You are now earning money and you are spending it on things that you want. You can now travel, buy clothes, pay for a car, and you may be even able to afford a house already. Studying and school really pay off.
If you want to make your studies even more worth the while, then you should not be wasting money paying more for your loans than necessary - it's time to plan accordingly to get the best deals.
Special Deals For Consolidation
There are several ways to manage your post scholastic loans and getting good student loan consolidation rates is one of them. So, what's special about are these special consolidation rates anyway?
If you are familiar with student loans then you need to grasp the fact that you can combine loans into one - and at a better rate too. The art of combining loans into one is called consolidation.
The rates that are the result of this combination are called loan consolidation rates and they are usually better than you can get in the open market.
If you want to get rates then you have to be on good terms with your loan company and/or college. Because when you consolidate your loans with lower student loan consolidation rates, you are going to pay less each month.
Now, that's a great idea!
Ask Around For Insider Deals
If you have not gathered any student loan consolidation rates information lately, then you must do your research. Because there are special arrangements, usually for the first six months after you graduate, time is of the essence.
You have to be proactive when looking for the best deals. If you do not look for the most competitive student loan consolidation rates then you are going to be wasting more and more money.
Ask others in a similar boat who might have done some of the research. Check with your current lenders and if you have several, see if you can play each of them against each other - you might get the deal of the decade!
Where Else Can You Look For A Great Deal
Where are the places to look for student loan consolidation rates? If you want first hand experience in learning about good consolidation student loan deals, then you should visit your local financial institutions right away.
Get in touch with someone that is familiar with these types of loans or someone that is familiar with consolidation of some sort.
If you are one of the lucky enough to work in a bank or something similar, then there may well be deals within that organization you can get preferentially, just for those in your situation, but make sure that you get a move on as the deal will take time to complete.
Before you know it your time with existing loans will be up and your rates may well spiral. Do not let this happen to you. Life's too short to be worrying about this too much, so, you should be acting fast. It's a challenging financial market we have today and rates get withdrawn quickly.
If you want the best deals in so far as the consolidation rates are today, then you have to make your arrangements as soon as you can.
Tuesday, June 9, 2009
Saturday, June 6, 2009
When Is It Time For A Loan Consolidation?
Many factors can tell you when the time is right for a student consolidation loan. Knowing when to get one can help you by lowering your payments and making your many student loan payments turn into just one easy to manage payment each month.
Obviously, if you are having trouble making all of the minimum payments on your various student loans each month, you should get a student loan consolidation to help you out immediately by making one smaller payment each month to take care of all of your debt.
Another great time to consider a student consolidation loan is if you have to leave school due to a family obligation, a financial situation, or a career requirement. Most likely you will want to return to school at some point in your life, so a student loan consolidation can help you to make your payments on time and ensure you will be able to obtain the financing you will need to further your education when the time comes.
Also with a ten year loan consolidation plan, you can fix the current loan rates for the term of the student consolidation loan and by doing save lots of money. Another benefit of any student consolidation loan is that you only have one payment to manage, by reducing the number of student loans you need to manage you will also reduce the number of lenders you have to deal with over the years.
You Cannot Hide From Your Student Loan Debt.
No matter how long you go without paying back your student loans, they will catch up with you sooner or later. You can not eliminate your student loan debt any other way than by paying them off completely, either with your own funds or by getting a student loan consolidation. Student loans are never included in any form of bankruptcy, it is set up through the government so that they are immune from bankruptcy completely.
If you don't pay back your student loans when the time comes, you will face severe punishment. Your credit score will be negatively affected and your wages can be garnished along with penalties from the IRS.
Also worth noting is the possibility that you won't be able to attain the licenses required in certain fields if you don't pay back your student loans. Other ways the government punishes you for not repaying your student loans is by excluding your small business from getting government contracts to benefit your business. Consolidating can allow you to pay back your student loans so that you may return to school and obtain financing to further your education and then you can always consolidate it again after you have graduated.
Obviously, if you are having trouble making all of the minimum payments on your various student loans each month, you should get a student loan consolidation to help you out immediately by making one smaller payment each month to take care of all of your debt.
Another great time to consider a student consolidation loan is if you have to leave school due to a family obligation, a financial situation, or a career requirement. Most likely you will want to return to school at some point in your life, so a student loan consolidation can help you to make your payments on time and ensure you will be able to obtain the financing you will need to further your education when the time comes.
Also with a ten year loan consolidation plan, you can fix the current loan rates for the term of the student consolidation loan and by doing save lots of money. Another benefit of any student consolidation loan is that you only have one payment to manage, by reducing the number of student loans you need to manage you will also reduce the number of lenders you have to deal with over the years.
You Cannot Hide From Your Student Loan Debt.
No matter how long you go without paying back your student loans, they will catch up with you sooner or later. You can not eliminate your student loan debt any other way than by paying them off completely, either with your own funds or by getting a student loan consolidation. Student loans are never included in any form of bankruptcy, it is set up through the government so that they are immune from bankruptcy completely.
If you don't pay back your student loans when the time comes, you will face severe punishment. Your credit score will be negatively affected and your wages can be garnished along with penalties from the IRS.
Also worth noting is the possibility that you won't be able to attain the licenses required in certain fields if you don't pay back your student loans. Other ways the government punishes you for not repaying your student loans is by excluding your small business from getting government contracts to benefit your business. Consolidating can allow you to pay back your student loans so that you may return to school and obtain financing to further your education and then you can always consolidate it again after you have graduated.
Friday, May 22, 2009
3 Things You Should Look For In A Student Loan Consolidation Lender By: Carrie Reeder
Want to consolidate your student loans? It's a good idea, since it can mean locking in a low interest rate for life. And changing to a new lender may have other advantages, too, since another lender may offer better perks and benefits. So as you search around for a Student Loan Consolidation Lender, remember to look for these three things:
ONLINE ACCESS
Online access simplifies the entire process, from application to payments. You'll be able to apply online instantly without the hassle of dealing with a lot of paperwork (although you may have to sign some official papers before the consolidation is complete). Once your loans are consolidated, you'll be able to check balances, make payments and change all your information by simply accessing the lender's website.
RATE DROP FOR ELECTRONIC PAYMENTS
Some Student Loan Consolidation lenders offer a bonus if you decide to make electronic payments. You'll need to give the lender your banking information--such as your bank account name, number and the routing number of the bank. Then you designate the amount you want to pay each month. Once it's set up, your student loan payment is automatically debited from your bank account on a designated day. In many cases, if you make this type of arrangement with your Student Loan lender, they'll automatically drop your interest about 0.5%.
RATE DROP FOR ON-TIME PAYMENTS
Just as some lenders will drop your rate when you sign up for electronic payments, others will give you a lower rate once you have a history of on-time payments. This means, however, that you never make a single late payment--or, if you signed up for electronic payments, that the money is always available in your account when the Student Loan company attempts to debit it. Once you have solid history of on-time payments--usually 6 months or a year--your Student Loan company will drop your interest rate about 0.5%, which means even more savings for you. Here is a list of recommended Student Loan Consolidation Lenders online. It's important to use a reputable lender online to make sure your personal information is secure.
To get the best of all worlds, find a Student Loan Consolidation company that offers all these perks and deals. Follow the guidelines, and you'll have a super-low interest rate in just a short period of time.
ONLINE ACCESS
Online access simplifies the entire process, from application to payments. You'll be able to apply online instantly without the hassle of dealing with a lot of paperwork (although you may have to sign some official papers before the consolidation is complete). Once your loans are consolidated, you'll be able to check balances, make payments and change all your information by simply accessing the lender's website.
RATE DROP FOR ELECTRONIC PAYMENTS
Some Student Loan Consolidation lenders offer a bonus if you decide to make electronic payments. You'll need to give the lender your banking information--such as your bank account name, number and the routing number of the bank. Then you designate the amount you want to pay each month. Once it's set up, your student loan payment is automatically debited from your bank account on a designated day. In many cases, if you make this type of arrangement with your Student Loan lender, they'll automatically drop your interest about 0.5%.
RATE DROP FOR ON-TIME PAYMENTS
Just as some lenders will drop your rate when you sign up for electronic payments, others will give you a lower rate once you have a history of on-time payments. This means, however, that you never make a single late payment--or, if you signed up for electronic payments, that the money is always available in your account when the Student Loan company attempts to debit it. Once you have solid history of on-time payments--usually 6 months or a year--your Student Loan company will drop your interest rate about 0.5%, which means even more savings for you. Here is a list of recommended Student Loan Consolidation Lenders online. It's important to use a reputable lender online to make sure your personal information is secure.
To get the best of all worlds, find a Student Loan Consolidation company that offers all these perks and deals. Follow the guidelines, and you'll have a super-low interest rate in just a short period of time.
Subscribe to:
Posts (Atom)