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College Student Loan Consolidation
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Troy Said:How does student loan consolidation affect your credit rating?
We Answered:Hi There,
You are absolutely right... Your credit can be greatly increased immediately by consolidating...
The reason is as follows..
Picture your situation if you dont consolidate.. You have say 10 loans, all with a different monthly payment ans interest rate all of which obligate you to a minimum payment each month..
So, the way the credit bureau's see it, you have alo tof obligations each month to pay for, which gives you a high DTI or debt to income ratio...
Now, once you consolidate, it does manyu thngs... First and foremost, it comnines the multip-le loans into one large loan... The one large loan will have a SIGNIFICANTLY LOWER monthly payment which is huge in determining your credit score...
So, the answer is YES it woul have an immediate impact on your score.. It could raise it as much as 100 points depending on your credit situation...
The next question you should be asking is where to go to get the best rate for consolidation..
The thing that most people dont realize is that the Department of Education regulates and determines EVERYTHING about the consolidation process..
Every lender has the exact program to work with ther eis no difference in the type of qualifications from one lender to the next because we are all administered by the departmen tof education..
The ONLY difference BETWEEN LENDERS is the department of education chooses ALL RATE DISCOUNTS offered to students...
Currently the government only offers 3 rate discounts.. Most lenders (sallie mae, nelnet,) choose to only give 1 or 2 of the rate discounts (because they lose $$ by giving)
My company is a little different.. To set ourselves aside from the rest, we offer ALL 3 RATE DISCOUNTS TO CLIENTS..
It actually adds up to 1.85% OFF YOUR RATE FOR CONSOLIDATING...
Other lenders will only offer yo to 1-1.25% off...
I am a licensed student loan advisor with Student Aid Lending, we are a nationwide title IV lender administered by the Department of Education... I would be happy to assist you with the consolidation process..
Take a look at my yahoo 360 profile.. There is alot of helpful information there for anyone to view.. You can also find the direct link to my website..
It is actually a VERY SIMPLE process, it can be completed in 10 minutes over the phone and internet...
Feel free to call or email me at any time.. Im available at all tiem to answer any questions or concerns you may have..
I hope this helps!
Student Aid Lending
1-800-964-0642 ext 114
Katherine Said:I am a college student in debt 5000 dollars. Debt consolidation? Loan from the bank?
We Answered:I will assume this is not a student loan. If it is a student loan, you want to consolidate when you are done borrowing.
You first step is to create a realistic budget that will allow you to spend less than your income. Then you know how much money you can put toward your debt.
If your debtors are credit card companies, contact them and ask for a reduction in your interest rate. This will allow you to pay off the loan faster with the same size payments.
Rene Said:Any info on these college loan consolidation places- Wells Fargo, Next Student, Student Loan Network?
We Answered:I did at Wells Fargo and I haven't had any problems.
Really though, I don't think it matters where you consolidate at because you'll be charged the current student loan rate. In the end, it comes down to customer service.
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