Student Loan Consolidation Guide
Save money while investing in a good college education
with the practical tips in this user-friendly site.
Student Loan Consolidation - look this gift horse in the mouthStudent loan consolidation is excellent - for for some people. Spot the hidden trap that could ruin your life... a clever animal can steal from a trap without being caught!------------ * Part I Don't get into debt. Ways to avoid it. * Part II This article * Part III Idea beats student loan consolidation and creates a winning mindset. ------ Part II ------ Imagine two people Each has a student loan consolidation debt of $100 000. The born loser will soon have borrowed more. The investor uses the student loan consolidation as a springboard to become a millionaire. What's different between them? The mindset, and only the mindset. Get the right mindset. --------- The big trap --------- Have you a strong willpower? Will you go on a spending spree and owe $5000 on each card tomorrow? A student loan consolidation is not for you. Read Part III of this article. Have you the will power to master your finances? Combine student loan consolidation with Part III. ------------ What is Student Loan Consolidation? ------------ You transfer all your existing loans to one low-interest account. What's in student loan consolidation for you? * If you have Stafford loans in the USA, you’ll have a grace period of six months after graduation to take out a student loan consolidation. * Interest rates are lower * Easier to remember payment dates with one loan * Improved credit rating Credit cards might charge 20% interest. Wouldn't a student loan consolidation at 5% be better? Look for extra discounts on student loan consolidation during the grace period. Do you get an extra discount after 2 years of prompt payments. Do your homework properly. Were you only paying 3% fixed interest on your Stafford loans and interest rates have gone up to 8% variable rate on your student loan consolidation? How high could the rates go? If you get a fixed rate student loan consolidation, and new student loan consolidations fall to 3%? Computers calculate your credit rating. Suppose you took out a subsidised and an unsubsidised Stafford loan for each of four years. Computers can't really think. They see that you have 8 long-term loans and never paid back a single cent. You’re obviously a very bad credit risk before your student loan consolidation! After your student loan consolidation computers see that you've only 1 loan and you're making regular payments. They give you an excellent credit rating. Don't spoil it with new credit card debts. ----------- Avoiding student loans ----------- In part 1 you read about vital life skills that mean lower student loans for student loan consolidation, or even none. You can make your money go twice as far, which means that you'll effectively be twice as rich, and the IRS can't touch you for it. Without these life skills, you'll be helpless when you suddenly have to pay for food and lodgings, credit card, car loan, mortgage, health... it's never-ending! Many students can't handle it. Part III will help you even if you have a student loan consolidation. Have you decided on student loan consolidation? * Check how much they will lend * Can you consolidate your other debts... credit card and car loan? * Will you need proof of income? * Can you choose between fixed and variable interest? * Are there pre-payment penalties? Avoid them like the plague! * What are the penalties if you default? If you are unemployed or lack self-discipline you are likely to default. * What other loans must you get - mortgage, kid's schooling? Avoid lenders that make you start repayments of your student loan consolidation the day after the grace period. Check for special incentives. A 1% discount after 2 years regular payments may not sound like much, but it adds up over time. Negotiate. Lenders are eager to lend you money, however much they bluff. They are legally allowed to lend 35 times as much money as they have, and they make no profit until they lend it. "No start-up costs" may be good, but low interest rates and absence of prepayment penalties for your student loan consolidation are better. ----------- What's in Part III ------------ A better alternative to student loan consolidation? * Build self discipline. * How will interest rates for student loan consolidation change next 20 years? Don't know? Then student loan consolidation might not be the best bargain. * You’ll be in control... not at the mercy of student loan consolidation providers. Don't be a loan addict all your life. The ideas in part III were used by an Australian to become a millionaire. About the author |
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| Reuters: Business News Auto sector woes could spur deals: Renault CEO AIX-EN-PROVENCE, France (Reuters) - A current slump in the global automotive sector could give fresh impetus to plans for consolidation within the industry, the head of French carmaker Renault said on Saturday. BCE buyers finalize funding TORONTO (Reuters) - Announcing what it said were "essential milestones" allowing the world's largest leveraged buyout to go ahead, BCE Inc said on Friday that its buyers had finalized funding and were sticking to their C$34.8-billion ($34.1 billion) purchase price. BP sues Russian partners in TNK-BP MOSCOW (Reuters) - Oil major BP said on Saturday it is suing its partners in the Russian venture TNK-BP in London for 8.4 billion roubles ($357.3 million), money it believes should not have been paid out as back-tax claims in Russia. French bank body fines SocGen $6 million over Kerviel PARIS (Reuters) - France's Banking Commission on Friday fined Societe Generale 4 million euros ($6.3 million) for serious breaches in internal controls revealed by the French bank's 4.9 billion euro rogue trading loss. IEA sees oil easing, then tightening to 2013: report FRANKFURT (Reuters) - The situation on the oil market is likely to ease in 2009/2010 as more production comes on-stream, then tighten again through 2013 as output falls and demand rises, the head of the International Energy Agency said. Add RSS Feeds To My Web Pages |
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