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Consolidating Your Nursing School Loan Accounts
Michalis 'BIG Mike' Kotzakolios

By the time youíre finished with nursing school, you can be buried under a pile of nursing school loan debt. For a new graduate, it can be difficult to make ends meet having to pay a nursing school loan in addition to the normal living expenses such as rent, utilities, car, and groceries. One viable option for managing nursing school loan debt is a consolidation.

Today, interest rates for federal student nursing school loans are at all-time lows. Rates for nursing school loan consolidations can be as low as 2.875 percent. Without a consolidation, rates can be as high as 8.25% for a federal loan and upwards of 20% for private nursing school loans. By locking in a low interest rate in a consolidation loan, you can save thousands of dollars in interest over the life of the loan. As well, many nursing school loans have variable rates, meaning the interest rate could go up at some time during the loanís lifetime. By consolidating, you lock in the low rate and neednít fear fluctuations in interest rates.
If you do decide to consolidate your nursing school loan, there are a few things to keep in mind. First, there will be a deadline of when you are allowed to apply for a consolidation loan. Find out when the deadline is and be sure to meet it. Otherwise, it could be another year before youíre eligible to apply again, and by then the rates might have gone up.
The second thing to keep in mind is that you might not qualify for the absolute rock-bottom rates. A consolidation loan will take the weighted average of each nursing school loan. That number is rounded up to the nearest 1/8 of a percent.
Third, donít stick to one lender. Call around and see what terms are available, as they vary by lender. For example, several nursing school loan consolidation lenders will give you an interest rate reduction if you sign up for a program that automatically takes the student loan payment out of your bank account. Additionally, many lenders will give you a 1% rebate of the loan balance after you pay on-time for nine consecutive months. Imagine getting a check from the lender for $1000 because you make your payments on time! Not only will you get a rebate, but you might also get a further interest rate reduction by making on-time payments. However, the rate reductions might not come for 24 months or even up to 36 months. Thatís why it is necessary to compare lenders.
Lastly, you can only consolidate one time. Under the rules of federal consolidation, you can put all your nursing school loans into one fixed-rate loan that can be up to 30 years long.

BIG Mike is a well known author, developer and Adsense expert as well as the owner of Niche Maniacs - a unique Adsense Marketing System designed to build long-term passive income streams from Adsense, YPN, Chitika and other PPC services.

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