Tag Archives: student loan

Student Loan Consolidation Companies

The decision to use a student loan consolidation company is a big step to lowering your payments.Now that you have graduated and have the job that you wanted, it’s time to pay back those student loans. Life isn’t easy for graduates with the rising costs of housing, food and transportation. So even if you have the income that you wanted, you still have to cut corners occasionally. By going to a student loan consolidation company your monthly payments will be lowered considerably. The interest rates are lower and some companies will even let you stretch your payments out.

The first decision in the consolidation process is to decide whether you want to go with a federal consolidation or private consolidation. Once everything is explained, the decision is a fairly easy one to make. You should only go with a private loan consolidation company if your student loans are private ones. If you have federal student loans, you should go to a federal loan consolidation company. For private loan consolidation, you should learn how your interest rate is determined. 2 factors come in to play on this. First is your (LIBOR) rate and second is your actual credit score. The credit rate will determine the margin that is place on top of the prime rate.

You usually get a set, or fixed, rate, but you do have flexibility on your loan terms. However you need to choose theloan consolidation company that gives you the lowest rates. Choose a consolidation company the same way you would shop for a car. You should make a list of at least 5 student loan consolidation companies. Then you will need to narrow down this list even more, eventually picking one company. Do as much research online as possible and find out how long they have been in business. If a business such as a loan consolidation company is honest, it will not refuse to show you their credentials. If they refuse, then cross them off your list. Also find out the terms and conditions that they offer on loan consolidations. In addition, make sure that there are no charges for early repayment on the loans.

Next, fill out applications for the companies that are still on your list. Don’t take the first offer presented though. Get quotes from all of those that respond to your applications and compare the offers made. Make sure the student loan consolidation company that you do decide to sign up with has a good track record. By doing an indepth search and detailed research you can find a good loan consolidation company. It takes a little time, but it will save you money. The good thing is that once you have all of your student loans paid off, you will have a much better credit score. A high credit score is priceless these days. Most student loan consolidation companies don’t do credit checks, but if they do one make sure there is no charge for this as it is usually free.

Student Loans Without a Cosigner

Why Should I Get Student Loans Without a Cosigner

When you choose which career you wish to follow, finding the right college or university can be a challenge. It is also one of the most important decisions that you will ever make in your life. A good college education means attaining your financial goals. It is also one of the most costly decisions you will make. It is very unfortunate that most students who are serious about improving their life through a college education can no longer afford this. Or can they? You can pursue your dreams of earning valuable degrees for a better paying job or career by getting a student loan without a cosigner if you have a good credit rating. The student loan without a cosigner is not only a very popular way to get that college education but for some, it is the only way.

What Types of Student Loans Without a Cosigner Are There

There are three types of student loans that you can get without a cosigner. One is a Federal Student Aid Loan. This loan is provided by a Federal loan organization. It’s coverage provides the money needed for college expenses such as transportation, lodging, tuition, textbooks and anything else needed for you to get your education. Since these are state sponsored loans, there is no credit check or cosigner required. The Federal Stafford Loan and Pell Grants are included in these programs. Private Student Aid is another type of student loan which you can get without a cosigner.These loans are provided by private banks or by credit unions but you must have good credit in order to get a private student aid loan. It is highly recommended that you try the Federal Student Aid Loan first. Gift Aid is provided by some colleges if you have a higher than usual grade average. Some states also provide this to top scoring students. There is no repayment with the Gift Aid.

What Information Do I Need When Applying for a Student Loan Without a Cosigner

When applying for a student loan, certain paperwork will need to be provided. Your W-2 Forms for the preceeding year will be needed as well as your IRS Form 1040. If you are underage, you will need the IRS Form 1040 of your parents as well. Bank statements will be needed, also investment documents. And you will need your social security number. All of this information is to be filled out on the application for the student loan without a cosigner. If you fill out the application online, it takes less than an hour if you have your paperwork in order and at close hand. When the time comes for you to repay your student loan without a cosigner be sure to make the repayments on time and it will enhance your credit score greatly. If you take four years of college, you will have to apply each year for the student loan without a cosigner.