3 Top Tips to Consolidate Private Student Loans at Low Interest Rates
Although all financial institutions or companies who consolidate private student loans are regulated by both federal and state laws, looking for a good and reliable one is a challenging task. This is because the terms, interest rates and conditions can vary from one company to another. If you have intention to consolidate your private study loans, here are some tips for you to obtain the best rate.
1st Tip
In general, interest rates for private student loan consolidation are primarily determined by the borrower's credit. As a result, if your credit score has been satisfactory since you started to obtain loans, your consolidated interest rate can definitely be much lower than your current rates.
2nd Tip
If your credit rating is not good, it is still possible for you to obtain lower consolidated rate. You can obtain assistance from someone whom you are familiar with to cosign your loan. The condition is the person must have excellent credit score. By having a cosigner, you will be able to get a very low interest rate.
3rd Tip
In order to reduce your interest rate further, you are recommended to negotiate with the lenders by offering yourself to set up automatic monthly payment through their bank account. The lenders would appreciate your offer and there is high possibility for them to reduce the interest rate further.
It is indeed beneficial for you to do more researches to look for the best interest rate in the market for your private student loans because this effort can literally save you thousands of dollars in the long run.
แสดงบทความที่มีป้ายกำกับ Consolidate Private Student Loans แสดงบทความทั้งหมด
แสดงบทความที่มีป้ายกำกับ Consolidate Private Student Loans แสดงบทความทั้งหมด
วันศุกร์ที่ 28 สิงหาคม พ.ศ. 2552
วันพุธที่ 19 สิงหาคม พ.ศ. 2552
Consolidate Your Private Student Loans - How to Lower your Repayments and Improve Your Credit Score
Consolidate Your Private Student Loans - How to Lower your Repayments and Improve Your Credit Score
You will no doubt have seen many articles and advertisements, telling you why you should look to consolidate your Federal Student Loans, once you have graduated from college. However, many graduates also have private student loans either instead of, or in addition to, Federal Student loans.
If you haven't already done so, you should consider a consolidation of these private student loans as well, and for good reasons. You probably already know that you can't consolidate Federal and Private loans into one loan or you risk losing federal benefits, such as deferment or subsidised rates, but you can consolidate your private student loans into one manageable loan and make good savings as follows:
Why Consolidate Private Student Loans
* By consolidating, you can significantly lower your payments in the first year, allowing you more money to meet day-to-day expenses, at a time when money can be really tight.
* You will only have one loan to manage if you consolidate, which gives you greater control over your finances.
* If you have Federal student loans as well and you consolidate these prior to your private student loans, you may be able to improve your credit score, which may in turn qualify you for a lower interest rate and you can fix the interest at the lower rate.
* In some circumstances, your interest payments on your loan may be tax deductible - this should, however, be checked with your individual tax advisor.
* With some loans, you can make interest-only repayments for the first 24 months, thus reducing your payments still further.
* With specialist student loan consolidation companies, there are no application fees and no penalties for repaying the loan early.
This is a tough financial climate and therefore you need to be on top of your finances - consolidating your private student loans makes great financial sense.
You will no doubt have seen many articles and advertisements, telling you why you should look to consolidate your Federal Student Loans, once you have graduated from college. However, many graduates also have private student loans either instead of, or in addition to, Federal Student loans.
If you haven't already done so, you should consider a consolidation of these private student loans as well, and for good reasons. You probably already know that you can't consolidate Federal and Private loans into one loan or you risk losing federal benefits, such as deferment or subsidised rates, but you can consolidate your private student loans into one manageable loan and make good savings as follows:
Why Consolidate Private Student Loans
* By consolidating, you can significantly lower your payments in the first year, allowing you more money to meet day-to-day expenses, at a time when money can be really tight.
* You will only have one loan to manage if you consolidate, which gives you greater control over your finances.
* If you have Federal student loans as well and you consolidate these prior to your private student loans, you may be able to improve your credit score, which may in turn qualify you for a lower interest rate and you can fix the interest at the lower rate.
* In some circumstances, your interest payments on your loan may be tax deductible - this should, however, be checked with your individual tax advisor.
* With some loans, you can make interest-only repayments for the first 24 months, thus reducing your payments still further.
* With specialist student loan consolidation companies, there are no application fees and no penalties for repaying the loan early.
This is a tough financial climate and therefore you need to be on top of your finances - consolidating your private student loans makes great financial sense.
สมัครสมาชิก:
บทความ (Atom)
.jpg)