[Boost-bugs] [Boost C++ Libraries] #6954: Finding The Best Student Loan Consolidation Lender

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
 lenders.

  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.

  Interest Rates

  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
 company.

  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
 origination fees.

  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.

-- 
Ticket URL: <https://svn.boost.org/trac/boost/ticket/6954>
Boost C++ Libraries <http://www.boost.org/>
Boost provides free peer-reviewed portable C++ source libraries.