When you choose the
"correct" Student Loans Lenders, you certainly can lower your monthly
loan payment by up to 60%. Then, how to choose the right lenders for students?
We should consider
interest rates, loan amount, loan terms, payment fees for each term, easy
approval and good service. By consolidating loans, we can save a lot of money.
1. Interest Rates
Of course, we
should choose the lowest interest rates for student. Compare more loans
companies to find out which one provide the lowest interest rate for students.
At the same time, we should notice interest rates may change. Education Loan
Interest Rates on Federal education loans change on July 1, and are based on
the 91-day rate from the last Treasury auction in May and the average one-year
constant maturity Treasury yield (CMT) for the last calendar week ending on or
before June 26th.
2. Loan Amount
The total loan
amount is a key factor in choosing the loans companies for students who want to
apply a loan with large amount. If you want to borrow much, you need spend more
time to find those lending companies who are willing to lend much money. You
can borrow up to the total cost of your education. Students borrowing a Federal
Direct Student Loan, including subsidized and/or unsubsidized, are subject to
maximum allowable loan limits. It depends on which grade, freshman, sophomore,
junior or senior, and graduate student. For example, one dependent freshman
student can borrow $5,500, while one independent freshman student can borrow
$9,500.
3. Loan Terms
Some loans
companies can take up to 15 years to repay, with a 6-month grace period, plus
any periods of deferment or forbearance. You can choose lending companies which
allow you pay interest while in school and there's never a penalty for paying
early or prepaying. Sometimes, you earn a lot of money, you may need revision
of loan terms so that to reduce your payment.
4.Payment Fees for
Each Term
We should choose
the proper payment fees for each term. If you only need to borrow a little amount
of money and you have the ability to pay off in short term, you can choose
large payment fee for each term. Most of important, we should choose those
lenders who can reduce our monthly loan payments.
5.Easy Approval and
Good Service
In the same conditions
mentioned above, we should choose those loans lenders which support applying
online, instant approval, minimum forms and quick decision. Their online
application should be easy to fill out and they can let you know almost
immediately if you are eligible for student loan consolidation. Some lenders
can even answer in less than one hour. After approval, they should have
convenient online account management and exceptional customer service through
dedicated and highly-trained experts.
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