No matter which college you attend, you can be sure of one thing and that is, they won't be able to teach you just how you should go about the process of consolidating student loans.
Listed below, are 10 questions every student should ask before agreeing to any offers:
1 - What is your primary reason for wanting to consolidate all your loans? Like so many others, you'll more than likely find you can no longer meet all the repayments, thus you'll want to reduce the total monthly amount you are required to pay. Secondly, you'll have more financial freedom as you'll only have a single loan to repay.
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 loan consolidation? The ideal time to apply for a consolidation loan, is after graduation at which point your loans are afforded a period of grace.
4 - What incentives do I get? Some borrowers offer bonuses when choosing them for student loan consolidation. Make sure you get all of the details about any incentives in writing.
5 - Does this lender have experience with student loan consolidation? Choosing one of the reputable student loan consolidation companies is essential to your peace of mind.
6 - What are the chances of my loan being serviced? Here again, you really do have to inquire about this when making an application because some lenders are in essence, only brokers. If this is the case, they'll simply sell your loan to another lender and in reality, the new lender could be far less than reputable.
7 What loan do I get? Remember, if you're consolidating federal student loans, you will loose any federal government benefits you enjoy, if you choose to consolidate with a loan other than a federal student consolidation loan.
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 available features are there? Here again, the features offered will differ to some extent between lenders but in general, you can expect features such as online account management facilities and also various online applications. If uncertain, ask before agreeing to anything.
10 - What should I do if I can't pay my loan? Of course you don't want this to happen, but make sure you know the consequences just in case it does. - 16003
Listed below, are 10 questions every student should ask before agreeing to any offers:
1 - What is your primary reason for wanting to consolidate all your loans? Like so many others, you'll more than likely find you can no longer meet all the repayments, thus you'll want to reduce the total monthly amount you are required to pay. Secondly, you'll have more financial freedom as you'll only have a single loan to repay.
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 loan consolidation? The ideal time to apply for a consolidation loan, is after graduation at which point your loans are afforded a period of grace.
4 - What incentives do I get? Some borrowers offer bonuses when choosing them for student loan consolidation. Make sure you get all of the details about any incentives in writing.
5 - Does this lender have experience with student loan consolidation? Choosing one of the reputable student loan consolidation companies is essential to your peace of mind.
6 - What are the chances of my loan being serviced? Here again, you really do have to inquire about this when making an application because some lenders are in essence, only brokers. If this is the case, they'll simply sell your loan to another lender and in reality, the new lender could be far less than reputable.
7 What loan do I get? Remember, if you're consolidating federal student loans, you will loose any federal government benefits you enjoy, if you choose to consolidate with a loan other than a federal student consolidation loan.
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 available features are there? Here again, the features offered will differ to some extent between lenders but in general, you can expect features such as online account management facilities and also various online applications. If uncertain, ask before agreeing to anything.
10 - What should I do if I can't pay my loan? Of course you don't want this to happen, but make sure you know the consequences just in case it does. - 16003
About the Author:
Are personal student loans a good way to pay for college? Find out how it works and whether student loans with bad credit may possibly be a better choice for you @ http://www.studentloan-i.com
