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Joann Said:What is a good student loan lender to consolidate student loans through?
We Answered:I am assuming these are federal student loans. Federal student loans (stafford, plus, etc) have to be serviced in accordance of what he US Dept of Ed says. This is what consolidastion does regardless of what company:
1. Locks in the current interest rate you have (rounded to the next highest 1/8%). If you have mult interest rates, you will get a weighted average.
Since you receive a lower interest rate during in school or in grace, it is wise to consolidate during your grace period, BUT at the end of your grace period. Since consolidations take 30-45 days to go through, it is wise to time your consol smartly. Apply for your consolidation 45 days before your first payment due date. This will ensure that you lock in your current "in grace" rate AND keep your full 6 month grace period.
NOW - here's what you getting in the mail - SPAM
They can offer you a reduction for auto debit from your checking account (.25% - most student loan comanies do this anyways- consolidation or not)
They can offer a discount for on time payments.
The US Dept of Ed uses ONE company to service their loans. That company is William D Ford, The Direct Loan Program. Now YOU can choose to go through someone else, but you may face your loan being sold left and right - an how can you make on time paymwnts with that??
I worked for Direct Loans for 7 years. We are scrutized closely by the federal government. They made sure we serviced the loans correctly and fairly.
Whomever you choose, I would ask a million questions, read everything they give and remember that once you've consolidated, you cannot re-consolidate and you are locked in.
Direct Loans ph # 1-800-848-0979
Marilyn Said:How does a student loan lender verify your separation date?
We Answered:It really depends.
If you graduated at a clearing house school then your loan lender is updated every semester if you're attending their school and if you are a half time or full time student. So basically the loan lender usually doesn't check if you're still in school because the national clearinghouse notifies them if you're going to school.
You can check if your school is a clearinghouse school at this website : www.studentclearinghouse.org
I have a feeling you might have to start paying your loan back about 6 months after you graduate. It really depends on the terms you agreed upon when you took out your loan.
If your loan is unsubsidized I highly suggest you pay off your loan as much as you can asap b/c of the accrued interest and finance charge. Just make sure it goes to the principle amount because if you don't the extra amount of money you paid will go towards the next due date.
I took out a loan like yourself and recieved a note disclosure statement saying my payments are due in 2012. However, since it's a student loan they tell me I have to start paying 6 months (grace period) after I graduate. Hopefully I will graduate early 2011 and make big bucks soon after which is my goal that I'm working my *** off to achieve.
Terry Said:How do I choose a student loan lender?
We Answered:This is a pretty standard question. Without spending too much time in a financial aid office, there is plenty you can do get the process started.
Start by going to http://www.fafsa.ed.gov/ and filling out the online form for federal student aid. After finding out what you are eligible for in terms of subsidized stafford loans, you can figure out if that is enough to finance your tuition and expenses. In most cases, it isn't. If you find that you need more money then you are offered, you may want to try a private student loan.
The best thing to do is compare the different private lenders out there, which can be done at http://www.finaid.org/loans/privatestude…
Most of the rates are very similar but do a little research and pick one that you think is best. I would suggest Think Financial. The application process is very quick and easy, and the check is sent directly to you so you can use the money for whatever you want. The limits are much higher with private student loans, up to $40,000 per year. You can find out more information about a Think loan at http://www.thinkfinancial.com . Good Luck.
Marilyn Said:Can I switch student loan lender after I have consolidated?
We Answered:I'm assuming that you mean that you've consolidated your student loans into a single loan, and now you want to move this mega-loan to another lender?
The answer is potentially "no", at least as far as "re-consolidating" with a new private lender. According to the existing rules, you can only privately consolidate your student loans once. If you want to consolidate your loans again, your only option would be to consolidate with the Department of Education.
Here are the rules for Department of Education consolidation:
9. Can I consolidate an existing consolidation loan?
Yes, under three conditions:
* Borrowers can consolidate existing consolidation loans into a new Direct Consolidation Loan if they include at least one other FFEL or Direct Loan into the new consolidation loan.
* Borrowers can consolidate a single Federal Consolidation Loan if the loan is in default status or has been submitted to a guaranty agency for default aversion by the loan holder.
* Borrowers can consolidate a single Federal Consolidation Loan if they intend to apply for loan forgiveness under the Public Service Loan Forgiveness Program.
Borrowers who have only a Direct Consolidation Loan cannot consolidate again unless they include an additional loan.
I hope that helped. Good luck!
Melinda Said:What is a lender that is sure to give me a student loan?
Lester Said:How to choose a student loan lender?
We Answered:Do some research online on each of these lenders, and make sure you read the paperwork carefully and understand how much money you're borrowing and what the repayment terms are. Here are some good questions to ask in your research:
-How long have you been in student loans?
-Are you a financially secure company?
-Who services your loans?
-Who guarantees your loans?
-Who performs customer service for you? What kind of training or qualifications do they have?
-Do you certify your compliance with applicable regulations? Where? May I get a copy?
-Do you charge an origination fee?
-Do you charge a default aversion fee?
-If you rebate the loan fees, when and based on what principal amount?
-How do I earn any interest rate or fee reductions?
-When do I earn any interest rate or fee reductions? Is your rate reduction immediate? Is your fee reduction immediate?
-Do I have to do anything to keep my benefits?
-Do I lose any benefits if I make one late payment? Do I lose those benefits forever?
-What happens to my eligibility for benefits if I consolidate my loans?
-Do I have to repay earned benefits if I consolidate my loans with another lender?
-Where do you disclose the terms and conditions for your loan discounts and benefits? Will you provide/confirm the terms and conditions in writing?
Good luck, and borrow only what you absolutely need, since you'll have to pay it all back.
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