With student loans, there always seems to be a few unanswered questions. There are many questions that students need to ask and we will answer some of the more important ones here.
The thing to remember, before you commit to any type of loan consolidation is to make sure to arm yourself with as much knowledge as you can.
One of the first places you should try are the councilors at your educational institution, they will have all the latest local knowledge about loans and consolidation as it applies to their school in particular.
The second place to get more answers is a simple web search, the trick to remember here is that the more questions you ask, the more answers you will get.
Obtain a small notebook and write all your information down in one place, keep the front of the book for your answers and use the back of the book to list your questions as you think of them. Small notebooks are very handy to keep with you at all times because you never know when a question will pop into your head.
Q 1. Why? Why is there a need to consolidate?
A. You will greatly reduce the monthly repayment amount, reduce the principal of the loan and possibly pay your loans off a lot quicker.
Q2. When? When is the best time to get a consolidation loan?
- To get the most benefit you should consider consolidating straight after your graduation. You will be able to take advantage of the grace period and therefore you may be able to get the best possible interest rate.
Q3. What? What if you are not eligible for a consolidation loan?
- There may be some conditions that will make you ineligible to receive a consolidation plan. These can be such things like:
· You have had a previous consolidation
· The amount of your loan is less than $20,000
· If your debt is only to one organization.
If this is the case, then you can consider the following solutions…
· Look into a private consolidation plan.
· Look at liquefying any assets you may have.
· Think about obtaining a loan from another institution
Think Outside The Box
If all else fails then there are still some options open to you, remember the old saying
‘when one door closes… another door opens’
Think about raising funds through some passive income solutions, you will find hundreds, if not thousands of ideas for income generation on the internet.
Not all of these will be useful and in fact, some will be a bit shady, but there are a lot more genuine ways you can make some honest money. The trick here is to ask the right questions so you get the right answers.
I hope these student loan ideas have been helpful, good luck with your studies.