Welcome Guest. Register Now!  



 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 06-11-2009, 11:14 PM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,398
Blog Entries: 3
What is meant by Federal Student Loan Consolidation?

The principal benefit of consolidating a federal school loans is "payment relief." Clearly, by combining all of the student loans into one consolidated loan, a person can lengthen their repayment term from the standard 10 years to up to 30 years, depending on the amount of one's education debts.

Thus, with a lower monthly payment, more money would be available to meet other living expenses, including car payments, housing expenses, and other necessities. Since there are no penalties for overpayment, one can make larger payments and reduce the repayment term when it becomes affordable.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
 


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
What is meant by a Split Refund on the Individual Tax Return? sahar Miscellaneous 1 03-05-2009 02:11 PM
Student Loan Repayment reported on 1099. Two years on 2008... TX Ciclista Income 0 01-29-2009 08:57 PM
Help with tuition and student loan interest cornbread Estimated Taxes 0 07-28-2008 05:34 PM
What are rules for Student Loan Interest Deduction in 2008? TaxGuru For 2008 0 07-27-2008 01:09 PM
What is the maximum amount a taxpayer can deduct as student loan interest? vanngo Miscellaneous 1 12-07-2007 01:30 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning