10 Loan Consolidation Questions All Students Must 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.
Ask yourself these 10 questions to start:
1 - What are the reasons for you wanting to consolidate your loans? Of course, the primary reason is so that you are able to reduce your monthly repayments. Additionally, it carries with it, the convenience of only have one loan to be responsible for.
2 - When should you consolidate loans? If you feel you are no longer able to afford the all the individual repayments, or if you're struggling to deal with the financial stress from having so many obligations then it be advisable to consolidate.
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 - Is there any incentive for me to go ahead with an application? There most certainly is. In most cases, companies have various schemes in place in order to attract clients as well as offering their clients special bonuses in return for their loyalty.
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 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 loan terms and conditions? Specific terms and conditions may vary from one lender to the next so most importantly, don't even consider signing anything unless you're 100% certain of the terms.
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 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.
Ask yourself these 10 questions to start:
1 - What are the reasons for you wanting to consolidate your loans? Of course, the primary reason is so that you are able to reduce your monthly repayments. Additionally, it carries with it, the convenience of only have one loan to be responsible for.
2 - When should you consolidate loans? If you feel you are no longer able to afford the all the individual repayments, or if you're struggling to deal with the financial stress from having so many obligations then it be advisable to consolidate.
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 - Is there any incentive for me to go ahead with an application? There most certainly is. In most cases, companies have various schemes in place in order to attract clients as well as offering their clients special bonuses in return for their loyalty.
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 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 loan terms and conditions? Specific terms and conditions may vary from one lender to the next so most importantly, don't even consider signing anything unless you're 100% certain of the terms.
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 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.
About the Author:
Are personal student loans a good way to pay for school? Find out how it works and whether student loans with bad credit may be a better option for you @ http://www.studentloan-i.com
posted by Debt Consolidation Loan at
3:34 AM
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