, old loans carry a lower interest rate, so consolidating those at a higher level of interest makes no sense. Remember to compare options; your student loan consolidation rates should at the very least be better than you can get from a private federal loan consolidation program.

But the U.S. Governments Dept. of Education website now offers a variety of loan calculators aimed at helping college graduates have access to online tools aiming to help them compare loan consolidation packages and help them determine the best way for them to pay off college expenses.

The official ed.gov website is undergoing a number of updates after President Obamas student loan forgiveness plans came to light in the media. By providing comprehensive details on various ways to finance a college education, this website will ultimately offer yet another advantage to those seeking federal student loan consolidation.

While paying off these loans may never be easy, making the sacrifice and the commitment now to honor your loan commitments will pay off in other ways: You will earn the satisfaction of having followed through with one of your major financial commitments you made early in your adult life. And, you will demonstrate to yourself and to future creditors that you are an excellent credit risk.

Theore, the advantages of federal student loan consolidation are obviously a goal youll want to consider as you dig yourself out of debt.

One of the most stressful situations that you can experience is being short on cash and unable to handle all of your financial obligations. It can feel like you have nowhere to turn for help because there is not enough time to take on another job or apply for bank loans. If you are in this situation you can take a sigh of relief because there is help. Direct lender payday loans are available to individuals who need cash quickly to meet their financial responsibilities.

Payday vs. Bank Loans

You can apply for a loan in minutes and receive cash on the same day, so that you can immediately begin taking care of your finances. You dont need excellent credit or a high-paying job to get a loan, and you wont have to explain how you will use the money to anyone. These financial instruments are short-term so you should repay the loan quickly so that you can move on. These types of loans are quick, simple and free of embarrassment.

Bank loans can take several days or even weeks to be approved, and you typically need to have a good credit score to be approved for a bank loan. Many banks are leery of lending to individuals who want to borrow money to take care of their daily living expenses, and most banks per to lend to individuals who are buying homes and cars or starting businesses. Bank loans typically have longer payback terms than payday loan s so you could be stuck with a bank loan for a long period of time.

How to Find a Payday Loan

Finding the right short term cash advance loan for you can be a little tricky. You have a few options. First, you can stop in a providers shop to find out about the shops loan offerings and how to apply. The easier option is to go online and search for online loans. This is easier because you do not have to stand in any lines or even face anyone. You dont have to worry about anyone judging you when you go online for your loan. Going online to find direct lender payday loans affords you the opportunity to shop around. You can visit several different websites to find the lender that can provide you with the lowest interest rates and fees and the best repayment schedule. You can also use the services of a loan broker or matching service to help you locate the most affordable option.

Direct Lender Payday Loans vs. Payday Loan Matching Services

A loan matching service does the research for you to find you the best rates on payday loans, but the loan matching service has access to your financial records and could sell this information to third parties. Payday loan matching services get paid by generating leads and providing your information to various direct lenders. If you are worried about your privacy, you may per not to risk any of your personal information being forwarded to someone you have not explicitly authorized by working with a direct payday loan provider.

Far too many households are now in severe financial difficulty. The cost of living continues to grow on an annual basis, with a freeze in pay-checks, and more people being made redundant, it should not be a surprise to discover that millions of families are struggling to make ends meet. When you find yourself in financial hot water, it is important to keep calm and focused, there are options available that can turn the situation around. Debt consolidation services have already been used to help countless American families.

It is vital that you keep a close observation on your economic situation. Once a scenario has developed when funds are small, yet bills and dues are high, finding a solution can be extremely difficult. That being said, it is important to address any financial problem head on, the longer you delay, the more serious the situation will become.

To understand whether debt consolidation is an option worth considering, it would be useful to sit down and compile three lists. The first of these should be your households total income, the other two lists should contain details of essential expenses and the non-essential outlay. If the total outcome does not match the outlay, it would be necessary to cut back on items from the non-essential list. If after make some changes the figures still do not match, debt consolidation may be the best option to consider.

In basic terms, a consolidated loan is a large sum of money which is borrowed to pay off all other outstanding debts. What you are then left with is a single loan which is far easier to pay back.

Today, it is common to find people with many different loans and debts. If you have a mortgage, auto loan, personal loan, and credit cards, finding the capital to pay your debts on time can be a real challenge. Even calculating the amount due is not so simple. A consolidated loan is a lot simpler to manage.

If this is an option that is of interest to you, it is important to realize that not all consolidated loans are the same. There can be big differences in the interest rate charges, as well as the length of the payback term. Before signing up with a lender, spend a number of days researching the various options. It should not take you all that long to find the type of facility that best suits your current needs.