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The Best Consolidation Loan Program for a Student

September 4th, 2007    Subscribe To Our Feed

While you may have a number of different loans outstanding, funding your college degree through student loans will prove to be a wise choice. But now that you have your degree, do you really want to be making individual payments on all of these loans?

Probably not! But before we help you find the best consolidation loan program for a student graduate, you should understand the benefits of a student consolidation loan.

Why You Should Consider Consolidating Student Loans

Throughout life you will find that loans of all kinds are something of a necessary evil. Loans for cars, homes, college, boats and anything else you can think of have become so common that people today think that being indebted is an integral part of modern life.

The criteria for loan approval have become simplified greatly over the past decade, making it very easy for anyone, including students and those with bad credit, to qualify for loans. In the unfortunate event that a student defaults on his or her student loans, it often comes down to the inability to forecast the income needed to support an independent and modest lifestyle after graduation.

Consolidation Programs for Student Loans

You may be questioning why you would want to consolidate your student loans into a single larger loan. But, there are so many advantages in consolidating student loans that it becomes critical that you consider doing so as soon as you graduate, or even sooner. If you want to get a head start on repaying your student loans before graduating, a consolidation loan is the right way to go.

Tips for Consolidating Student Loans

Here are a few helpful tips to consider when deciding to consolidate your student loans:

1. Federal law states that if you have more than one loan outstanding with the same lender, you must consolidate your loans with that particular lender. But, if your loans are with a number of different lenders, you may consolidate your student loans with any preferred Federal consolidation program for student loans.

2. Beware of interest rates too good to be true. Some lending institutions lure you in with the promise of extremely low interest rates. Sounds good, but if it sounds too good, you may be getting set up for other charges that are not typical for this type of loan. These unscrupulous lenders will make up their money through other avenues, such as specials fees and assessments, which you may not discover until after you have signed on the contract. Do your research up front and save yourself the hassle of trying to re-negotiate the consolidation loan.

3. Can student consolidation loans really save you money? The answer is a resounding YES! Consolidating student loans will very likely reduce the interest costs you are presently paying on your individual student loans, and save you a small fortune over the long run.

4. This tip is one of the most beneficial factors for new graduates starting a brand new career and living independently. By consolidating your student loans, you will bring your monthly financial loan burden down to a minimum, possibly preventing any chance of loan default. It can be hard when just getting started on your own with expenses for housing, transportation, etc. But by using a student consolidation loan, you can dramatically reduce your payments and extend the re-payment plan over a longer period.

5. A consolidation loan can help you keep better track of your payments. By consolidating student loans, you will only be making one payment per month to just one lender. This is much easier to keep track of than having multiple payments, possibly to a number of lenders, all due on different dates throughout the month. This also makes it significantly easier to budget your monthly expenses. Avoid the hassle, consolidate your student loans.

I would hope by now that you are convinced that loan consolidation is the way to go. It gives you the advantage of lower payments and better interest rates, at a time in your life that you seem to need all the funds you can muster.

So why not start your search for the best consolidation loan program for a student who has just graduated with a new college degree. We think that you will experience a significant savings; not to mention the satisfaction that you will get by using these savings to get your new life off on the right track.

Go To College With a Federal Direct Student Loan

September 4th, 2007    Subscribe To Our Feed

The value of a college degree is, without question, enormous when you consider the increased level of lifetime income, job satisfaction, and increased self esteem.  But if you are one of the many individuals that believe that they cannot afford the cost of a college education, think again!  A Federal direct student loan can open the doors to an educational world that includes college degrees ranging from a bachelor degree to MBA to Doctorate.

The Benefits of Federal Direct Student Loans

Don’t let lack of funds hold you back from achieving an advanced education.  Federal direct student loans not only provide the funding for tuition costs, but have extremely favorable repayment terms that will not hinder your active college years.  Since a federal student loan will neither require collateral nor impose huge interest rates, you can easily finish your college education before worrying about repayment.

Assess Your College Financial Needs

When you begin planning for a college education, you should first make a thorough assessment of your financial needs for at least the first two years of classes.  If your parents will be providing financial support of any kind, you should involve them in the process of estimating the cost of your college education.

With your parents providing some financial assistance, you will need to estimate how much of a funds shortfall you will experience.   From this point you need to determine how you will fund the shortfall, whether it is from summer jobs, current savings, or through federal direct student loans.

Let a Federal Direct Student Loan Fill the Gap

You should explore the possibility of a federal direct student loan, and review the different types of federal loan programs available to you in the different colleges and universities.   If you decide that this type of student loan is right for you, a meeting with the student loans counselor of your selected school should become a top priority.  The counselor will be able to advise you regarding the federal direct student loan programs and how to apply for funds.

They will generally have brochures and reading materials about federal direct student loan programs for your review.  It will pay to study these materials thoroughly and will allow you to make an education decision regarding which loan will best meet your needs.

Use a Private Student Loan to Supplement Your Federal Student Loan

September 4th, 2007    Subscribe To Our Feed

You may be wondering what the difference is between a private student loan and a federal student loan.  Well, the difference is significant!  Let’s start with the Federal student loan.  This type of loan is guaranteed by the Federal Government and often provides many attractive terms, such as, a low interest rate, a deferred repayment plan, subsidized interest payments and longer repayment terms.

Where to Apply for a Private Student Loan

Alternatively, a private student loan is more like a personal loan for a college student to use as they see fit.  These private student loans are obtained through commercial banks, credit unions and other types of financial institutions.  They are generally based not on financial need (like a subsidized Federal student loan), but on creditworthiness and ability to repay.

The Best Use of Private Student Loans

Private student loans can best be used to supplement federal loan programs.  These types of loans can be used for many different educational purposes, such as tuition, books, living expenses as well as computers.  The interest rates, as well as, payment terms typically differ between lenders and are based on the creditworthiness of the borrower.

If your credit record isn’t all it should be, it may be possible for a co-signer to help you qualify for the private loan.  The student should meet the most basic requirements, a mostly satisfactory credit history, a record of employment, and proof of US citizenship.   In case the student does not meet the minimum eligibility requirements, they can apply for a private student loan with a co-applicant who does meet those requirements.

The Cost of a Private Student Loan

The costs associated with a private student loan are generally tied to the interest rates being charged.  They can differ according to the particular purpose of the loan.  A typical interest charge for a private loan for an undergraduate would be LIBOR plus 4.65 percentage points.   The LIBOR rate is a set index of interest rates used for determining loan interest rates.

The Popularity of Private Loans for Education

With a steady rise in college costs and the increase in federal student loans, there is little wonder that private student loans are becoming the fastest growing source of funds for U.S. college education.  Many students and their families are finding that private student loans are a convenient and simple way of securing the money required to cover college education costs.

The Private Student Loan Application Process

The application process for a private student loan has become very streamlined, with the entire process being completed in as little as fifteen minutes.  An alternative or private student loan generally gets its funding from private financial institutions and are therefore not subject to federal guidelines.  These loans provide a great deal of flexibility because they can be used to cover not only tuition costs, but for many other education-related expenses (housing, textbooks, materials, etc.).

Remember: one of the best uses of a private student loan is to supplement one of the federal student loans, especially when the federal student loan does not cover the full cost of education.

Need a Fast Student Loan? Do Your Homework First!

September 4th, 2007    Subscribe To Our Feed

With all of the competition between the banks, savings and loan organizations, and credit unions, applying for and getting a fast student loan is easier today than it’s ever been.  The different banks and lending organizations provide a streamlined application process, allowing for a fast and easy approval process.

Worried About Bad Credit?

Have a bad credit report?  Don’t despair!  Many banks and financial institutions have student loans for individuals who have faltered in the past with credit and late payments.  So, don’t hesitate to apply for a fast student loan just because of bad credit.  Generally, based on the approval criteria, the student with bad credit will be charged a higher interest rate to account for the greater risk associated with the loan

Do Your Homework Before Choosing Your Student Loan Source

A student loan can be a quick and easy process to complete, but a little caution is in order when selecting the type of loan that is right for your situation.  Most financial institutions offer various types of student loans, but the interest rates and terms can be dramatically different from loan to loan.  So, here are a few helpful tips to make your selection of a student loan easier:

Learn About the Different Fast Student Loan Programs

Depending on a number of factors, a student loan’s terms and conditions may be dramatically different between programs and lenders.  These factors include: your credit report, academic record, the period of loan repayment, assets, etc.  For the utmost in security and flexibility, selecting a student loan program with a major bank may be preferred.  For example, if you miss a payment or two, a major bank is more likely to extend your loan term to accommodate the late payments rather than calling in the loan (total balance due immediately).

Research the Lender BEFORE Signing the Loan Agreement

You can save yourself a lot of money and grief by doing a little research up-front before committing to a loan.  Try checking with the Better Business Bureau online and in some of the forums frequented by college students.  The little bit of time invested in checking out the financial institution you are considering can pay big rewards by avoiding a ‘shady’ lender or an unfavorable revision to the terms of the student loan.

Be Sure to Read the Entire Student Loan Agreement

Regardless of the timing pressure you feel to secure the loan, read the loan agreement (including the fine print) before you sign on the dotted line.  If you aren’t clear on any provisions, make sure you get clarification from the lender.  If what they tell you seems to be contradictory to the wording of the agreement, make sure to you get the explanation in writing.  The lender is obligated to make the terms fully understood by a borrower, so don’t be timid about asking questions.

Getting approved for a fast student loan shouldn’t be a major ordeal.  However, doing a little homework before entering into any loan transaction is the smart way to go.  And most of all, don’t be intimidated or afraid to ask questions of the lender and demand acceptable answers.  But don’t rely totally on the lender’s feedback; try getting answers from the Internet, word-of-mouth feedback, forums, and direct inquiries.

And remember – even with bad credit, you can get a student loan fast with great terms and a reasonable interest rate if you just take a little time and do your research.

Let Us Help You Find the Most Affordable Student Loans!

June 6th, 2007    Subscribe To Our Feed

Welcome to the EZ Student Loan blog where you will find essential information to help you find the best and most affordable student loans for your particular situation. We will provide you with advice on selecting the best type of student loan, at the best interest rates, and the most favorable repayment terms.

Find Out Which Type of Student Loan is Right for You

Not sure what type of student loan is right for you? We will explain the different types of student loan programs (federal student loans, private student loans, consolidation loans, acs / aes student loans, subsidized loans, etc.) so you can make an educated decision when it is time to find your own student loan.

Alternative Sources for Funding Tuition Costs

We will also help you find alternative sources of education funds, like scholarships and grants, that can be used to supplement your student loan. In some cases, students have found 100% funding for their college tuition costs as well as their textbooks and course materials.

Don’t Put Your College Education On Hold Any Longer

So don’t let the lack of money be an excuse for not pursuing your dreams of a college degree, whether it be a bachelor degree, MBA, or even PHD. Know that student loans are available to almost every student who wants a college education.

You can receive a fast student loan with favorable terms and interest rate just by being more aware of your student loan options.  By using the information available on our blog, you can save significant money and valuable time, while sidestepping the aggravation that so many other students experience when searching for the right student loan.

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