Government Debt Consolidation Loans – Update

Ting Err asked:


I’ve sent in my consolidation loan application on May 30th. I’ve checked several times online before June 30th, it saids it’s processing. One June 30th, I called, the automated system told me that money is expected to go to my account on July 14th. I’ve checked today and, it made me fill out the same info that I’ve filled out in May. Then all of a sudden my application date is July 8th, my interest rate is 7.25%. Am I the only being cheated by Sallie Mae? or did they delay the application process for other poor students like me? Just wanted to know, and liked to spread the word out– that they cheat on students.
I didn’t re-do my application when I sign in. I went to their ‘check status’ webpage and signed in, before july, it had said the same thing over and over, never changed, ‘ date applied, may 30th; disbursement date: tbd; processing’ then today I checked, instead of displaying the same info, it asked me the questions that I’ve answered months ago.

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Bob Alter asked:


Anyone who deals with loans on a college campus will tell you the same thing: \”if you absolutely need money for college, borrow from the government student loan program first, before you try private or alternative student loans.\”

I will give you 7 reasons why this thinking is spot on….

1.  Easiest loan to get.  Yes, the application process can be tedious but it is worth all that effort you have to put in.  FAFSA is the culprit but ther are tips and tricks that will make it a snap.

2.  Many beginning students don\’t have a good credit report that would enable them to get a private loan, but the government overlooks your credit report when determining if you will qualify for their student loans.

3.  These loans are guaranteed, therefore once you receive your SAR report you can visit begin shopping around to find a lending instituion to get your loan and money.  Each college will have a list of lenders that you can visit to discuss your loans and you will be given that information by visiting your financial aid advisor.

4.  The federal government will set the interest rate on your student loan and you can be assured it is the lowest rate in the finance industry.  Currently these rates will be falling over the next 4 years. 

***Hint, if you can pay for as much college and tuition up front, you will save a great deal of money when it comes to paying back your college loan.  That is because your interest rate next year compared to this year will be lower and if you wait till your senior year, those rates will be around the 4% level.

5.  Don\’t have to start paying on your loan as long as you are at least a part time student. Once you graduate from college with your degree you will have a grace period before you start making your student loan payments.

6. Government loans offer flexible repayment schedules.  You also have the opportunity to change your repayment schedule and consolidate all your loans. 

***If you are an eager beaver, there will not be a penalty if you pay off your college loan early.

7.  Graduate students should first seek a government loan and if they find themselves needing more money then apply for the Graduate PLUS loan.

When it comes time to seek your college loan money, you should stick with lenders who have been in the game for a while.  They have the experience required to guide you to the safest and most reliable loans you can get your hands on.



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Olivia Maaret asked:


Owing to costly living and availing good education, compulsively students have to take help of loans. And due to heavy burden of interest rates, some of the time it becomes rather difficult to repay the lending amount with the stipulated interest rates on fixed time. In order to fight away from such debt traps, the lending authority has come up with the provisions of student debt consolidation loans.

Given the astronomical rate at which Student Debt Consolidation Loans, borrowing is increasing, the lending authority has come up with the provisions to make loan repayments more affordable, not more expensive.

• One convenient payment each month – instead of multiple payments with different banks

• A fixed interest rate allows you to lock in today’s low rates

• Possible tax deduction for borrowers

• In-grace consolidation can be the key to saving pounds over the life of a consolidation loan.

• Simple application process with no credit checks or processing fees

• Reduce your monthly payment

• Lock in fixed low interest rates.

• Apply online takes only a few minutes

• Flexible repayment plans help meet your needs

• Helpful customer service is just a phone call or email away

• Lower your interest rates

• No fees! No credit checks! No cosigners! No early repayment

penalties

• Debt consolidating will improve your credit rating

There are number of options available in the money market when you are looking out for low rate for student debt consolidation loans. You have to make a choice depending on your needs and financial constraints. If you can pledge collateral you can opt for a secured student debt consolidation loans. In case you do not have any collateral you can opt for a secured student debt consolidation loans. In case you do not have any property to place as collateral or do not want to put your property at stake you can opt for unsecured student debt consolidation loans too. And, make an active dismissal of various debts under low rate student debt consolidation loans.

For all this student debt consolidation loans process, there are many lenders available online and offline, however online process is preferred these days. Simply fill in a simple application form of student debt consolidation loans, and select a lender of your choice. Selection of right lender through online becomes very simple and time saving since by online research applicants can get a good record of right lender with whom he is dealing in student debt consolidation loans.



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