Tag Archives: payments
College Loan Consolidation – Advantages and Disadvantages
College tuition is on the rise and students and parents alike are seeking additional methods to help pay for the soaring costs. Student loans, grants, scholarships and work-study are common ways to supplement or completely pay for the cost of college.
Student loans are probably the most popular of financial aid sources. It’s quite usual for a single student to take out multiple loans to cover the many expenses of a college education – tuition, transportation, dorm, books, etc.
At the end of a college student’s career, they often find themselves facing a hefty sum of financial payments which start after a six to nine month grace period post graduation.
Many students turn to College Loan Consolidation to reduce the stress of multiple, high payments, opting for the lower payments and extended terms of a student consolidation loan. While there are advantages to student loan consolidation, students should fully research and analyze all of the aspects of loan consolidation.
College Loan Consolidation – Federal vs Private
Federal loans are more popular than private loans for a few reasons. Federal loans have lower and fixed interest rates and additional benefits such as grace periods. Private loans usually have higher interest rates, and no grace periods.
When consolidating, keep the types of loans separate in order to retain the benefits of the Federal loans. Federal loans provide a cap on the interest rate, along with fixed interest rates.
College Loan Consolidation – Advantages and Disadvantages
It is important to consider both the advantages and disadvantages before applying for a student consolidation loan.
Advantages include:
A lower monthly re-payment amount
Lower interest rate, which may save you money in the long run
Organization of loans – make a single monthly payment
Disadvantages include:
Possibly paying more money over the life of the loan
Most likely paying on the loan for a longer amount of time – 10 to 30 years
There are few options to consolidate this loan later
If you decide that college student loan consolidation is for you, start by conducting extensive research. Begin with federal student loan consolidation programs such as Federal Family Education Loan Program and Direct Loan Consolidation. They offer fixed interest rates capped at 8.50%. There are also other free resources to help you choose. It is important to shop around and gather as much information as possible in order to make the best decision.
For private student loan consolidation, inquire with various lenders both offline and online. Many times, online vendors provide a lower interest rate and quick approval times.
Perform exhaustive research until you are completely comfortable making a decision, as this decision will make quite an impact on your financial future for a number of years.
Debit card loans-Take away your unwanted fiscal mess
Do you need a quick sign of relief from your unpredicted financial emergency? For getting an urgent financial assistance if you have a debit card under your name, debit card loans are for you. It can be termed as a real financial support to sort out all the unwanted financial mess from your life. In order to meet the unexpected and unfulfilled expenses of your life, this is the pertinent and feasible loan option for all.
There are several required specifications that one needs to follow to get the easy approval of debit card loans, such as:
Stable residency of UK Attain the age of eighteen years or more Active and valid checking account not more than 3 months old Regular employment in reputed organization Earn the minimum of £1000 per month
Holding defaulted credit status might let you face many loan rejections. If you are carrying numerous bad factors like insolvency, foreclosures, skipped payments, deferred payments, bankruptcy and so on, you are eligible without any apprehension. Lenders do not concern about your credit scores and it is absolutely free from credit checking process.
As its name says, instant debit card loans are secured against your upcoming payday. Therefore, lenders do not demand any valuable asset to pledge as a security against the borrowed amount. Tenants and students can find this loan assistance really suitable. However, the money can be short that can be ranges from £100 to £1500 with flexible reimbursement duration of 14 to 31 days. Cover up your unexpected financial crisis without any restrictions such as unexpected medical care costs, credit card dues, grocery bills and so on.
Application can be done in both conventional and online method. Online application method is simple and quick that do not let you waste your valuable time in lots of faxing hassle. Moreover, it also do not let you devote much physical efforts as all the loan proceedings can be done with the comfort of your home or office. Just fill out a single online application form and once you get approved, the will follow in your checking account within matter of hours.