Ten Loan Consolidation Questions All Students Should Pose!
When it comes time to choose one of the many student loan consolidation companies, all of the colleges in the world can't teach you how to deal with it. But you can deal with it by asking questions.
Listed below, are 10 questions every student should ask before agreeing to any offers:
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 is the best time to consolidate your loans? When you either need lower monthly payments or are stressed by the multiple monthly payments of your current 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 - 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 type of loan am I getting? Make sure you consolidate your federal student loans with federal consolidation loans so you won't lose any of the benefits the federal government provides.
8 - What are the terms and conditions? The golden rule here is to not sign anything until you are absolutely sure you understand the terms and conditions of the loan. After all, you are borrowing a vast sum of money which will be leaving you in debt for many more years.
9 - Does the company offer any special features? Yes, most lenders nowadays offer certain features in a bid to make repayments easier. These could include online services such as application or complete account management.
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.
Listed below, are 10 questions every student should ask before agreeing to any offers:
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 is the best time to consolidate your loans? When you either need lower monthly payments or are stressed by the multiple monthly payments of your current 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 - 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 type of loan am I getting? Make sure you consolidate your federal student loans with federal consolidation loans so you won't lose any of the benefits the federal government provides.
8 - What are the terms and conditions? The golden rule here is to not sign anything until you are absolutely sure you understand the terms and conditions of the loan. After all, you are borrowing a vast sum of money which will be leaving you in debt for many more years.
9 - Does the company offer any special features? Yes, most lenders nowadays offer certain features in a bid to make repayments easier. These could include online services such as application or complete account management.
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 great method to pay for college? Find out how it works and ifstudent loans with bad credit may be a better choice for you @ http://www.studentloan-i.com
posted by Debt Consolidation Loan at
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