10.30.06 | How to make an informed decision
Countless times a day borrowers will phone us at the Student Loan Network complaining that they have been bombarded with information from different lenders offering all sorts of benefits and opportunities if they consolidate with their company. Borrowers seek out the Student Loan Networks advice on how they can make the best financial decision.
The Student Loan Network always advises that when you are deciding on a lender to consolidate your student loans with to make sure you educate yourself on what is necessary to achieve and maintain borrower discounts and rebates that they are offering. If a lender is offering a 1% interest rate reduction after so many on time payments to have the company put the terms in writing for you. Find out and understand all terms, conditions, requirements of your loan consolidation. Not educating yourself on this can cost you thousands of dollars in lost or added payments.
Another way to make an informed decision on which lender to consolidate with is to test the customer service staff. Give the company a quick phone call and pay close attention on how the customer service staff assists you. Also, you can send a short email and see how long it takes for the company to respond to your online inquiry. By performing this research you may find that certain lenders have better customer service than others. Customer service is a major deciding factor when selecting a company to consolidate your loans with.
It is important to have all the information to help you make an informed decision. The loan market is filled with lenders that range from very good companies to those who are inexperienced with the student lending industry to those who are just downright unethical. Remember that you signature of the consolidation application obligates you to the terms of the consolidation loan and that lender. Be certain that you know what is being offered and what you must do to obtain and maintain and benefits and whom you will be dealing with.
The Student Loan Network: Stafford Federal Student Loans, Parent PLUS Loans, Student Loan Consolidation, Private Student Loans, Education Loans/College Loans
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