college loan consolidation
Monday, August 30th, 2010
Student loan consolidation —- HELP!?
All I know is I am preparing to graduate from a private college Four years where I have about $ 30,000 in loans (federal and private). Where can I go? honest and serious answers only please ….. Thank you!
Many shady characters are entered in the consolidation market recently, so it is important that you research first, do not succumb to the marketing gimmicks of some of these small shady companies. some tips: 1. Make sure you go with a student loan consolidator * * – and not just a consolidator of the general debt. Student loans have special advantages that you lose the consolidation Debt generics. 2. You need to consolidate your federal loans and private separately 3. Stick with a large reputable lender who will not just "flip" your loan. 4. By law, lenders are required to use the same interest rate formula on consolidation loans Federal. However, many lenders offer interest rate reductions for timely payment or direct debit. There is important to read the fine print and understand how you qualify for benefits or disqualified borrower lender programs. Beyond the savings, Borrowers should consider customer service, flexible repayment options, account access and online applications, reputation and industry experience when selecting a lender. In addition, since you have both private and federal, it could benefit to find a lender that can enhance both – that way you can have one bill and one place to manage your account. Sallie Mae has many information on consolidation – including FAQs and calculators that can help you see what your payment will be. http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm