Government Assisted Consolidation Loans - The Free Federal Program to Consolidate Your Debt and Save

Do you have some federal student loans that are choking your monthly budget? Then the U.S. government may have just the cure with their Government Assisted Consolidation Loans. They are a federal program designed to merge all your debts and bills into a single payment.

This means, that if you have several monthly payments or a number from several different loans, you can make things easier by consolidating them into one single loan to pay off the total debt. This offers you an easy to manage payment, and in most cases, at a lower rate of interest.

The official term for this government program is called Direct Consolidation loans and they are provided to U.S. citizens by the Department of Education.

These Direct Consolidation loans are funded directly by the U.S. government instead of a private lender or financial institution. They allow borrowers to lock in low interest rates and extend their repayment period beyond that provided by the original loan. This results in lower monthly payments for the duration of the new consolidated loan.

How You Qualify For The Program

As stated at the beginning, you must have outstanding federal student loans. Then you must qualify based on your need which is evaluated on the basis of your income, family size and the total outstanding balance of your federal student loans.

Some Benefits Of The Government Assisted Consolidation Loans:

• The ability to defer payments up to 3 Years
• No payments for the first 6 months
• No loan origination costs or fees for consolidation
• Extended loan payment period of up to 30 years.

Cheap Debt Consolidation Loans - Stop Struggling With Multiple Debts

Cheap debt consolidation loans can help you to club multiple debts from different lenders into one single consolidated loan thus enabling you deal with a single lender and that too at reduced monthly payment.

Cheap loans for consolidating debt are available with different lenders and even you can search for such an option online. Free debt consolidation advice can help you to pool different debts together from different lenders by seeking consolidation of debts against collateral pledged to the lender and can get better loan rates to get out of debts easily and at lesser cost. This will facilitate you to deal with a single lender as against multiple lenders and that too at reduced monthly payment as against multiple payments. This further enables you to pay off debt much faster with one single monthly payment towards your multiple debt liability.

Cheap debt consolidation loans mainly meant for repaying various pending loans like credit card debts, utility bills and unsecured loans with a facility to repay over a longer period so as to put you back on the right track. Such a loan option definitely works out better in managing your growing debts and therefore can put full stop on growing debts before the situation becomes completely out of hand and you are drowned knee deep in debt. You can restore your financial balance with better fund management by seeking online advice by loan companies offering consolidation of debt. You normally land into such a situation when you are unable to pay your growing credit card debts, medical expanses or other unsecured utility bills. Under such circumstances, it is highly advisable to seek debt counseling which can help you to manage your debt more responsibly.

There are different lenders offering Cheap consolidating loans at reasonable rates, who may find a way to club multiple debts from different lenders. Christian debt consolidation services is almost similar and is meant for people in debt and are unable to repay their loans due to job loss, increased medical expanses or any other factor that has resulted in high credit card usage or on account of other unsecured debts. This option in fact is not a loan and as such no home equity is required and therefore enables you to pay considerably less and comparatively with better cash flow for yourself each month.

Student debt consolidation loan usually will have a lower interest rate compared to cheap loans for consolidating debt.

How Debt Consolidation Helps You to Lower Your Payments

Staggering Economy and High Interest rates are some major factors that are responsible for the rising number of people that are left with their pockets empty.

Also the processing fees and other miscellaneous charges that are being charged by these Banks and many other Financial institutes are too high. Under such circumstances the smartest and the quickest way that one can opt for is to hire a debt consolidation Company.

Debt consolidation companies have experts and economists to negotiate with your Creditors, banks and other lenders for better payment plans that suit you best and to get all your credit back so that you can once again achieve your ideal financial situation.

In debt consolidation the consumer has to deal with only one financial institute and that is why it is known as one of the best tool to lower your payments. Once you hire a debt consolidation company, you don't need to worry about receiving multiple phone calls and to pay monthly bills to bunch of creditors.

Also you have to be careful about choosing the right debt consolidation company as all of them don't charge the same, so not all companies are to be trusted same.

Generally debt consolidation loans are of two types i.e. Secured loans and Unsecured loans. The major difference between them is that in secured loans you have to deposit all the documents and certificates of your property as collateral security but you have to pay lower rate of interest in this case. Where as in unsecured loans the rate of interest is quite higher but you don't need to put up your property as collateral.

Debt consolidation has a wide range of services that can help you to get out of all your debts and to make lower payments. So it is a wise decision to hire a debt consolidation company no matter in whatever situation you are rather than to declare bankruptcy.

Choosing the Best Debt Consolidation Company

If your bills are starting to stack up month after month and you find yourself spiraling down with uncontrollable debt, then maybe it's time consider a debt consolidation loan. Many people may seem skeptical at first, using money to pay off your debt, but it really is a powerful tool in achieving financial freedom and getting out of debt. Granted it is not a quick fix by any means, but then again there usually is not a quick fix when you are deep into debt. Whether you have collected your debt by abusing a credit card, a lost job, student loans, or any other way, there is help for you out there and many different options available for anyone with any type of debt. You do not have to drown in your debt and you don't have to be harassed by the creditors.

Although you will want to accelerate your financial situation as quickly and effectively as possible, it's important not to be too hasty when making a decision about who you go with in terms of a debt consolidation company and getting a loan. Not everyone will be completely honest with you and not all the companies out there are to be trusted. You will want to check around before you make your final decision. Talk to different people that you know about which companies have a good solid reputation and which may not be completely trust-worthy. You are putting your time, money, and energy into these companies as well as your trust so it's important you know them in and out.

Another important aspect of debt consolidation is what you are required to sign. Make sure that you absolutely look over every inch of paper that you put your signature on. A lot of people may think that the small print is just a formality and that they have to sign whatever is in front of them are die trying to get out a debt, however this is not true. Read carefully before you sign any contract, because it is your name, reputation, and money on the line with these people. If you don't like the terms they are offering you, then go elsewhere to do business. You don't have to be the victim of dishonest business and shady dealings.

Once you sign the contract with whichever company you choose, it is your duty to adhere by all of the conditions in the contract and to pay on time. If you have chosen to go with a secured loan, this comes with an extra risk, the risk being your property. This is not something you want to gamble with so it is highly suggested you pay every month on time, or else your own financial situation will worsen, which is exactly what you are paying them to take care of. If you wish to get out of debt long term you not only have to follow the terms of the contract, but make sure your spending habits have adapted accordingly with your new financial situation, or else you'll surely end up in the same situation again once you have freed yourself of debt.