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Five Drawbacks for Student Loan Consolidation
Before a Student Loan Consolidation, Consider These Five Drawbacks
When considering student loan consolidation, there are a number of variables to consider. The process has both its advantages and disadvantages, all which should be reviewed before jumping into consolidation. The following list contains five potential drawbacks of student loans that students should be familiar with to get some help with debt.
Fixed Interest Rate
When consolidating student loans, you’re automatically given a fixed interest rate. This could be seen as either an advantage of disadvantage. It’s an advantage in the sense that your rate never goes up, yet puts you at a disadvantage when variable rates drop. Fortunately, such drops won’t have a huge financial impact on those paying back their loans, but should still be considered.
Discharge and Deferment Benefits
Certain loan programs provide discharge benefits which provide you with money after graduation. This money is used to pay off the loan. Deferment allows you to delay payments on a loan until the loan ends, and sometimes these benefits won’t remain after consolidation. Therefore you may want to reconsider consolidation so that you can retain these benefits. A viable option would be to leave these loans out of the consolidation process.
Loss of the Grace Period
After graduating, you normally have a six-month grace period in which you don’t have to make loan payments. The idea of this period is to give you an opportunity to find work and relocate if necessary. Consolidating your loans too early causes you to potentially lose this period. That’s not to say, however, that you should completely avoid consolidating during that time. If you consolidate during the grace period you have the potential to get a 0.5% interest discount on your new loan. This is a great way to save some money.
Payment Schedule
Be sure to make a payment schedule that isn’t too long but still remains realistic. Stretching out payments causes your loan take longer to pay off, which in turn means paying even more interest. This is probably one of the most common ways that those in the student loan debt consolidation business capitalize on those who don’t know any better. Be smart about your schedule and pay it off as quickly if you realistically can.
Eliminating Loans
Without consolidation you pay off your loans one by one, meaning that when a loan’s gone it’s gone forever. When you see your loans consolidate, however, they’re all lumped together. Therefore you’ll continue paying until it’s all gone. This is a serious point to consider for those paying off their debt.
In the end, it’s your choice entirely. Weigh the advantages against the drawbacks and determine if loan consolidation is the right path for you.
Avail the Best Residential Benefits by Buying a Home Using Raleigh Foreclosure Listings
You can now avail some of the best residential benefits at highly reasonable prices with the help of Raleigh foreclosure listings. So if you are a home buyer on the search for a suitable property for your family you can invest in a foreclosed home in the city of Raleigh and experience quality living at highly affordable costs.
Residential benefits of buying a home using Raleigh foreclosure listings
Some of the reasons which make Raleigh foreclosure listings the best residential options for home buyers are listed below:
• Financial assistance for mid income buyers – For mid income families who are keen on purchasing a home through Raleigh foreclosure listings, there are some attractive incentives to make the properties even more affordable. One such program is the FHA funded down payment schemes for first time home buyers who can get financial assistance from the state housing authority for picking up a suitable foreclosed home in this city.
• Lowest mortgage rates – There are a large number of banks as well as other lending agencies present in the city of Raleigh which are offering the lowest interest rates to home buyers who are interested in buying a foreclosed property. For instance the Bank of America has launched a special scheme under which home buyers can get choose a low interest housing loan for purchasing the REO properties located in this region.
• Affordable but quality lifestyle – One of the major residential benefits of buying a foreclosed home in this region is that home buyers can enjoy a quality lifestyle at highly affordable costs.
• Perfect family destination -With its nationally ranking schooling system supervised under the Raleigh Public schooling Authority as well as various community centers for the youth and senior citizens the area makes for a perfect family destination for the young as well as elderly home buyers.
• Appreciating property values – Another unique feature of purchasing a home through Raleigh foreclosure listings is that while these properties are available at extremely reduced rates, the real estate worth of the city is highly valued which makes the venture very lucrative for home buyers.
• Wide housing options – Raleigh foreclosure listings are currently offering thousands of suitable properties for sale at very reasonable costs. Home buyers can therefore choose from a large number of single family properties, penthouses, condominiums as well as bigger family estates which can be found in the communities of Maple Town, Five Points and the scenic Wilder’s Grove amongst many others.
So if you are looking for a lucrative real estate deal, go ahead and invest in a property through Raleigh foreclosures to get the best bargain purchase in the market.