Cheap Secured Consolidation Loans – How To Get It!!
If you qualified for more than one student loan when you initially began your college education and are currently making multiple loan payments every month, you are a prime candidate for a cheap secured student consolidation loan. A student consolidation loan allows you to pay off all your student loan debts with a single loan and make only one payment each month to the lending institution. Like any other loan, this financial obligation too can be either secured or unsecured. You can secure a student consolidation loan with personal assets such as a home, commercial real estate or undeveloped land. You may qualify for a more favorable interest rate also known as the annual percentage rate or APR. Unsecured student consolidation loans carry a higher APR because there is no collateral involved. Also, risk exposure for the lending institution is relatively high. If you have the requisite income potential and someone to support you when you are in dire straits, a cheap secured student consolidation loan is definitely for you. Five Reasons why you should Apply for a Cheap Secured Student Consolidation Loan
Student consolidation loans are ideal for those college graduates who have built up student debt from several sources. This is natural and quite common. After all, a three-year university program in Europe or a four-year college education in the US can cost as much as a hundred thousand dollars. Here are a few tips on choosing the right student debt consolidation program:
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- Reduced monthly payments and single-source loan management with only one due date
- Lower interest rate due to active consolidation and increased loan amount
- Only one administrative fee and loan servicing cost
- Liberal repayment terms with increased flexibility
Improved credit rating due to active repayment No Uniformity in Student Loan Consolidation Programs Student debt reduction procedures and norms tend to vary from one country to another. It is therefore a good idea to check with your existing lenders to find out if they offer student debt consolidation programs. Better still, you can complete our online Information Request Form and we will route your inquiry to a qualified lender in your country who offers a competitively priced and really cheap secured student consolidation loan.
A Note on US Laws Pertaining to Debt Consolidation According to the Higher Education Reconciliation act of 2005, eligibility standards for student debt consolidation of US federal loan programs such as FFEL and Direct Stafford loans have been outlined clearly:
- You are not eligible for student loan consolidation if you are still in school and studying
- You become eligible when you complete your degree, study part-time or join the workforce
- If you are a PLUS loan borrower you are eligible to consolidate as soon as the loans are disbursed Concluding Thoughts on Cheap Secured Student Consolidation Loans
As you can tell, a student debt consolidation loan is most certainly in your interest if you have financed your education through more than one financial institution. However, consolidation should take place only under professional supervision. If you would like us to assist you in this regard, please complete our online Information Request Form for comprehensive information and attractive interest rates. Your financial information is held in strict confidence at all times. Except for an e-mail address which we share only with our prescreened loan partners we ask for no identifying information. So go ahead and complete the Information Request Form and get ready to embark on your pathway to stress-free loan repayment through expertly managed student loan consolidation.