Ten Loan Consolidation Questions All Students Should Pose!
Unfortunately, no college is in a position to offer help when you are faced with the challenge of choosing a suitable loan consolidation company. This is something you'll have to deal with yourself, but by asking a few questions, you'll have laid a solid foundation on which to build your success.
The good news however, is that you can simply by asking some questions. Here are 10 questions every student should ask:
1 - Why do you want to consolidate your student loans? The most common reasons for student loan consolidation are (1) to reduce the dollar amount of monthly payments, and (2) to ease repayment by turning many loans into one.
2 - At what stage should I apply for this consolidated loan? The simple answer here is that you should do so if you find yourself to be under considerable stress due to your obligation to multiple loans.
3 - Do I qualify for a student consolidation loan? Generally speaking, it is during your period of grace after graduation that one would normally apply.
4 - Are there any incentives? Some financial institutions do offer special bonuses or some other form of incentive but it is imperative that you get all related details in writing. Also, don't be afraid to ask question you feel are relevant to your situation.
5 - Does the company have a proven track record in the field of student loan consolidation? It simply cannot be stressed enough just how important it is that you choose a reputable company with a solid track record.
6 - Will my loan be serviced? You really need to be on your guard here because there some lenders who are in fact, only brokers. In this case, they'll simply sell your loan on at a later stage for a profit. Make sure you determine this before putting your signature on that dotted line.
7 - What kind of loan must I get? - Exercise caution when it comes to this because if your current student loans are federal loans, only federal consolidation loans will be recognized. If you opt for a consolidation loan which is not federal, you'll loose all federal benefits you may be getting.
8 - What are the terms of my student loan consolidation? Don't agree to or sign anything you don't understand. You are borrowing a boatload of money and will be repaying it for years to come. Make sure you know the details.
9 - What features does the lender offer? Some lenders offer features to make loan repayment easier and more convenient, like online applications and account access.
10 - What will happen if I miss payments? Ideally you should do everything in your power to prevent this but of course one can never predict the future. If you find yourself in financial difficulty, contact your lender immediately. Also, before agreeing to the loan conditions, discuss such a scenario with the lender, if only for your own peace of mind.
The good news however, is that you can simply by asking some questions. Here are 10 questions every student should ask:
1 - Why do you want to consolidate your student loans? The most common reasons for student loan consolidation are (1) to reduce the dollar amount of monthly payments, and (2) to ease repayment by turning many loans into one.
2 - At what stage should I apply for this consolidated loan? The simple answer here is that you should do so if you find yourself to be under considerable stress due to your obligation to multiple loans.
3 - Do I qualify for a student consolidation loan? Generally speaking, it is during your period of grace after graduation that one would normally apply.
4 - Are there any incentives? Some financial institutions do offer special bonuses or some other form of incentive but it is imperative that you get all related details in writing. Also, don't be afraid to ask question you feel are relevant to your situation.
5 - Does the company have a proven track record in the field of student loan consolidation? It simply cannot be stressed enough just how important it is that you choose a reputable company with a solid track record.
6 - Will my loan be serviced? You really need to be on your guard here because there some lenders who are in fact, only brokers. In this case, they'll simply sell your loan on at a later stage for a profit. Make sure you determine this before putting your signature on that dotted line.
7 - What kind of loan must I get? - Exercise caution when it comes to this because if your current student loans are federal loans, only federal consolidation loans will be recognized. If you opt for a consolidation loan which is not federal, you'll loose all federal benefits you may be getting.
8 - What are the terms of my student loan consolidation? Don't agree to or sign anything you don't understand. You are borrowing a boatload of money and will be repaying it for years to come. Make sure you know the details.
9 - What features does the lender offer? Some lenders offer features to make loan repayment easier and more convenient, like online applications and account access.
10 - What will happen if I miss payments? Ideally you should do everything in your power to prevent this but of course one can never predict the future. If you find yourself in financial difficulty, contact your lender immediately. Also, before agreeing to the loan conditions, discuss such a scenario with the lender, if only for your own peace of mind.
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Are personal student loans a great way to pay for college? Discover how it works and ifstudent loans with bad credit may possibly be a superior choice for you @ http://www.studentloan-i.com
posted by Debt Consolidation Loan at
11:08 PM
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