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forgiveness student loan for nursing
4 Important Facts About Student Loan Consolidation
When getting loans you should always understand what youre getting yourself into before you sign up. So here are 4 important facts you should
know about consolidating student loans.
Fact 1: Same Interest Rates For Everyone At The Start
All federal student loan consolidation rates must start with the same rates that are suggested by Congress every year. Student loan consolidation
companies are required to give everyone the same federal rates
Fact 2: You Save Money On The Benefits
If its your first time consolidating your loan then the real savings are in the benefits and discounts of signing up.
Standard benefit: 0.25% off your rate for using automatic checking account withdrawal.
Standard benefit: 0.6% off your repayment rate if you consolidate in your grace period.
Extra benefit: if you have more than $20,000 in federal student loans, 1.0% off after your first 36 on time payments.
Ok lets start with a scenario, of $25,000 in federal Stafford loans and your rate before 1 July 2006 is at 3.37%. If youre still in your grace
period (6 months before your payments start only for graduates) youre rate will decrease to 2.875%.
Automatic checking account withdrawal will reduce is further to 2.625% and after your 36th on time payments your rates will drop a further
1.0% to a new low of 1.625%. This is how the benefits of student loan consolidation really works and it really saves you a lot of money.
Fact 3: Read The Fine Print Before You Sign Anything!
Some loan companies will give you a list of borrowers benefits for signing up with them. For example if you make 24 on time payments youll get 1%
off which is great but in the fine print its only available for loans above $50,000. Statistically, only 17% of all graduates will have a loan
debt this high so its not advised to sign up with this particular company.
Other companies give even better benefits like 2.5% off your rate but theyll only give you a grace period of 3 days. Thats not going to work
because what happens if your mail got delayed or worse you didnt check your mail? It means that youll loose your benefits so be careful and
always read the fine print.
Fact 4: Good Customer Service Is Important
Some student loan companies will do anything to make you call them but when you do you find yourself lost because some companies dont train their
phone staff well and they fail to answer simple questions. So when ringing up loan companies make sure they are well versed in their products and
they know their products and rates. Also make sure that when you wait on the phone for a consultant, that you dont wait too long like 1 hour
because it could mean they are under staff or they are taking on too many applications at one time which means they might not always be able to
take your call after youve sign up.
I hope these facts will help you in your decision and may you have a successful time finding the best student loan consolidation company.
Consolidate your student loans today and save up to 60% on your monthly repayments. Find out how you can start saving money
and find out more about consolidate student loans.
More Useful Resource and Updates on forgiveness student loan for nursing
- Election letters (Nevada Appeal)
McCain's strategy is dishonest
- State report faults Iowa Student Loan work (The Des Moines Register)
The nonprofit?s business practices will be discussed Tuesday by a Legislature oversight committee.
- AG report faults some Iowa Student Loan practices (The Des Moines Register)
The practices of the Iowa Student Loan Liquidity Corp. favored the goals of increasing access to loans and offering families a choice of loans over making the lowest-cost loans available to borrowers, according to Iowa Attorney General Tom Miller.
- Resolve Business Outsourcing Income Fund Reports Its Third Quarter Results (CCNMatthews via Yahoo! Finance)
TORONTO, ONTARIO-- -
- Another Student Loan Company Settles With New York (New York Times)
Goal Financial is the latest student loan company to have reached a settlement agreement with the New York attorney general, whose investigation of the loan industry found that some were using deceptive tactics and offering prizes to attract borrowers, The New York Times?s Jonathan D. Glater reported.
- Resolve Business Outsourcing Income Fund Reports Its Third Quarter Results (Marketwire via Yahoo! Finance)
Attention Business and Financial Editors:
- Another Student Loan Company Settles With New York (New York Times)
Goal Financial, which offered iPods, spa gift cards and other items to lure borrowers, will adopt a marketing code of conduct and pay $350,000 to a financial aid fund.
- How to Pay for an MBA (BusinessWeek Online via Yahoo! News)
Lindsey Aponte, a first-year student at the University of North Carolina at Chapel Hill's Kenan-Flagler Business School, made all the right moves when it came to preparing her finances before entering the MBA program.
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