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Student Loan Consolidation, look this gift horse in the mouth. Part IIStudent loan consolidation look this gift horse in the mouth. Part II ------------ ------------ Student 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.
Ian McAllister managed to avoid student loans entirely. Read how in Part I. Also read about how to get out of debt. http://studying-techniques.com/student-loans.html (expanded part I) http://studying-techniques.com/student-loan-consolidation.html (expanded parts II and III) Other Student Loan Items of Interest: College Loans How Much Do You Really Need How to Get Student Loans for College Student Loans Save Money Pay Less Spend More Student Loan Consolidation Can Help Choosing a Student Loan Student Loans The Life Preserver Of Our Education System Financial Aid for College Students Grants Which College Loan is Right for You Car Loans for Students The Secret To US Department of Education Loans Student loans UK Student Loans Explained Education Loans Road to a Bright Future Student Loan Consolidation Save Money Pay Less Spend More As College Tuition Rises Scholarships Fill the Financial Aid Gap Direct loans the new way to fund going to college Pay Off Your Student Loans and Reduce Your Debts An Overview of Student Loan Debt Consolidation No Cost Student Loan Consolidation Is a Student Loan Consolidation Right For You |
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Related Items Education Loans - Road to a Bright Future - Vipul Jain Education loans are very important for students pursuing higher education. The tuition fee of professional education is very high. Apart from tuition fee, there are several other expenses that students have to bear, i.e. cost of living that... UK Student Loans Explained - Joseph Kenny Student loans seem to be the only feasible way out to pursue higher studies for the average student in UK. Things become all the more difficult for those without university funding. The government, in its efforts to make further education... An Overview of Student Loan Debt Consolidation - Angela Rogers A student loan debt consolidation loan allows you to combine your federal student loans into a single loan with one monthly payment. The repayments of a student loan debt consolidation loan can be significantly lower than the payment required... 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Government Grants for College Students - Michael Carter Grants are a type of student aid that is awarded by the government. Grants for college students do not have to be repaid. Grants are based upon financial need, as calculated by the federal aid program. The first step in applying for... Student Loan Consolidation - Is It Right For You? - Dean Shainin Copyright 2005 Dean Shainin You can benefit from student loan consolidation, but there are things you should consider. It's a good idea to start looking into how you can consolidate your student loans before the 6 month grace period ends. Big... Student Loan Consolidation And Getting The Best Rates - Dean Shainin Student loan consolidation has many benefits. Before you sign up on the dotted line, you should know how to get the best student loan consolidation rates. If you are tired of too many bills and monthly due dates, it may be time to find the best... Overwhelmed By Student Loan Debt? Consider a Consolidate Student Loan - Mike Yeager A consolidate student loan is the perfect solution for people who need help managing their debt. If you have several different loan payments but want to make only one payment per month, you should apply for a Federal Consolidation Loan. With... Government Student Loan Consolidation - Jeff Lakie Are you behind on your bills? Do you have more than one student loan? If you answered “yes” to either question there are some terrific opportunities for you to lump your debt together with a government student loan consolidation. Please read on for... Information On Private Student Loans - Bob Hett Getting an education after high school is becoming more and more expensive. But it is also becoming more and more of a necessity to get a good job that pays well and has adequate benefits. For this, most young people need to attend college or some... Bad Credit Student Loan - What To Do If You Need One - Mark Kessler Are you concerned that bad credit will prevent you from going to college? While it is true that finding student loans with excellent interest rates is easier if you have a sterling credit rating, bad credit student loan aid is possible.... 10 Best Student Loan Options - The Student Loan Today Group There are several different options available for students in terms of student loans; however, following are the 10 Best Student Loan Options: 1. Subsidized Stafford Loan 2. Unsubsidized Stafford Loan 3. Federal Perkins Loan 4. Federal... It Only Takes a Few Simple Steps To Avoid Student Loan Debt - Mike Yeager Student loan debt is a problem that affects many former students. It is a long and difficult process to pay off a student loan. Undoubtedly, it is much easier to avoid student loan debt in the first place. There are a few simple steps that can... College Financial Aid: Unraveling The Myths - Leon Chaddock Entering college is a big deal both emotionally and monetarily. Everyone should have the opportunity to get the education they deserve and to help in that process, you can look for college financial aid. This is money that is provided to you in... Student Loan Consolidation -- How To Make A Wise Decision - Ron King Debt consolidation feels like instant freedom. When you can not easily manage your debt, bundling it all up seems like a good idea. The most common way to do this is a debt consolidation loan. This loan takes all of your debts and... Consolidate Student Loans and Shop Online - Nick Smith If you run a home business, you know that budgets can be pretty tight. Saving money wherever possible can be the difference between the business that succeeds and the one that fails. This article represents a broad survey of things you can do, from... Should You Consolidate Your Student Loans? - Matthew C Keegan Spending time in college means going to classes, writing papers, studying for exams, and enjoying the college experience of fun, food, and frolic. Oh, if it only were that easy! Chances are you are racking up some serious debt in the form of... Student Loan Options For Financing Your Education - Sintilia Miecevole When you begin applying for colleges, you will find that tuition and boarding fees are extremely expensive. Unless they are independently wealthy, few people can pay for college outright. If you do not qualify for scholarships, financing your... A COLLEGE LOAN MAY BE UNNECESSARY IF YOU GET SCHOLARSHIPS OR GOVERNMENT GRANTS - Chris R A college loan is often necessary in order to pay for higher education. There are also scholarships and federal government grants that students can get financial aid from. This kind of aid can help keep your college loans from becoming too high... The Keys to Obtaining and Refinancing Your College Loan - Luke Sharp How many of you are biting your nails trying to figure out what you should do to get your college paid for? You know you need a loan... but what kind? What are the differences? Would it be a good idea to refinance or consolidate any loans you... Parent Loans or Student Loans – what is going to be best for my child? - Vanessa McHooley Parent Loans or Student Loans – what is going to be best for my child? At least 20% of college students need some type of loan to help pay for their college education. Such a statistic can lead to students graduating with an unmanageable debt load.... Refinancing Student Loans - Dr Drew Henry Many students and graduates are facing with struggling to repay their student loans. They have to refinance it in order to lower their monthly payments. Refinancing student loans can be a good idea under certain circumstances, but not always. As... What is a Student Loan? - John Mussi Not everyone is aware of what is a student loan? Student loans, as the name implies, are available to students who require help with living costs while studying. Student loans are part of the government's financial support package for degree only...
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