Subject: [Boost-bugs] [Boost C++ Libraries] #6954: Finding The Best Student Loan Consolidation Lender
From: Boost C++ Libraries (noreply_at_[hidden])
Date: 2012-05-30 09:44:25
#6954: Finding The Best Student Loan Consolidation Lender
Reporter: anonymous | Type: Bugs
Status: new | Milestone: To Be Determined
Component: None | Version: Boost 1.49.0
Severity: Not Applicable | Keywords:
A consolidation loan is a gathering up of all the loans you have taken
with various student loan lenders and paying them all off with a loan from
a consolidation http://titancassino.org lender. So, instead of having a
number of creditors, each with a different amount due, each with a
different day of the month due, and each with a different interest rate;
you can have one bill due per month.
Finding a Student Loan Consolidation Lender
Choosing the wrong consolidation lender could potentially ruin your
monthly budget and that could lead to late payments, late fees, even
default. Late payments or defaults will cause very bad marks on your
credit history and that is not the way you want to start life in the real
world. The following guidelines should help.
Private Vs. Federal Student Loan Consolidation Lenders
If all your original loans were taken from federal sources, you would be
wise to seek a consolidation lender who works under the auspices of
federal student loan programs. These lenders usually are more convenient
because of their understanding of federal student loan programs. They also
tend to offer lower interest rates than private student loan consolidation
On the flip side, if the loans you wish to consolidate are from private
student loan lenders, you should probably opt for a private student loan
consolidation lender. When asked to consolidate non-federal loans, federal
loan consolidation lenders will not usually come up with the best interest
rate. It is always wise to shop around and compare rates and fees.
Another consideration is that private lenders tend to exert more
requirements than federally connected lenders. Private lenders base their
approval process on credit histories. Having just graduated, you may not
have much credit history. Because of this, the lender may request a
cosigner. His or her credit history will be scrutinized.
Private student loan consolidation lenders tend to determine interest
rates based on two factors: Your credit rating and the interest it allows
along with the market rate this type of loan is presently demanding. The
higher your credit score, the lower the interest rates. Shop around,
various lenders will calculate interest rates a little differently.
Private lenders may offer you a consolidation loan with variable interest
rates, determined yearly by the caprice of loan markets. You would do
yourself well to find a lender willing to grant a loan based on a fixed
interest rate so you avoid the loan market fluctuations.
Most federal lenders will calculate an interest rate that is a weighted
average of the individual interest rates you are now paying to each
Terms and Conditions
Just as as you must when seeking any type of loan, you should keep your
eye on certain considerations.
Loan Amount: Do not agree to a consolidation loan if it will not
completely retire all your outstanding student loan amounts, including any
odd fees or adjustments.
Fees: These are often determined by your credit score, or the score of
your cosigner. They are usually referred to as application fees or
Deferment Time: This is the time between the satisfaction of the amounts
owed the various lenders and when you must start payment to the
consolidator. The longer the better.
Maturity: This is the amount of time the lender will give you to satisfy
your obligations. The larger your monthly payments, the sooner you can
retire the debt. Of course, the lower your monthly payments, the longer
you will be in debt and the more interest you will pay.
Cosigner: If at all possible, try to avoid having a cosigner. This
further complicates the process. Sometimes it is hard to find a trusted
individual who is willing to assume the responsibility.
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