| Loan consolidation is indeed very lucrative. In order to | | | | • Fees and Interest Rates: Interest rate plays an |
| avoid any mishaps, you need to be vigilant and extra | | | | important role in helping you choose a lender. You |
| careful. This article presents to you a quick checklist of | | | | should also check if there is any fees amount charged |
| the items that you need to check before you enter | | | | by the lender. Private education loans consolidation |
| into an agreement with a lender. | | | | usually do not carry fixed interest rate. You need to be |
| In your spree to take charge of your education loans | | | | aware of such facts. Again, while making a |
| through student loan consolidation, you need to be | | | | comparison of floating interest rates, you should check |
| careful enough to not be misguided by anyone. So, to | | | | the base interest rate as well. |
| benefit your finances in coming future, ensure that you | | | | • Payment Schedule: You should check with the |
| have affected the required legal work and | | | | lender about the chances of deferring a monthly loan |
| consolidated your college student's loan in the hands of | | | | repayment and if there are any extra charges levied |
| a reliable and trustworthy lender. The checklist of | | | | on doing so. |
| things needed for investigation is mentioned below: | | | | • Lender's Image: You also need to check the |
| Personal Checks: | | | | image of the lender and his track record over the past |
| • Eligibility: Check whether you are eligible for the | | | | few years. If possible, try to speak to some of the |
| loan consolidation of a lender or not. Browse through | | | | company's customers who have undergone loan |
| the lender's website and read carefully their loan | | | | consolidation with their help. Read through their |
| consolidation documents. Speak to them, if you think | | | | testimonials and research the recommendations made |
| that your case is exceptional to the rules mentioned. | | | | by others. |
| • Inventory of Loans: Also, before you seek a | | | | • Check on Borrower's benefits: Check what is |
| lender for loan consolidation, you should take an | | | | the true benefit received by you by the way of these |
| inventory of all your outstanding college loans. Review | | | | loans. The main benefit is the lowered interest rate. |
| your loans, the related documents and the lenders | | | | Usually, you should be able to save up to 30-40% in |
| along with repayment schedule. | | | | your monthly repayments. |
| • Repayment of Unconsolidated Loans: Check | | | | Over and above, when you go through the application |
| the monthly repayment amount for each of your | | | | process, you should check on what all documents will |
| unconsolidated loans. Call your lenders and check if the | | | | be required from your end and the time period after |
| amount is right. This will provide you with a fair basis of | | | | which you will receive your loan statement. You should |
| comparing your monthly repayment amount for you | | | | also check the number of grace days provided by the |
| consolidated loans versus the unconsolidated ones. | | | | lender and any special benefits. |
| Lender' Loan Scheme Check | | | | |