Best Auto Insurance - How to Find It the Right Way?

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Auto insurance is an insurance policy bought by the auto owner to safe guard his/her vehicle against theft, accident and any other loss incurred. You can buy auto insurance for any of your auto mobile such as car, truck or bus. Auto insurance not only covers insured vehicle and insured party, but some times it covers third parties also. Different auto insurance policies have different terms, norms and conditions under which, these items are covered.
Today large numbers of auto insurance policies are available in the market and it is really very difficult task to purchase the best auto insurance for the safeguard of your vehicle.
Here are some tips, which can be used to find the best auto insurance for your black boomer.
1. To locate best auto insurance, you are requested to make a search on your own. First of all go to local auto insurance providers. Compare auto insurance quotes provided by them. Most of auto insurance providers have their websites, you can go there and request for car insurance quotes online, if you own a car. Compare their quotes and find best auto insurance for your vehicle. Always remember that bargaining is the key to buy cheap auto insurance.
2. After comparing auto insurance quotes apply for the best one for you and your vehicle. While applying given them details as much as you can such as your name, address, zip code, your marital status, car’s annual commuting miles and safety features because as default they can offer you high quotes without any specific benefits. Hence, to buy a cheap and best auto insurance always give full details about you and your vehicle.
3. Sometimes insurance companies provide specific offers. Thus always look for offers, as they can deduct your premium from $200 to $400.
4. Before signing your application form read each and every point of fine print, as they can protect your right.
With keeping these simple tips in mind you can find best auto insurance policy.

How To Find A Good Automobile Insurance Quote

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If you are looking for automobile insurance quotes then it is best to find some companies that have been used by your friends or family and then get quotes from all of them. But before you start to get quotes make sure that you know what you from your insurance and that all of the quotes that you are getting have the same coverage. That way you will get the best insurance for the lowest cost to you.
The cost of motoring seems to be getting higher and higher these days and although there is not much that we can do about the cost of gas and car repairs there are areas where there are savings to be made. One of the areas where you can really save is on your insurance. There are so many different companies and brokers around that it can be very confusing, but you need to decide what you want from your insurance before you decide which company to go for.
The major thing that a lot of people look for when obtaining automobile insurance estimates is the cost. Although this is a very important factor, it is not the only one that you should look at when making your decision on whom to purchase your vehicle insurance coverage from. After all, you are buying insurance for a reason and if you buy the cheapest car insurance, you might have to make a claim only to find out that you are either, not covered for the claim that you are trying to make or that the insurance coverage is not adequate and will not cover the full cost of the claim.
Before you start to get your automobile insurance quotes it is a good idea to work out what you want your insurance to cover. If you are just insuring a very old car then it might not be worth extending the coverage to repair it in an accident. Of course, the area where people try to save money on is the insurance cost or premium. One of the easiest ways to lower the cost of your insurance is to allow more deductibles. This means that the insurance company will not pay the first part of any claim up to an amount that you specify. The higher the amount that you allow then the cheaper the insurance should be.
One of the best ways to get a good automobile insurance quote is to ask your friends and family for a recommendation. If they are using a good company then it will give you a good starting point rather than just trying to work out what the best companies are from the advertising. If you can get several recommendations you will have more auto insurance quotes to compare.
If you are looking for automobile insurance quotes then it is best to find some companies that have been used by your friends or family and then get quotes from all of them. But before you start to get quotes make sure that you know what you from your insurance and that all of the quotes that you are getting have the same coverage. That way you will get the best insurance for the lowest cost to you.

Free Auto Insurance Quotes

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In some states, it is mandated by law for a car driver to have his automobile insured. The car must be insured against accidents and collisions. Some of these states also require auto liability insurances that should cover for property damages that result from accidents involving the car, and pay for the hospitalization of victims.
If you do not have auto insurance yet, it is advisable that you get one as soon as possible. You do not have to live in a state that requires auto insurance to get one. Insure yourself against expensive repairs and liability payouts by securing insurance.
It is perfectly alright if you have not made up your mind about getting an auto insurance policy. You should not decide without first shopping around for the best plan. And the best way to compare the different kinds of insurance coverage and prices, including insurance carriers, is to ask an independent insurance agent or broker for help.
An independent insurance agent or broker is not tied down to one insurance carrier. This means, he can present you with choices and alternatives from many insurance carriers. However, you have to make sure that you are comparing similar plans. Getting an insurance quote is a free service provided by agents and brokers. You are not obliged to purchase one after the presentation.
Remember that insurance quotes are based on a number of information that you give the insurance agent or broker. Depending on the insurance carrier, some factors weigh more than others. For example, the make of your car is important—luxury and imported cars are more expensive to insure. Your age and gender can also play a part in the equation. Male applicants who are below the age of 25 often have to pay a higher insurance premium than older men. Unmarried female drivers under 25 pay higher than their male peers. So be sure to give out the right information even when you are just getting a free quote.

Compare Auto Insurance Prices - 5 Simple Tactics

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It is very important to compare auto insurance quotes provided online. The comparison is necessary to make sure that you are getting the lowest auto insurance quote. It is very easy to compare auto insurance quote, if you are doing an online search. Most of sites give you an opportunity to get three auto insurance quotes side-by-side for comparison.
No limitation is given for quotes; you can get as many quotes as you wish to compare one with another. Here are some simple tactics to compare auto insurance quotes.
1. First of all you have to fill an online form, to request free quote for the coverage you desire to include in your policy. Always compare auto insurance quotes for the same coverage.
2. Always remember that price is not the only criteria to approve any auto insurance. Try to know how long the company is working in the field of auto insurance. At the time of comparison, you will find that emerging companies offer lower quotes. This will be a great idea to ask auto insurance quotes from newer companies, but be aware while buying insurance from them.
3. If you have two accidents and/or 3 traffic rules violations in your account then it will be difficult for you to find cheap auto insurance quote. In such a condition you have to do an extensive comparison to find a good quote that suits your budget.
4. It will be better to make up your credit history before requesting for an auto insurance quote, as it will give adverse effect to insurance company. Company may offer you higher quotes. Thus it is not a recommended step for people with bad credit history.
5. It is better for you to start requesting auto insurance quotes in advance. If your insurance policy is nearing the expiry date you might face problem to get a cheaper quote. Start from current company, they might offer lowest quotes

How Can Car Insurance Discounts Help Reduce Your Bills?

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There are many things you can do to reduce your car insurance bill. But don’t forget discounts.
Everyone wants to get the cheapest car insurance available don’t they? The cost of running a car now is becoming scary, with the price of gas as it is, and it’s certainly no fund when the car insurance bill arrives to make it worse. What are some things you can do to reduce your car insurance costs?
There are quite a few things, but I’d like to look at car insurance discounts. It is not well known but car insurance companies offer all sorts of discounts to car insurance policy holders. These discounts help reduce the cost of the policy and therefore reduce your car insurance costs.
Although these discounts exist the car insurance companies don’t immediately offer them to you however, and to get them you often need to ask. It is estimated that the insurance companies take millions of dollars in premiums each year which they would not if policy holders got all the discounts they were entitled to.
So here are a few ideas for you about discounts. Remember always to ask if you qualify for these, they vary from area to area and company to company.
No claims or renewal discount. Probably the most well known of all, a discount for having a clean insurance claims record. Over time, up to a certain point, your percentage discount will increase for a clean record.
Anti theft devices. Each year the car insurance companies pay out hundreds of millions of dollars for claims related to auto theft. Anything which reduces the risk that your car will be stolen will reduce their risk that they will need to pay a theft claim. So if you have an anti theft device this may well result in reduced premiums, if you ask about it.
Advanced driver training. A more skilled driver also results in reduced risk of accident. So if you have undertaken an advanced driver training course then this may well reduce your premiums, especially if you are young.
Often with things like advanced driver training and anti theft devices the reduction in premium can, over time, pay for the extra costs involved in getting these things.
Multi policy discount. The insurance companies want more business, and so if you have an auto insurance policy with them, and have a home insurance policy as well, you may well qualify for a discount on both by holding them at the same company.
Multi vehicle discount. Exactly the same as above. Hold policies for more than one vehicle at the same company and you may well get a discount.
Low mileage discount. If your vehicle only drives 5000 miles a year that reduces the risk to the auto insurance company. If you do few miles then let them know and see if you are entitled to a discount.
That’s just a few but I’m sure you get the idea. The car insurance companies will reward things which reduce their risk or increase their business with discounts. But you often need to ask, they don’t always volunteer them.
So when your next renewal comes remember to ask about discounts.

An All State Car Insurance

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In the United States, generally the insurance covers claims against the policy holder or any other operator of the insured persons vehicle. It is necessary for a family member to be added to the policy when they achieve driving age.
Having a car insurance coverage helps protect the people and things that are important to you from unforeseen liability. All state car insurance refers to a car insurance that provides insurance cover across the United States.
All state car insurance safeguards your investment in your car, pays for medical expenses in case of an accident, provides financial protection from lawsuits and covers losses caused by the drivers. All state car insurance also covers the financial damages in case of theft, natural disasters etc.
Vehicle insurance coverage helps you to meet whatever might be coming down the road with a greater peace of mind. Remember, however, not all coverage are the same. In many countries it is compulsory to purchase car insurance before driving on public roads.
All state car insurance can cover some or all of the following items: The insured party The insured vehicle Third parties
Comprehensive All state car insurance:
1) Protect yourself and others from the liability coverage’s
2) Liability Coverage: It helps protect you for damages to others if you’re at fault in a covered accident.
3) Medical Payment Coverage: The coverage helps provide payment for your reasonable and necessary medical treatment for bodily injury caused by a covered accident.
4) Under insured/ Uninsured Motorist Coverage: The coverage helps protect you for covered damage caused by drivers who don’t have auto insurance or don’t carry enough auto insurance.
5) Car Insurance Property Coverage: Protect your car with property coverage.
6) Collusion Coverage: It helps pay to repair or replace your insured car after an accident
7) Comprehensive Coverage: This type of Coverage helps pay for covered damages to your insured car resulting from a peril other than a collision, such as theft, windstorm or flood, to name a few.
In the United States, generally the insurance covers claims against the policy holder or any other operator of the insureds vehicle. It is necessary for a family member to be added to the policy when they achieve driving age. Liability insurance generally does not protect the policy holder if they operate any vehicles other than their own. When you drive a vehicle owned by another party, you are covered under that persons policy.
There are many companies and insurance agents who provide all state car insurance. For obtaining a car insurance, the policy holder has to pay a periodical premium (a fixed amount of money) to the company.

Business Tax For At Home Enterprise

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Knowing the revised tax laws can help a home-based business in filing its business tax.
If you are a part of a corporation or business, you do not have to worry about handling your taxes. Chances are, your company already deducts it from your salary and deals with the IRS for you. But what if the business is yours? You are the one expected by your employees to keep up with the tax payments. What if you own and operate the business by yourself? It's doubly hard to prepare self-employed tax with multiple responsibilities. However, handling your business tax efficiently is not impossible with the right preparation.
Popular career coaches like Sarah and Paul Edwards give some tips in filing for your own self-employed tax. According to them, the IRS has different regulations like special deductions for home-based businesses. It is to the advantage of your home business to understand these tax rules. By knowing your deductions, you can slash your taxes in half. Some common deductions allowed for home-based businesses are too ordinary that most are overlooked. Examples of these deductions are vehicle expenses, like auto insurance and gas. However, make sure that you keep receipts from gassing up during business trips. The IRS is likely to probe and investigate these claims. You're better off with valid proofs. You may not know this, but the IRS actually allows home businesses to deduct costs of business stationery and other office supplies. Trickier deductibles are business entertainment and meals. In a corporate setting, the company reimburses you for any amount you spent in treating a client out. But if your business is based at home, there is no one to reimburse you. Keep the bill from business dinners and hotel stays. Standard deductibles are communication expenses, credit card interests, publication subscriptions, and utilities. These are deducted from your total taxable income and translate into lots of savings for you.
The IRS requires self-employed individuals who earn net pays amounting to $400 to file tax returns. But you might be exempted from filing Form 4562 if your business is just starting. Business expenses amounting to five grand or less qualify for Schedule C-EZ. Home businesses that suffered from losses may also qualify for this. The IRS expects more than 500,000 home-based business to benefit from using C-EZ forms. So before filing your business tax, check with the IRS if you're qualified to use C-EZ forms. Review your deductions, expenses, and credit card history to support your inquiry about C-EZ.
Another tip from the career coaches is to use a tax preparation service. You may choose from a variety of tax software or a CPA. Both the software and the finance experts can spot missed deductions and provide you with an accurate summation of your self-employed tax. Getting their services are worthy investments. You save time and effort by escaping the hassles of figuring out the deal about your business tax.
If you want more self employed tax and business tax resources such as this one, visit http://www.taxselfemployed.com
Article Source: http://EzineArticles.com/?expert=Todd_Lange

Arrested for a California DUI. Now what

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How Much Will a California DUI Conviction Cost Me?
If convicted of a DUI in California, you will likely be facing a combination of the following penalties: A first time DUI conviction in California typically carries a penalty of between $390 to $1000 in fines. In addition to the fines, you will be required to pay anywhere up to $3000 in penalty assessments. Second and subsequent convictions carry heavier fines, as do instances in which another person was injured. California law allows for the judge to sentence you to up to six months in jail for a first time offense. If this is your first time you're being convicted of a DUI, you will most likely retain the right to keep a restricted version of your driver's license. However, you will have to pay restriction and reissue fees in order to keep the privilege of driving to and from work. Additionally, you will be required to complete a mandatory DUI educational program. These programs can require a time commitment of up to one year. Other consequences include paying impoundment and storage fees for your vehicle, two points added to your driving record (if you are given four points in a twelve month period your license will be revoked), and a mark on your record which will last for ten years. Finally, your auto insurance premiums will likely increase, and you could face ramifications on the job if you had to miss work. You understand that a conviction can cost you thousands of dollars, your license, and possible jail time. So, what now? Is there a way out? Actually, in many cases there is. You see, the majority of evidence introduced into court during a DUI trial is technical in nature. And technical evidence can be challenged on valid scientific grounds. Today, the best way to fight a DUI case is to show how the technology to determine blood alcohol content (or BAC) might be faulty. This technique allows for reasonable doubt as to whether you were actually driving above the legal limit. You may be wondering how technology might be wrong. Actually, there are many ways in which errors can occur. The job of a good attorney is to highlight the possibility of error.

How To Decide On How Much Auto Insurance To Buy

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Car insurance is not only a necessary evil but it is also one of the most dreaded chunks in your budget mainly because you have some very tricky decisions to make. How much insurance should you buy? How much is enough and what would be too much? It can be a real headache.
When it comes to protecting yourself, the best bet is to err on the side of caution and be a little more liberal with the limits of an automobile policy where they really count. In fact any good insurance agent worth their salt will tell you that you should buy as much car insurance as you can afford. While this is a good guideline it doesn’t really help you. The advice is about as useful as a stockbroker's tip to buy low and sell high. It might be good basic advice but it doesn't get you any closer to an informed decision. Stick with me and I’ll attempt to explain the process of buying the right car insurance in easy laymen terms.
To begin with, the portion of auto insurance that really comes into play when you have an accident involving other people and/or property is the liability coverage and/or bodily injury protection.
In many states, this coverage is the law. This is smart, very smart. But, and this is where the confusion starts, the problem is the required limits are often very low. This leaves the door open in the event of a major crash that the other party will come after the driver directly for any damages over and above the policy limits.
So, what exactly does that mean?
Let me illustrate: If you live in a state where the minimum liability requirement is for example, $40,000, that’s all the insurance will cover in a crash. It might sound a lot but that means that if another person’s injuries are severe or property damage is extensive, the actual costs can be very much greater. You’ll find that the $40,000 doesn’t go very far and is not nearly enough.
To give you an idea of what sort of problems this can cause, just check the price of an average one-night stay in a hospital. It is not cheap. This means the person involved in the crash or the owner of the property might come after you for the difference. This can and does happen.
You can be prepared for this kind of situation by protecting yourself and your assets in a crash by simply increasing the limit on bodily injury coverage and liability insurance. So instead of taking that basic $40,000 limit, go for $100,000 per person and $300,000 per accident instead. Surprisingly the cost difference of the insurance policy isn’t that big but the savings down the road in the event of an accident can be great.
Here is something else to consider: While it’s not always the case, a higher limit policy can give a lawyer leverage on your behalf after an accident. More often than not, the other party will be willing to settle for the limit of the policy. This is good news for you and can keep you out of court. But, if the policy you have is low on coverage, then they might not be so keen to settle. What you will usually find instead is that they will opt to sue you directly, something you really don’t want to have happen.
Hopefully I have given you a few things to think about. While having too much insurance is a waste of money, not having enough can lead to tragic events, which will have effects on the rest of your life. If you are wise you will protect yourself and your assets in the event of a crash by making sure a reasonable amount of coverage is provided.
True you might find yourself paying a few extra dollars a month for a higher limit policy and you might never use it but it can mean all the difference in the world if a crash does happen. It will be money well spent.

Should You Really Consolidate Student Loans?

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If you're pondering whether or not to consolidate student loans, consider this; all college loans have unique attributes, and not all may be perfectly suited for student loan consolidation. Student loan consolidation is, in most cases, an outstanding option for reducing monthly payments, locking in low rates, and earning opportunities to shave money off your loan balance with lender incentives. When you consolidate student loans, you lock in the current interest rate by allowing the lender to repay the entire amount, then repaying the lender free from government interest rate fluctuations.
PLUS Loan – Good Choice for Student Loan Consolidation
Like many college loans, the PLUS loan (Parent Loan for Undergraduate Students) is a type of federal loan with a variable interest rate. This means that the monthly payment will change when the government reconfigures the interest rates annually (July 1).
The interest rates on PLUS loans are generally higher than other types of college loans so when interest rates increase, PLUS loans can be greatly affected. Since college loans are consolidated by social security number, parents should apply separately for PLUS loan consolidation.
Perkins Loan – Consider before refinancing
The Perkins loan is a fixed rate loan and has some unique benefits that can be lost with a student loan consolidation. The Perkins loan has a forgiveness program that will waive all or part of the repayment amount if the borrower works in specific occupations that provide a valuable service to the community. Some such eligible occupations are teachers in low income areas, nurses, and medical technicians.
If you're not eligible for the various loan forgiveness opportunities offered by the Perkins loan, there is still another point to consider. Because the Perkins loan is a fixed rate loan, and because the interest rate on a student loan consolidation is determined by the weighted average of the other loans, you could actually pay a small percentage more on a consolidated Perkins loan over time.
Stafford Loans – Good Choice for Student Loan Consolidation
Stafford loans are the most common loans, and also the most popular type to consolidate. Stafford loans have a variable interest rate like the PLUS loan, making refinancing a smart choice. Loan consolidation can reduce the repayment amount by up to 63% if refinanced through the right lender.
Like the Perkins Loan, the Stafford Loan also offers a few forgiveness programs for those in certain teaching positions and other various public service jobs. Check to see if you’re eligible for any forgiveness programs before applying to consolidate student loans.
Health Professions Student Loan (HPSL) – Consider before refinancing
The HPSL loan for medical professionals is a fixed rate loan like the Perkins Loan. The HPSL comes with certain deferment options that may be lost after consolidation.
The HPSL offers a 3 year deferment period designed to give relief to medical professionals during residency. This deferment option may or may not be lost after consolidation. Those who have HPSL college loans should inquire with various lenders about deferment options.
Direct Loans – Good Choice for Student Loan Consolidation
Some schools offer Direct Loans, meaning that the money given to students comes directly from the federal government, not through a private lender. Borrowers who obtain these college loans must first consolidate through the Direct Loan program, but then have the opportunity to shop around for lower interest rates. Beginning July 1st 2006, borrowers will face much stricter regulations when consolidating Direct Loans. After the 1st of July, borrowers will only be able to switch lenders if their current lender does not offer a student loan consolidation with an income sensitive repayment plan.
The two most popular types of loans are the Stafford Loan and the PLUS Loan which is the reason it’s so popular to consolidate student loans. Many students acquire a variety of college loans that may not be beneficial to consolidate. Student loans are not all created equal. It’s important to understand the unique qualities of your individual loans and work with your lender to determine the option that is right for you.

Student Loan Consolidation Tips Guide

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During their student life, students accumulate a number of loans to secure their college degrees. These loans prove to be hfor a while, however when the time for their repayment arrives, their numerous monthly installments with different interest rates
During their student life, students accumulate a number of loans to secure their college degrees. These loans prove to be helpful for a while, however when the time for their repayment arrives, their numerous monthly installments with different interest rates pester the students causing them to lose their sleep and get diverted from the path of success in their career. Hence, the most desirable thing to do to avoid this kind of situation is to opt for a Student Loan Consolidation.elpful
Student Loan Consolidation is basically a loan which absorbs all the previous loans taken by a student to finance his studies and other needs. By consolidating all his loans a student saves his time and effort as it is much easier to handle one payment monthly than several separate payments. Secondly, a consolidated student loan carries a lower interest rate than the various other student loans. Moreover when a student opts for a consolidated loan he has to pay only one interest rate, not several different rates. Also, a consolidated loan offers more flexible repayment options than the other loans. This type of loan is also generally free of any kind of prepayment penalty.
Student Loan Consolidation rates might vary depending upon the student’s financial situation. It will be very easy to acquire an excellent Student Consolidation Loan plan if one has a credit score of more than 660 (FICO score). Different lenders offer different monthly plans according to the student’s loan situation. Some lenders might offer 50% lower monthly plans than others. A student should review the terms and conditions of all the lenders and should select the one who offers simplest repayment options with a monthly payment that will not become a burden for him.
While considering consolidation a student should always opt for fixed interest rate rather than floating rate. This reduces the element of uncertainty and clearly defines what one has to repay in future. Hence, one should always choose a lender who is offering the lowest fixed interest rate. One should select the payment period, which does not burden him in any way. This is very significant as the rate of interest and monthly installments are both calculated according to the duration of the loan. Whether the lender will be able to extend the payment period according to the needs of the borrower should also be enquired first. Above all, it is recommended that a student should avoid Student Loan Consolidation if he has already paid a major part of his loans because opting for consolidation on this stage can reset the loan process, which will ultimately make him pay more than what he had planned for.
Keeping these tips in mind a student should first do his homework by carrying out a survey of what the numerous Student Loan Consolidation companies are offering him and then go for the best deal that will make it easier for him both financially and psychologically to get rid of his debt.

Student Loan Debt Consolidation - Is Your Financial Future Important

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Like any other debt, student loans could influence your future decisions and your credit history. Additionally, when a student loan debt has exceeded eight percent of your income, it is seen as bad credit when assessed for further loans.
Like any other debt, student loans could influence your future decisions and your credit history. Additionally, when a student loan debt has exceeded eight percent of your income, it is seen as bad credit when assessed for further loans.
There are two approaches in reducing your student loan debt burden. When interest rates of loans fall, your education loans could be consolidated or refinanced.
There are several kinds of student loans. However, the most common are the federal and private student loans. The U.S. Department of Education’s Federal Student Aid programs manage the federally funded loans. The federal educational loan is the easiest kind to obtain.
Federal student loans are more advantageous compared to private student loans. The interests on federal loans are tax-deductible and on particular kinds of service, the student loan could be forgiven.
On the contrary, private loans do not provide any benefit. In consolidating your student debt, it is advisable not to mix the private and federal loans together. Be sure to consolidate every one of your federal student loans. Then, you could consolidate your private loans separately.
There are three scenarios to determine a person's eligibility in consolidating his federal student loans. There are many kinds of student debt consolidation plans offered. When students do not consolidate their student loan debt, this will result in the inability to acquire future mortgages, car loans, credit cards, and other kinds of credit.
Student Loan Consolidation – How Does Consolidation Help?
When a certain student initially applied for a number of student loans from different providers and organizations, each student loan agency or provider offered distinct interest rates as well as term or period of time for the loan to be paid back. The concept of a student loan consolidation is to grab all the varying student loans and put them all into one single, simple and handy loan.
Then the student will only make one payment each month for all the loans incurred, than several or individual loan payments each month; with this, the student will then save time as well as money. With a much lower interest rate plus less checks to issue each month, are a few of the advantages of executing a student loan consolidation.
Who Should Consolidate Student Loans?
Generally, individuals apply for a student loan consolidation to cut on their payments each month and to save on money for an accumulated period of time. The faster you settle your student loan, the more money you can save.
5 Student Loan Consolidation Advantages.
1. Lower payments every month.
2. Have simple and convenient loan payments.
3. Have fixed interest rates. With certain federal student consolidation loans, one may have a permanent fixed rate on a student loan.
4. Payment period can be extended. You can then give attention on earning money rather than making several monthly student loan payments.
5. In school consolidation arrangements. Student loan consolidation can help ease the burden of several monthly bills.

Direct Student Loan Consolidation....

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Student loans are like a double edge sword - without the loans you wouldn't be able to get your college education and degree - but with the loans, you're often saddled with a huge mountain of debt right as you are starting out with a new career. That doesn't leave much money left over from the new job you got your degree for!
Student loans are like a double edge sword - without the loans you wouldn't be able to get your college education and degree - but with the loans, you're often saddled with a huge mountain of debt right as you are starting out with a new career. That doesn't leave much money left over from the new job you got your degree for!
If you're in a position where student loans are putting a strain on your budget or actually making your finances go into the red and giving your credit score a turn for the worse, then you may want to look into consolidating your student loans into a single loan that has a lower interest rate, longer life, and lower monthly payment.
A direct student loan consolidation might be for you if you're struggling to meet your monthly obligations and have used your deferment options already. Especially if you are about to default on your loan, you really should check into consolidating to save your credit rating. A direct student loan pays off all your old individual loans and leaves you with a new loan to start all over again. It's like wiping the slate clean and getting a fresh new start.
The deferment options become available to you again with the new loan in case you ever need it again and you'll usually qualify for a much lower interest rate since the consolidated loan will be for a larger amount. Also, when you consolidate, the old loans show up as paid on your credit report, so that will help to improve your credit standing as long as you pay your new loan on time each month, which should be easier to do with a lower payment amount.
There are actually four plans to look into when it comes to repaying your student loan consolidation -
- Standard repayment plan: This gives you a set monthly payment amount for a period of up to ten years.
- Extended repayment plan: This plan also has a fixed payment amount each month but the life of the loan can be extended to between 12 to 30 years, depending on how much you borrow. This makes the payments automatically lowered since they are spread over such a longer period of time, however when you do this the actual total amount you repay in the end will be larger due to more years of interest.
- Graduated repayment plan: This option will also allow you to stretch your payments over a longer period of 12 to 30 years. The difference is that your payments will increase every two years. This could be beneficial to you if you are just starting out in your career and not making as much money now as you will be in the future. Just make sure your job performance qualifies you for all those big raises you're expecting!
- Income contingent repayment plan: The payment plan is designed for those with a job and family because it takes a look at your annual income and total student loan debt, along with the size of your family, and then comes up with a payment amount that's spread out over a 25 year period.
If you're still a student in school when you consolidate, it's possible that you'll qualify for a six month grace period before you have to start making payments. A consolidation loan will benefit those who are looking at many years of payments ahead. If your student loans are almost paid off and you're having financial difficulties, you may want to look into forbearance and deferment first, because if you refinance, your loans will be spread out over more years and that will increase the total amount you will have to repay.
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Student Loan Consolidation May Get You up to 20 More Years to Pay Off Your Student Loans

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If you’re a former student or a college parent with any outstanding federal student loans, you may be able to get up to 20 more years to repay just by consolidating your eligible federal parent or student loans.

If you’re a former student or a college parent with any outstanding federal student loans, you may be able to get up to 20 more years to repay just by consolidating your eligible federal parent or student loans. With that longer repayment term, since you have more time to repay, the amount you have to pay each month will typically go down. You may be able to cut your monthly student loan payments by up to 42% — just by consolidating!

Cut Your Payments on Your Student Loans by up to 42%strong>

Here’s an example of how you can lower your monthly student loan payments when you consolidate your federal href="http://www.nextstudent.com/private_loans/private_loans.asp">college loans and take advantage of a longer repayment term: Estimated monthly payments on a $75,000 student loan consolidation fixed at 7.25% and repaid over an extended term of 30 years are $512, versus estimated monthly payments of $879 on a $75,000 Federal Stafford Loan issued at 7.22% and repaid over 10 years — that’s a 41.8% reduction in monthly payment amount. (Your actual payment reduction may vary and will depend on the terms of the parent or student loans you’re consolidating.

Get More Time to Repay Your Student Loans

Federal PLUS parent loans and Stafford student loans are issued with standard repayment terms of 10 years. You may be able to get up to 30 years to repay these federal parent and student loans when you consolidate them into a student loan consolidation.

How long you get to repay will depend on the total outstanding balance of your education debt: If your outstanding education debt totals $20,000 – $39,999, you’ll have 20 years to pay back your student loan consolidation. If your outstanding education debt totals $40,000 – $59,999, you’ll have 25 years. If you have $60,000 or more in education debt when you consolidate your federal student loans, you’ll have 30 years to pay back your Federal student loan consolidation.

No Fees. No Credit Checks. No Prepayment Penalties.

Even though you can get more time to repay your federal parent and student loans by consolidating, there are no prepayment penalties on a Federal Consolidation Loan, so you won’t be assessed any additional fees for paying more than the minimum each month or for paying off your student loan consolidation early, should you choose to

There are also no application fees, no processing fees, and no credit checks when you consolidate through the federal student loan consolidation program

Replace Your Variable-Rate Student Loans With a Fixed-Rate Consolidation Loan

If you took out your Federal PLUS Loans or Stafford Loans prior to July 1, 2006, those loans are subject to variable interest rates that will adjust every year. So when interest rates rise, your monthly student loan payments may also go up. But you can put an end to rate increases and rising payments when you consolidate your parent or student loans.

The federal student loan consolidation program gives you the security of a fixed interest rate. By consolidating your federal student loans, you’ll replace your variable-rate college loans with a fixed-rate consolidation loan, so you won’t have to worry about interest rates rising and leaving you guessing about your monthly payment amount.

Make Just One Payment for All Your Federal Student Loansstron

If you have multiple student loans in repayment and you’re dealing with the hassle of multiple bills, multiple due dates, and multiple monthly payments to multiple lenders, a Federal Consolidation Loan could help make your student loan repayment easier to manage.

With the federal student loan consolidation program, you can bundle all your eligible federal parent or student loans into one single consolidation loan with just one monthly bill, one lender, and one monthly payment that’s fixed for the life of your consolidation loan.

Consolidate Your Private Student Loans

If you have private student loans in addition to your federal student loans, you won’t be able to consolidate your private student loans under the federal student loan consolidation program. But you may be able to consolidate your private student loans separately with a Private Consolidation Loan, which offers the same convenience of a single consolidated loan for your private student loans.

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