Articles & News About Student Loans & School

ScholarPoint Offers Five Tips for New College Grads

La Jolla, CA (PRWEB) June 20, 2007 -- For those newly minted college grads with student loan debt, ScholarPoint offers five tips on how to save money by consolidating student loans. Although most people understand that consolidating college loans can help them lower their monthly payments, not everyone realizes the added benefits of consolidation, such as improving credit rating and lowering debt to income ratio.

Before moving on to the five tips, the most important advice for those who plan to consolidate their loans is to consolidate while you are in your grace period. The interest savings are substantial; grads can lock in near the lowest interest rate offered by applying for consolidation within six months of graduation.

1.    Your rates are locked in at today's low rates after consolidating college loan debt.
Because the majority of student loans are variable rate loans, they are subject to constant fluctuation depending on the current interest rates set by the government. With today's college student loan consolidation rates, you can lock in a low fixed interest rate. Because the rate is fixed after consolidating college loans, there are never any surprises when the first bill arrives after the yearly rate adjustment.

2.    You can receive additional interest rate reductions through college debt consolidation
When consolidating student loans, you not only enjoy a fixed interest rate but you can also earn additional interest rate reductions offered by the lender that consolidates your college loans. Different lenders offer different types and amounts of incentive plans, and by knowing what to look for, you can save yourself a great deal of money above and beyond the already low consolidation rate.

3.    Improve your credit score by consolidating college loans
Many students take out numerous loans throughout their college years. A student that takes out just one subsidized and one unsubsidized student loan every semester will accumulate 16 different loans on their credit report over the course of four years, which can lower your credit score.

4.    Reduce debt to income ratio by refinancing college loans
When lenders consider whether to lend you money, they consider your debt to income ratio. Refinancing student loans can shave as much as 52% off of your monthly payment by extending the repayment period. This savings can make the difference between securing a loan for a car, apartment or other necessities.

5.    Reduce dependence on high interest debts by consolidating student loans
Many young professionals just out of college turn to high interest credit cards to help them get through the period where expenses are high and their careers are just beginning. By consolidating student loans, borrowers can free up several hundred dollars in disposable income and reduce dependence on high interest credit cards.

College loan consolidation is simple and extremely fast now thanks to the internet. By consolidating student loans today, you could save yourself several hundred dollars by the time you make your first student loan payment.

ScholarPoint Financial, Inc. is a national online consumer lending company specializing in student loans and offering a full range of innovative education finance solutions. Loan options for students and their families include PLUS, Stafford, Consolidation and Private loans. ScholarPoint combines industry-leading borrower benefits, best-in-class service and innovative technology. Unlike many other traditional loan sites, ScholarPoint's technology platform was designed exclusively for its website, integrating the entire process for an online experience that is simple, instant, and complete. http://www.ScholarPoint.com

Contact:
Joan Coyle
202-289-3903
jcoyle @ wpllc.net

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