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Student Loan Consolidation Companies
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William Said:Student Loan Consolidation Companies?
We Answered:Education Finance Partners and Chase offer private loan consolidation as well.
Pearl Said:What are some student loan consolidation companies for me to try? I have student loans I need to consolidate?
We Answered:Do yourself a favor and don't ask that question here, because all you're going to attract are the scam artists that frequent this topic area.
Let me offer a few bits of advice:
First of all, paying $100 as a fee to be granted a forbearance may seem practically criminal, but the costs of consolidating your loans will be far more expensive than $100.
A consolidation loan rips up all of your old loans and replaces them with a single new loan. Consolidation loans are sold with the promise that you'll lower your monthly payment - and that's almost always absolutely true.
HOWEVER, what they don't tell you - while they're pushing the idea of a lower payment - is how they manage to offer you a lower payment. Think about this - either they're going to lower your payment by significantly lowering your interest rate (nope), they're going to lower your payment by forgetting about some of the money you owe (never), or they're going to lower your payment by simply having you make a lot more smaller payments (bingo!)
Suppose you owed me $100, and we had agreed that you'd pay me $50 this week and $50 next week. You come back and explain that $50 is really more than you can afford right now - and you ask if there's anything we can do to lower your payment. I'd say "absolutely! - how about if you only pay me $10 a week, would that work for you?"
You'd think this was pretty nice of me - until I told you the other part of the deal. You'd pay me $10 a week, but you'd make 15 payments of $10. So what's happened? Now you're going to pay me $150, not $100. That's how a consolidation loan works.
The only difference is that we're not talking an extra $50. Depending on the terms of your consolidation loan - and how much you already owe, chances are that you will pay tens of thousands of dollars more in interest if you choose to consolidate your loan. That's a heck of a lot more than the $100 Sallie Mae wants to grant you a forbearance.
Before considering a consolidation loan, talk to Sallie Mae about their alternative payment programs. There are programs that start out with a lower repayment and increase later, when, hopefully, you have more income - ask them for more information.
Finally, you may find consolidation a very difficult thing to arrange right now. I'm sure you've been watching and listening to the news about this country's banking crisis, if not - you should be. This current crisis is really impacting the student loan business - and there is little or no private educational lending going on right now. It's not just student loans either - I would wish you a lot of luck trying to find a car loan or a mortgage right now, unless you have a substantial income and a sterling credit history.
If Sallie Mae is willing to offer you a forbearance, and you really need it right now, swallow hard and pay the $100. That's the cheapest and most certain alternative for you right now.
Good luck, I hope that helped.
Marshall Said:How to start dealing with student loan consolidation companies?
We Answered:t is very common in today times to find that you are graduating from college with a number of student loan debts. When you start looking at all of your loans, the repayment terms, and the interest rates; it can quickly become overwhelming. However by looking at student loan consolidation rates you might be able to save money and reduce the number of payments that you make on a regular basis. When you consolidate your loans you will find that you have better interest rates, better terms and one simple payment to make each month. Plus most student loan consolidation companies actually help you with being able to find the best options for you including repayment terms that fit into your budget.
By being able to find great student loan consolidation rates you will be able to reduce any feelings of anxiety that you might have over the process. This lower interest rate will help you to be able to have more affordable payments. Plus you will save money in checking as you only have to write one check each month rather than sending multiple checks out for multiple payments.
There are many helpful pointers that you should follow when trying to get the best student loan consolidation rates. One of these is that you should make sure that you are not choosing the first company that you talk to without looking at the options given by other companies. This is one area where comparison shopping could save you a ton of money over the terms of your loan. You will want to make sure that you choose a company that has payments that fit into your budget and are at a reasonable monthly rate. Student loan consolidation companies are supposed to help you by offering lower payments, lower interest rates and a bunch of other benefits. Plus these companies do not typically ask for any additional fees so you might want to question things if you are being asked to pay any additional fees.
Also when you are looking at these loans, the lenders might push to get you to sign the loan right away. You will want to hold out for as long as you possibly can as this could increase the money that you are saving and might even help you to get lower interest rates. In many cases the lender will insist that you sign papers immediately. You will want to keep your options open as you check with many different lenders and find out what is available for you on the market. Plus you will need time to read all of the terms and conditions and to think things over prior to signing the loan. If you were promised things that are not in writing you will need to make sure that they are in writing in the loan as there is nothing legally binding about unwritten promises. Make sure that you only sign a loan if all of the information is correct.
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