Sorting Your Web Of Debt With Acs Student Loan Consolidation

Of all the mistakes you can make as a student, one stands high above the others; falling behind on your student loan debt and defaulting. This is something that can follow you well into your professional career. With ACS student loan consolidation, though, you can sort through the loans and give yourself the ability to relax and breathe a little easier.

If your student loans are so big that just thinking about them makes you sweat, ACS student loan consolidation can bind all your loans into one or possubly two manageable loans. And to make your regular payments, you can just use one account.

If you are nearing default on your student loans, you should give serious thought to consolidation. Defaulted loans can have serious and long lasting effects on your finances and credit, and these effects can persist long after you graduate.

The government can actually mandate employers to deduct 15% of the gross salary to repay the loan through Administrative Wage Garnishment. The U.S. Treasury Department can also use tax refunds to offset a federal debt. Of course, all these grim scenarios do not include the reality of being noted for a bad credit rating by the credit bureaus.

ACS student loan consolidation can be applied for using the web, and through their website you will be able to manage your loans. Using their ExpressPay service, you can even pay your loans right through the site as well. The ACS student loan consolidation application process is entirely paperless,instead relying on electronic signatures to sign legal documents.

Student debtors may apply for three types of ACS consolidation programs. There is a Stafford loan program, which is for undergrad students applying for a loan for themselves. There is a Graduate Plus loan, for grad students applying for a loan on their own behalf. Lastly is the Parent Plus loan, which is for parents and legal guardians applying for a loan on behalf of a student.

The ACS student loan consolidation programs combine all federal student loans that are applicable into one new loan, repayable monthly on the website. A debt consolidation loan can reduce your monthly expenses by combining loans so that there is only one interest payment. These consolidation loans can reduce your monthly repayments by up to forty percent, depending on the balance of your loans. The repayment term of these loans is also flexible, and can be stretched out over as much as thirty years.

There are ten types of federal student loans that are eligible for loan consolidation. These loans are Federal Stafford Loans(Subsidized and Unsubsidized), Federal Direct Loans, Federal Parent Loans, Federal Grad PLUS Loans, Federal Direct Grad PLUS Loans, Supplemental Loans For Students, Federal Perkins Loans, Federally Insured Student Loans, Health Professions Student Loans, and lastly, Federal Nursing Loans.

ACS services both the FFEL and CBSL loan programs, but because the two types are different debtors need to consolidate their total debt into two loans if they have both types of loans. FFEL loans are made up of Stafford Loans, PLUS Loans, and Consolidated Loans, while HPSL loans are comprised of Nursing Loans, Health Loans, and Federal Perkins Loans.

Taking a federal loan does, however, have its drawbacks. By taking out a longer term loan, you will end up paying considerably more interest over the life of the loan. If you have borrowed a Federal Perkins Loan, you may even lose your ability to cancel debt in some full-time occupations like teaching, military or peace corps service, or public service. Don’t let this stop you from consolidating loans, however, as consolidation is always a better option than defaulting.