Benefits Of Comparing Student Loan Consolidation Programs

Consolidating a student loan is like suddenly finding a new partner! It could take years, even decades to pay back the student loan consolidation program, so it is a wise idea to compare student loan consolidation programs before choosing a particular student loan consolidation program.

Student loan consolidation programs are a way to make life a little easier. There is no doubt that if you have to live off of a credit card, then you are paying much more than you need. The extortionate rates of credit cards, and the low monthly payments required, make credit cards one of the worst options to get by.

So, if you find yourself in such a position, getting a student consolidation loan can really make life easier while in education. The interest rates will likely be much lower than having to pay all those other student loans and credit card debts separately.

A big benefit of comparing student loan consolidation programs is that you get to find the best rate. The little differences between each program can amount to a big difference in what you have to pay back, so it is well worth comparing student loan consolidation programs.

The best way to do this is online. In fact you can do online student loan consolidation, which can be much easier than having to call several places to find out which one is right for you. By comparing student loan consolidation programs online, you can find out all of the hidden charges that many loan companies seem to add on without us knowing.

By doing a comparison of student loan consolidation programs online, you can also find out what other benefits can be had by getting the consolidation program from that company. Some may offer benefits such as cash back, access to discounts on books and other things related to what you need in your studies as a student. Some others may also offer discounts on travel, which again may benefit you. The key is to consider your needs when you find such offers, as some may benefit, while others could just be a great way to show an inflated student loan consolidation rate.

The key is to find the ones that meet your needs. Don't just settle on the first one you see. Make sure you research, and find out all the costs associated with the student loan consolidation program. After all, the student loan will likely run for several years before you can pay it back.

Another point to consider is whether the people are helpful with your needs. If you have problems with being able to pay the loan back in time or if you need a bigger loan later, will the company be able to give you that extra student loan consolidation. It is some food for thought, and by doing a comparison of student loan consolidation programs, you are more likely to find the one that meets your needs.

Is Student Loan Consolidation Good?

Consolidating your student loan(s) is one of the smartest things that you can do. You should consider a student consolidation loan if you have several federal student loans or even just one large one.

Student consolidation loans will have fixed interest rates which are similar to those of the loans that are being consolidated. The amount that you can save through consolidation can be up to 58%.

Federal Stafford loans, Federal Direct Loans, Federal Perkins Loans as well as many others can be consolidated. Most of the time, they already have low rates.

Advantages

- You will have a single loan payment which is often lower than what you currently pay.
- It is easy to set up.
- It will help lower your debt burden.
- You can secure the lowest interest rate at the time.
- It can help you qualify for new or renewed deferments.

What To Consider

When you consolidate, make sure that the interest rate that you are offered is lower than your current rate. You want to pay off your student debt easier and maybe quicker too.

While consolidation can simplify the loan repayment process and lower your monthly payment, in the long run it usually increases the total amount that you will have to pay.

Student loan consolidation provides lower monthly payments by allowing you to spread the loan over 30 years in some cases. You are paying more payments, so be sure to compare the total cost of repaying your unconsolidated loans with the cost of repaying them through the consolidation loan.

The process of consolidating is very flexible. Consolidation is available from before you graduate down through years of repayment.

First, you need to gather information about your current loan. You need to know the balances and the interest rates, the names and addresses of companies and the names and addresses of personal references. The National Student Loan Data System can help provide you with the information that you need since it holds the most complete and accurate information for federal loans.

Paying Them Back

You will have 2 options to pay these loans back.

1. Pay a standard amount each month. This will include principle and interest. This is the lowest cost of interest paid way to go.

2. Or a graduated repayment. Here you start with lower payments that are only interest, but then they will keep increasing.

Usually repayment of your consolidation loans will begin in 60 days and will take from 10 to 30 years to fully pay back.

There are some questions that you should ask the lender before going forward.

- is there a rate reduction, for example for making your payments online or on time?

- does the loan meet your specific needs?

- is that the best interest rate available?

To get a student loan consolidation, you can still be enrolled in school or graduated. Either way, you'll find many lending options that will fit your needs.

Student loan consolidation tips guide

During their student life, students accumulate a number of loans to secure their college degrees. These loans prove to be helpful for a while, however when the time for their repayment arrives, their numerous monthly installments with different interest rates pester the students causing them to lose their sleep and get diverted from the path of success in their career. Hence, the most desirable thing to do to avoid this kind of situation is to opt for a Student Loan Consolidation.

Student Loan Consolidation is basically a loan which absorbs all the previous loans taken by a student to finance his studies and other needs. By consolidating all his loans a student saves his time and effort as it is much easier to handle one payment monthly than several separate payments. Secondly, a consolidated student loan carries a lower interest rate than the various other student loans. Moreover when a student opts for a consolidated loan he has to pay only one interest rate, not several different rates. Also, a consolidated loan offers more flexible repayment options than the other loans. This type of loan is also generally free of any kind of prepayment penalty.

Student Loan Consolidation rates might vary depending upon the student's financial situation. It will be very easy to acquire an excellent Student Consolidation Loan plan if one has a credit score of more than 660 (FICO score). Different lenders offer different monthly plans according to the student's loan situation. Some lenders might offer 50% lower monthly plans than others. A student should review the terms and conditions of all the lenders and should select the one who offers simplest repayment options with a monthly payment that will not become a burden for him.

While considering consolidation a student should always opt for fixed interest rate rather than floating rate. This reduces the element of uncertainty and clearly defines what one has to repay in future. Hence, one should always choose a lender who is offering the lowest fixed interest rate. One should select the payment period, which does not burden him in any way. This is very significant as the rate of interest and monthly installments are both calculated according to the duration of the loan. Whether the lender will be able to extend the payment period according to the needs of the borrower should also be enquired first. Above all, it is recommended that a student should avoid Student Loan Consolidation if he has already paid a major part of his loans because opting for consolidation on this stage can reset the loan process, which will ultimately make him pay more than what he had planned for.

Keeping these tips in mind a student should first do his homework by carrying out a survey of what the numerous Student Loan Consolidation companies are offering him and then go for the best deal that will make it easier for him both financially and psychologically to get rid of his debt.

Direct Student Loan Consolidation Could be the Best of the Lot

When in order to reduce your existing loan burden you decide to opt for the student loan consolidation, you will have to decide the plan that is most suitable for you. Direct student loan consolidation is considered best for many experts owing to its unique features.



The traditional advantages derived are flexible plans of repayment of your loans and reduction in the interest rates, and lowering of premium by 53%. However the feature that makes such direct student loan consolidation process unique is the deferment and forbearance options that you get.



Types of direct student loan consolidation



Like others there are also various types of direct student loan consolidation plans. These are -



* The Stafford and PLUS loan consolidation plans.



* Direct Stafford and PLUS loan consolidation plans.



* Direct loan consolidation plans.



* Obtaining loan bills from the Center for direct loan servicing.



* Ford Federal program for direct loan consolidation.



* Direct lending school loan consolidation program.



The uses of the direct student loan consolidation



Obviously when you opt for the direct loan consolidation plan or any such student loan consolidation plan you will be concerned about the interest to be paid. Internet has solved the problem of getting the required information altogether. You can have all the information on student loan consolidation interest rates on line using the Internet.



Two methods of obtaining the information to learn about the benefits of the direct student loan consolidation plan are requesting for the free information packet or going through the step by step tutorials provide by many consolidators on line. There are also independent reviews available reading which you can form your opinion.



Apply online for direct student loan consolidation



Good news for you is that neither you will have to run to the federal or private provider's offices nor you have to go for a mediator who will perform all tasks for you. You can simply log on to the website of the consolidator and get the required information, apply online, and get approved also online.



Of course you may have doubts and it is better to have them cleared instead of suffering at the end of it landing with wrong choice. This can be effectively achieved by going through the frequently asked questions sections of the website where you have logged on for online application and approval.



Direct Student Loan Consolidation benefits



Traditional benefits available in respect of all other student loan consolidation plans like lowering the premium, extending the repayment period up to 30 years, and reducing the overall payments are available in direct student loan consolidation plan.



You will however have to fulfill certain requirements to be eligible for the direct student loan consolidation. For example you must have federal student loan worth $10,000 and must not have defaulted at any time.



Student loan consolidation process with lower rate of interest would be a great relief for the otherwise financially constrained family. They will now have more savings to look after divergent interests of the family members. That is why lowering the student loan consolidation rates are extremely essential to save your economy from disaster.

Student Loan Consolidations - Finding a Program That Works For You

Student loan consolidation help is a good solution to students who are in debt because of all of the loans that they needed in order to pay for school.

Student loan consolidation is basically the combining of two or more student loans. The point behind this is to allow the student to pay only one low monthly payment, based on what they can afford. This allows people who are in a bad financial situation to live a little easier.

If you just take a look around you can find hundreds of options for student loan consolidations, as well as other consolidations for other types of debt.

Looking at student loan consolidations, you will find that there are two major types of student loan consolidations. They are the federal student loan consolidation and private student loan consolidations. Though you are able to combine federal loans with private loans it is a bad idea. When you combine the two different types, you lose all of the benefits that you are offered with federal student loans but can't get from using private loans.

First and foremost, with federal student loan consolidation the interest rates you pay can be tax deductible. That is a good benefit that you would have no chance at getting if you were to consolidate them with private loans, or if all you had were private loans.

Next comes the possibility of being forgiven for certain federal loans when you go to consolidate them. Again, if you were to combine them with private loans, or if all you had were private loans, you would not have a chance at this.

And finally, for some who might need this, there is a possibility for you to defer your payments if you need to go back to school. You again can't take advantage of this benefit if you have just private student consolidations, nor if you mix private with federal student loans.

If at all possible, you want to use only federal student loans. Remember that when you go to get student loans consolidated, you need to be sure to keep federal loans separate from private loans.

When you decide on a student loan consolidation, you need to pay close attention to the interest rates they charge. If all of your rates are the same, then it will be slightly higher, but you will have no extra fees, and you will have a monthly price set based on what you can afford. If the rates are different then they will calculate an interest rate that will land somewhere between your highest rate and your lowest rate. When they tell you that your interest rate will be lower, it isn't really true. It will just be lower than your current higher rate.

If you come across a place that asks for an up-front fee then you should be wary. These are scams. That's not to say that everything that has a fee is a scam, just the ones that ask for the fees in the very beginning.

School loan consolidation doesn't have to be a major headache. By doing research on the Internet and using free student loan debt consolidation resources you'll be able to find a program that will save you money and headaches!

Article Source: http://EzineArticles.com/?expert=Imran_Jeans_A

About Your Student Loan Debt Consolidation

Anybody who has taken out multiple loans to help pay for school has probably looked at student loan debt consolidation at one point or another. Student loan consolidations are used specifically to help a student, or their parents, pay for multiple student loans with one easy monthly payment instead of the usual numerous payments.

For many students it is a hassle to pay for each and every loan separately and keep track of each payment as proof in case it is needed in the future. In fact, many of them don't continue on to even higher education because they are so far into debt that they can't afford much more. It often damages credit and makes it hard for to be approved for much of anything. What is worse is that it can often take so much money a month that living costs, including food, can barely be met each month.

In many of these instances, having a student loan consolidation program can prove to be helpful. Rather than letting the multiple student loans ruin a life, student loan consolidations work to help students and their family pay off their loans by lowering monthly payments so that they can all be met. Generally, assuming all payments are on time, this means that the credit of whoever is repaying the student loans is able to raise their credit score.

When you decide to turn towards student loan consolidation help there are a few things you need to look at. First of all, what kind of student loan consolidation do you need?

If you have federal student loans, then you will want to have those grouped together. It is important to have federal student loan consolidations, and then private student loan consolidations for one main reason. You can get certain breaks with federal student loan consolidations that are impossible to get if you mix the federal loans with the private loans.

The interest rates. Student loan consolidation rates tend to be a little higher than the original rates, but that can be expected because they don't generally charge any other fees. (A select few may charge a small fee, but that is only on certain loans, and you will never be charged on up front. If you are it is a scam, and you need to find another place). The interest rate that you are charged will be somewhere between your highest and lowest interest rate. When you're looking you should always make sure that it isn't above your highest interest rate, unless the interest rates for all of your loans are all the same. In that case it may be a little above those rates, but not a by much. When an interest rate is decided on for your student loan consolidation program it will stay at that rate for the entire time that you are working to pay off your new student loan consolidation.

When you undergo student loan consolidations, you will find that money is less of a problem than before. After a student loan consolidation you pay only one low monthly payment, leaving extra money for things you need and want.

School loan consolidation doesn't have to be a major headache. By doing research on the Internet and using free student loan debt consolidation resources you'll be able to find a program that will save you money and headaches!

Article Source: http://EzineArticles.com/?expert=Syedsalman_Shah_Salman

Guarantee Agencies Student Loan Consolidation

Federal student loans are extremely low risk loans, as compared with other types of unsecured loans, in part because the Federal government guarantees them against default.

This section of FinAid provides information about student loan guarantee agencies, also referred to as student loan guarantors and student loan guaranty agencies. Guarantee agencies insure student loans against default. The 1% default fee (previously "guarantee fee") that is collected from each disbursement is paid to the designated guarantee agency to cover the costs of insuring the loan. (Some guarantee agencies have built up enough of a reserve that they are able to waive or reduce the default fee.) If the borrower defaults, dies or becomes totally and permanently disabled, the guarantee agency reimburses the lender for the balance remaining on the loan.

Mapping Your Future

Mapping Your Future is a web site sponsored by a group of 35 FFELP guarantee agencies and secondary markets. The site provides information on planning a career, selecting a school, and paying for school. It also includes a college admissions and financial aid calendar.

FFELP Guarantee Agencies


American Education Services (AES) [alternate link] is a student loan guarantor located in Pennsylvania. AES is a division of the Pennsylvania Higher Education Assistance Agency (PHEAA). They've grown into a full-service education financing operation that acts as a servicer, lender and secondary market in addition to a guarantor. They offer Stafford, PLUS, Consolidation and private education loans. Their repayment incentives include 0% default fee, origination fee reductions of up to 3% (depending on state and bank), a 0.25% interest rate reduction for automatic direct debit of monthly payments and a 2% interest rate reduction after 48 consecutive on-time payments. One key benefit is their partnership with Upromise, which allows borrowers to use Upromise savings to repay student loans. For more information, write to 1200 N 7th Street, Harrisburg, PA 17102-1444 or PO Box 2461, Harrisburg, PA 17105-2461, Undergraduate students should call 1-800-233-0557 or 1-717-720-3100, fax 1-717-720-3916, TDD: 1-717-720-2354, or send email to aescs@aessuccess.org. Graduate students should call 1-800-233-0557 or 1-717-720-3500/3492, fax 1-717-720-3931/2774, TDD 1-717-720-2354, or send email to aesgs@aessuccess.org or aespas@aessuccess.org. Related web sites include Education Planner (College Planning), CampusChamps (Student Athletes), YouCanDealWithIt (Debt Management), and FurtherYourEducation (Continuing Education).

American Student Assistance (ASA), established 1956, is the student loan guarantor for FFELP Loans in Massachusetts and Washington, DC. Their delinquency and default prevention efforts include their Wellness programs. For more information, call 1-800-999-9080, fax 1-617-728-4265, TDD 1-800-999-0923, or write to American Student Assistance, 100 Cambridge Street, Suite 1600, Boston, MA 02114.

College Assist (previously known as College Access Network and Colorado Student Loan Program (CSLP)) is a national guarantor agency as well as the designated guarantor of student loans for Colorado. For more information, call 1-303-305-3000 or 1-800-727-9834, TDD 1-800-727-5343 or 1-303-305-3150, or send email to information@college-assist.com. Related web sites include StudentLoanOnline, College Assist's online loan interface.

Connecticut Student Loan Foundation (CSLF) is a student loan guarantor and lender located in Rocky Hill, CT. Established in 1965, CSLF offers fee-free and reduced rate loans through Susie Mae, its lending division. They offer fee-free Stafford Loan with a 4% rebate on the original principal amount of the loan after 33 timely automated payments, plus a .25% interest rate reduction for auto-debit. They offer PLUS loans at up to 1% below the federal rate (an immediate and guaranteed 0.5% interest rate reduction for simply using Susie Mae and a 0.5% interest rate reduction for auto-debit). They offer Consolidation loans with a 2% rebate on the original principal amount after 24 consecutive ontime payments, plus a .25% interest rate reduction for auto-debit. For more information, call 1-800-237-9721 x442 or 1-860-257-4001, fax 1-860-563-3247, write to CSLF, 525 Brook Street, PO BOX 1009, Rocky Hill, CT 06067, or send email to customersupport@mail.cslf.org.

Education Assistance Corporation (EAC) is a guarantor of Federal student loans, established in 1978. They guarantee loans in South Dakota, North Dakota, Minnesota and other states. Their subsidiary, Educational Assistance Service Company, Inc. (EASCI), originates and services student loans. For more information, call 1-800-592-1802 (EAC) or 1-800-458-4011 (EASCI), write to 115 1st Ave SW, Aberdeen, SD 57401, or send email to eac@eac-easci.org.

EdFund was established by the California Student Aid Commission (CSAC) in 1997 as a guarantee service provider. CSAC is the designated guarantor for California and was established in 1955. They are the second largest student loan guarantee agency. CSAC also administers the Cal Grant program and the state work-study program. For more information, call 1-877-2EDFUND (1-877-233-3863) or write to PO Box 419045, Rancho Cordova, California 95741-9045. Schools should call 1-888-22FFELP (1-888-223-3357). Related web sites include EdFund.net, EdFund's online loan interface.

Educational Credit Management Corporation (ECMC) is the designated guarantor for Virginia and Oregon. They also provide information and assistance to borrowers whose loans were originally guaranteed by the Higher Education Assistance Foundation (HEAF) and service bankruptcies for borrowers whose loans were guaranteed by guarantee agencies in 25 states. For more information from their Virginia office, call 1-888-775-ECMC (3262) or 1-804-267-7100 or write to PO Box 8809, Richmond, VA 23225 or Boulders Building VII, 7325 Beaufont Springs Drive, Suite 200, Richmond, VA 23225. In Minnesota call 1-888-221-ECMC (3262) or 1-651-221-0566 or write to PO Box 64909, St. Paul, MN 55164-0909 or 101 East 5th Street, Suite 200, St. Paul, MN 55101. In New Mexico call 1-505-428-2100 or write to 4001 Office Court Drive, Building 700, Santa Fe, NM 87507. See also the State Council of Higher Education for Virginia (SCHEV) for information about other student aid programs for Virginia.

Finance Authority of Maine (FAME) is a secondary market and guarantee agency for student loans in Maine. For more information, call 1-800-228-3734 or 1-207-623-3263, fax 1-207-623-0095, TTY 1-207-626-2717, write to 5 Community Drive, PO Box 949, Augusta, ME 04332-0949, or send email to info@famemaine.com.

Florida Office of Student Financial Assistance (OSFA), part of the Florida Department of Education, is the designated student loan guarantee agency for Florida. OSFA does not charge a default fee for loans guaranteed on or after March 1, 2008. OSFA also administers multiple grant and scholarship programs. For more information, call 1-800-366-3475 (loans) or 1-888-827-2004 (grants/scholarships) or write to Florida Department of Education, Office of Student Financial Assistance, 1940 North Monroe Street, Suite 70, Tallahassee, FL 32303-4759.

Georgia Student Finance Commission (GSFC) is a student loan guarantee agency for Georgia. GSFC was established in 1965. GSFC also administers Georgia's HOPE Scholarship Program (Helping Outstanding Pupils Educationally) and other Georgia state student financial aid programs. For more information, call 1-800-505-GSFC (4732) or 1-770-724-9000, fax 1-770-724-9089, or write to Georgia Student Finance Commission, 2082 East Exchange Place, Tucker, GA 30084.

Great Lakes Educational Loan Services, Inc., also known as the Great Lakes Higher Education Corporation, is a guarantor and servicer of student loans in Wisconsin, Minnesota, Michigan, Ohio, Puerto Rico, and the Virgin Islands. They were established in 1967 and also act as a servicer of student loans. For more information, call 1-800-366-0032 (Loan Applications) or 1-800-236-6600 (Loan Consolidation) or 1-800-236-4300 (Loan Repayment), fax 1-800-375-5288, or write to Great Lakes - Borrower Services, PO Box 7860, Madison, WI 53707.

Illinois Student Assistance Commission (ISAC), established 1957, is a national student loan guarantee agency located in Illinois. For more information, call 1-800-899-ISAC (4722), TDD 1-800-526-0844, write to Illinois Student Assistance Commission, 1755 Lake Cook Road, Deerfield, IL 60015-5209, or send email to collegezone@isac.org.

Iowa College Student Aid Commission (ICSAC) is the designated student loan guarantee agency for Iowa. ICSAC also administeres the Iowa Tuition Grant Program, the Iowa Vocational-Technical Tuition Grant Program, and the merit-based State of Iowa Scholarship Program. For more information, call 1-800-383-4222 or 1-515-242-3344, fax 1-515-242-3388, write to Iowa College Student Aid Commission, 200 - 10th Street, 4th Floor, Des Moines, IA 50309-2036, or send email to info@iowacollegeaid.org.

Kentucky Higher Education Assistance Authority (KHEAA), established 1966, is a student loan guarantee agency for Kentucky and Alabama. For more information, call 1-800-928-8926 (schools and lenders should call 1-800-617-2699) or send email to inquiries@kheaa.com.

Louisiana Office of Student Financial Assistance (LOSFA) is a student loan guarantee agency for Louisiana. LOSFA does not charge a default fee for the student loans it guarantees. For customer service, call 1-800-259-5626 or send email to custserv@osfa.state.la.us.

Michigan Higher Education Assistance Authority (MHEAA), established 1960, is the student loan guarantee agency for Michigan. For more information, call 1-877-323-2287, write to Bureau of Student Financial Aid, Office of Information and Resources, PO Box 30466, Lansing, MI 48909-7966, or send email to oir@michigan.gov. The Michigan Guaranty Agency can be reached by email at mga@michigan.gov. See also the Michigan Higher Education Student Loan Authority (MHESLA).

Missouri Student Loan Group administers the Missouri DHE Student Loan Program of the Missouri Department of Higher Education (DHE) and acts as the designated student loan guarantee agency for Missouri. MDHE has waived the default fee on the loans it guarantees since July 1999. For more information, call 1-800-473-6757 or 1-573-751-2361 or 1-573-751-3940, fax 1-573-751-6635, write to Missouri Department of Higher Education, 3515 Amazonas Drive, Jefferson City, MO 65109, or send email to info@dhe.mo.gov.

Montana Guaranteed Student Loan Program (MGSLP) is the student loan guarantee agency for Montana. MGSLP is a state agency within the Office of the Commissioner of Higher Education. For more information, call 1-800-537-7508 or write to MGSLP, PO Box 203101, Helena, MT 59620-3101.

National Student Loan Program (NSLP) is a national student loan guarantee agency. They are the 7th largest student loan guarantee agency. For more information, call 1-800-735-8778 x6300 or 1-402-475-8686, fax 1-402-479-6658, write to PO Box 82507, Lincoln, NE 68501-2507 or 1300 O Street, Lincoln, NE 68508, or send email to nslpcs@nslp.org.

New Hampshire Higher Education Assistance Foundation (NHHEAF), established 1962, is the designated student loan guarantee agency for New Hampshire. For more information, call 1-800-525-2577 or 1-603-225-6612, fax 1-603-224-2581, write to 4 Barrell Court, PO Box 877, Concord, NH 03302-0877, or send email to info@gsmr.org. Related web sites include Granite State Management & Resources (GSM&R)
and NHHEAF Network.

New Jersey Higher Education Student Assistance Authority (HESAA), established 1959, is the state secondary market and student loan guarantee agency for New Jersey. They offer Stafford, PLUS and Consolidation education loans, as well as the NJCLASS (New Jersey College Loans to Assist State Students) alternative education loan. HESAA typically waives the 1% default fee for its borrowers. For more information, call 1-800-792-8670, write to PO Box 540, Trenton, NJ 08625.

New Mexico Student Loan Guarantee Corporation (NMSLGC), established 1981, is a secondary market, guarantee agency and lender for New Mexico. They are also known as New Mexico Student Loans (NMSL) and New Mexico Educational Assistance Foundation (NMEAF). They offer Stafford, PLUS, Grad PLUS, Consolidation and private education loans. Lenders who sell their student loans to NMEAF (and are guaranteed by NMSLGC) typically offer repayment incentives that include a 0% default and origination fee, a 0.5% interest rate reduction at repayment, a 5% principal reduction after 48 months of on-time payments and a 0.25% interest rate reduction for automatic direct debit of monthly payments. NMSL also offers special incentives for teachers, nurses and doctors working in New Mexico. Their lender code is 822717. For more information, call 1-800-279-5063 or 1-505-345-3371, fax 1-505-345-6381, or write to PO Box 27020, Albuquerque, NM 87125 or 7400 Tiburon NE, Albuquerque, NM 87109.

New York State Higher Education Services Corporation (HESC) [alternate link] is the student loan guarantor for New York State. They also administer the New York Tuition Assistance Program (TAP) and other New York grant and scholarship programs. For more information, call 1-888-NYS-HESC (1-888-697-4372) or 1-518-473-1574, TDD 1-800-445-5234, or write to NY HESC, 99 Washington Avenue, Albany, NY 12255.

North Carolina State Education Assistance Authority (NCSEAA) is the state student loan guarantee agency for North Carolina. For more information, call 1-919-549-8614, fax 1-919-549-8481, write to NCSEAA, PO Box 14103, Research Triangle Park, NC 27709, or send email to information@ncseaa.edu. Related sites include the College Foundation Inc..

Northwest Education Loan Association (NELA) is the designated student loan guaranty agency for Washington and Idaho. For customer service, call 1-800-979-4441 or send email to loaninfo@nela.net or repayment@nela.net. For more information, call 1-800-562-3001 or write to NELA, 190 Queen Anne Avenue N, Suite 300, Seattle, WA 98109.

Oklahoma Guaranteed Student Loan Program (OGSLP), established 1965, is the designated student loan guarantor for Oklahoma. It operates as part of the Oklahoma State Regents for Higher Education. For more information, call 1-800-442-8642 or 1-405-234-4300, fax 1-405-234-4390, write to PO Box 3000, Oklahoma City, OK 73101-3000, or send email to info@ogslp.org.

Oregon Student Assistance Commission (OSAC) [alternate site] was previously the state student loan guarantee agency for Oregon. They also administer the Oregon Need Grant, Oregon Scholars Program and a variety of privately-funded scholarship programs. For more information, call 1-800-452-8807 or 1-541-687-7400, fax 1-541-687-7419, or write to Oregon Student Assistance Commission, 1500 Valley River Drive, Suite 100, Eugene, OR 97401. Related web sites include their student site, GetCollegeFunds.org.

Pennsylvania Higher Education Assistance Agency (PHEAA) is the state secondary market and guarantor in Pennsylvania, Delaware, and West Virginia. For more information, call 1-800-343-1809 or 1-717-720-3100, or write to 1200 N 7th Street, Harrisburg PA 17102-1444.

Rhode Island Higher Education Assistance Authority (RIHEAA), established 1977, is the state student loan guarantee agency for Rhode Island. For more information, call 1-800-922-9855 or 1-401-736-1100, TDD 1-401-734-9481, fax 1-401-732-3541, write to RIHEAA, 560 Jefferson Blvd., Warwick, RI 02886 or send email to info@riheaa.org or loans@riheaa.org.

South Carolina State Education Assistance Authority, also known as the South Carolina Student Loan Corporation (SCSLC), is a secondary market and guarantor for student loans in South Carolina. SCSLC was established in 1974. They offer Stafford, PLUS, Consolidation and private education loans. For more information, call 1-800-347-2752.

Student Loan Guarantee Foundation of Arkansas (SLGFA), established 1966, is the student loan guarantee agency for Arkansas. For more information, call 1-800-622-3446, fax 1-501-688-7675, write to SLGFA, 219 South Victory Street, Little Rock, AR 72201-1884, or send email to slgfa@slgfa.org.

Student Loans of North Dakota (SLND) is the state student loan guarantee agency for North Dakota. They are administered by the Bank of North Dakota (BND), an education lender. For more information, call 1-800-554-2717 or 1-701-328-5753, fax 1-701-328-5716, TDD 1-800-643-3916, write to SLND, PO Box 5524, Bismarck ND 58506-5524, or send email to bndsl@state.nd.us.

Tennessee Student Assistance Corporation (TSAC), established 1974, is the designated state student loan guarantee agency in Tennessee. For more information, call 1-800-257-6526 (out of state) or 1-800-447-1523 (in state) or 1-615-741-1346, fax 1-615-741-6101, write to TSAC, 404 James Robertson Parkway, Suite 1950, Nashville, TN 37243-0820, or send email to TSAC.aidinfo@state.tn.us

Texas Guaranteed Student Loan Corporation (TG) is a student loan guarantor located in Texas. For customer service, call 1-800-845-6267 or send email to cust.assist@tgslc.org. For more information, call 1-800-TG-LOANS (1-800-252-9743), TDD 1-512-219-4560, or write to TGSLC, PO Box 83100, Round Rock, TX 78683-3100. Related web sites include Adventures in Education, a site that provides information about career planning, school selection, and college funding for students, parents, teachers, counselors, and financial aid administrators.

USA Funds, also known as United Student Aid Funds (USAF), is a national guarantor of student loans and the designated guarantor for Alaska, Arizona, Hawaii, Indiana, Kansas, Maryland, Mississippi, Nevada and Wyoming. It is the nation's largest education loan guarantor. SMS Hawaii, the student loan secondary market for Hawaii, is an affiliate of USA Funds. For more information, call 1-888-272-5543 or send email to contact@usafunds.org.

Utah Higher Education Assistance Authority (UHEAA) is a student loan guarantor and secondary market for Utah. UHEAA is a subsidiary of the Utah State Board of Regents. Lenders who sell their loans to UHEAA typically offer repayment incentives that include a 0% default fee, a 0% origination fee, a 1.25% interest rate reduction for automatic direct debit of monthly payments, and a 2% interest rate reduction after 48 months of on-time payments. For more information, call 1-877-336-7378 or 1-801-321-7200, fax 1-801-321-7299, TDD 1-801-321-7130, write to Board of Regents Building, The Gateway, 60 South 400 West, Salt Lake City, UT 84101-1284, or send email to uheaa@utahsbr.edu.

Vermont Student Assistance Corporation (VSAC), established 1965, is a secondary market and guarantee agency for student loans in Vermont. For loan information, call 1-800-798-8722 or 1-802-655-4050. For more information, call 1-800-642-3177 or 1-802-655-9602, fax 1-802-654-3765, TDD 1-802-654-3766, write to PO Box 2000, Winooski VT 05404, or send email to info@vsac.org.

Private Education Loan Guarantee Agencies

The Education Resources Institute (TERI) is a national guarantor of private education loans, established in 1985. For more information, call 1-800-255-TERI (8374) or 1-617-426-0681, fax 1-888-FAX TERI (329-8374), write to PO Box 312, Boston, MA 02117 or 31 St. James Ave, 6th Floor, Boston, MA 02116, or send email to custserv@teri.org.

TERI supports the Higher Education Information Center (HEIC), which provides free information and counseling regarding careers, education programs, and financial aid. HEIC is based at the Boston Public Library and operates the Career and Learning Line (CALL) toll-free hotline (1-800-442-1171) for Massachusetts students to find out information about financial aid, college, and careers.