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The Four Secrets of Student Loan Consolidation
Consolidating student loans can be confusing, this guide will show you four key secrets to consolidating a large loan into a much more manageable payment.
1. Financial aid officers may not give you the information that will help you most. In fact, many financial offices have a standard private provider they pre-choose for their loan process, while it never hurts to consullt a loan officer, be aware that theyre choice of loan companies may not be the best choice for you.
2. Loan companies offering all of the following are your best bet:
Private Student Loans
PLUS Loans
Federal Stafford Loans
Student Loan Consolidation
Private Consolidation Loans
Check with the company you plan to use to see which of these services they offer, remember, the more diversity, the better.
3. Always try to go for a fixed rate instead of a changing rate, without a fixed rate your interest will fluxuate up or down, which ultimately is a big gamble. With a fixed rate you can calculate your loan rate instead of being subjected to changing rates.
4. Avoid loan consolidation if your student loan is almost paid off, consolidating loans later on can mean "resetting" the loan process, meaning you'll pay more interest.
Now you know the four main secrets of student loan consolidation, with this knowledge you should be able to reduce your student loan payments to a more sizeable amount.
Ben Davis is the owner of the leading student loan consolidation blog
More Useful Resource and Updates on acs and student loan
- New York Plans to Sue Student Loan Company (New York Times)
The attorney general of New York is preparing a lawsuit against a student loan company, Goal Financial , charging that the lender broke state and federal laws by luring borrowers with iPods, cash and other gifts and that it misled consumers about loan terms and benefits, The New York Times?s Jonathan D. Glater reported, citing a senior official in the office.
- Cuomo applauds new federal student loan law (Legislative Gazette)
A new federal law is extending protections to students nationwide against college loan fraud that Attorney General Andrew Cuomo helped secure for New Yorkers last year.
- New York Plans to Sue Student Loan Company (New York Times)
The attorney general is preparing a lawsuit against Goal Financial, charging that the lender broke laws by luring borrowers with cash and gifts and that it misled consumers about loan terms.
- New York to sue student loan company: report (Reuters via Yahoo! News)
New York's state attorney general is planning to sue the student loan company, Goal Financial, accusing it of engaging in illegal practices to lure customers, the New York Times reported on Thursday.
- Student loan companies in settlement talks (AP via Yahoo! Finance)
The attorney general of New York is negotiating settlements with eight student loan companies to reform deceptive practices in the industry. A particular focus is the marketing of products so they appear to be federal loans, an official said Friday.
- Big Student Lender Suspends Business (WallStreet Journal via Yahoo! Finance)
College Loan Corp. is suspending the remaining part of its student-lending business after it lost funding.
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