Sorting Your Web of Debt With ACS Student Loan Consolidation
If the total amount on
your student loans is spinning in your head and you can barely keep
up doing the math, the ACS student loan consolidation services can
help manage your loans and allow you to consolidate your student
loans under a single debt account.
Consolidating loans is something that students
should think about, especially if they feel they are about to default
on loans. Loans, especially those that were granted by the U.S.
Department of Education, can seriously impact a student debtor's
finances even after he or she graduates.
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.
You can apply for ACS student loan consolidation
on the website and manage your loans through your website account.
You can pay for your loan through the web-based payment option ExpressPay.
The ACS student loan consolidation is an entirely paperless process
- legal documents are signed through its e-signature feature.
There are three types of ACS student loan consolidation
programs that student debtors may apply for. There is the STAFFORD
loan, which is for undergraduate students who are obtaining the
loan for themselves. The PARENT PLUS is for parents or guardians
who are taking out a loan on behalf of the students. The GRADUATE
PLUS loan, meanwhile, is for graduate and professional students
who are obtaining the loan on their behalf.
An ACS student loan consolidation program combines
all eligible federal student loans into one new loan, which students
can pay in monthly installments. If you want to reduce your monthly
expenses on debt repayment, you might want to consider a debt consolidation
loan. A consolidation can actually reduce monthly debt repayments
by as much as 40% and, depending on your student loan balance, you
can repay your loan for up to 30 years.
The federal loans that are eligible for loan consolidation
include (a) Federal Subsidized and Unsubsidized Stafford Loans,
(b) Federal Direct Loans, (c) Federal Parent Loans (PLUS), (d) Federal
Grad PLUS Loans, (e) Federal Direct Grad PLUS Loans, (f) Supplemental
Loans for Students (SLS), (g) Federal Perkins Loans, (h) Federally
Insured Student Loans (FISL) (i) Health Professions Student Loans
(HPSL), and (j) Federal Nursing Loans.
ACS services both the FFEL and CBSL, which are
two loan programs that are completely different from each other.
FFEL is comprised of PLUS loans, Stafford loans, and Consolidated
loans. CBSL, meanwhile, includes Nursing loans (NSL), Health loans
(HPSL), and Federal Perkins loans. These two types of loans are
not co-mingled and thus, student debtors need to create two separate
accounts to manage both types of loans.
Of course, taking out a federal loan is not without
its trade-offs. An extended payment term can actually mean you will
pay more interest over the lifetime of the loan. Borrowers of a
Federal Perkins Loan may even lose their eligibility to cancel debt
in certain full-time occupations like public service, teaching,
Peace Corps service, and military service. But this should not stop
your from taking out an ACS Student Loan Consolidation.