consolidation loan

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Related to Loan Consolidation: personal loan, Debt consolidation

Consolidation loan

A loan that is used to combine and finance payments on other loans.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

Consolidation Loan

A loan that pays off two or more loans. A consolidation loan often comes with a lower monthly payment and/or interest rate than the previous loans, as well as a longer repayment period. The process is usually called debt consolidation, and is often used for student loans.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

consolidation loan

A new loan that pays off two or more existing loans or indebtednesses, usually resulting in lower payments.Home equity lines of credit are often marketed as consolidation loans, urging consumers to pay off high-interest-rate credit cards and automotive debt for lower-interest-rate, tax-deductible, mortgage debt.While the practice does reduce monthly payments significantly, it replaces relatively short term debt with long-term debt and results in higher total interest payments over time.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
* A second type of loan consolidation, in which the borrower enrolls directly into IBR to qualify for consolidation, and
Although federal loan consolidation won't save on interest rates, it can simplify your life.
Georghadji said the banking regulator plans to link the issue of loan restructurings to the banks' capital buffers, as leverage on lenders to speed up their loan consolidation.
Private student loan consolidation is the process of having one or more existing private loans paid off by the creation of a new single consolidation loan with new terms and conditions (such as repayment length, interest rate, repayment benefits, etc.) that are particular to the lender offering the consolidation loan.
If we can help our students learn what borrowing involves and what options they have concerning loan consolidation, everyone will benefit," Gochenaur said.
Don't think federal loan consolidation will lower your interest rates.
The book also provides information on transcripts, the college application interview, avoiding scholarship and aid scams, and loan consolidation pitfalls.
Consolidate strategically: Loan consolidation combines multiple student loans into a single loan.
* General loan issues, including discharges based on total and permanent disability, teacher loan forgiveness, applying the Civil Relief Act to borrowers, prohibited inducements governing Federal Family Education Loans and eligibility for loan consolidation.
If you are a homeowner, a home equity line of credit or loan can provide an avenue to loan consolidation depending on your credit rating and how much equity you have in your home.
But other aspects of personal finance, such as loan consolidation and credit card management, aren't on most Americans' to-do lists for this year.