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Student loans are available to attend the college or university of your choice. You can apply for student loan online. Student loans, while not likely to be the largest debt owed by an individual, can be best managed in consolidated student loans.
Private student loans are based on the applicant’s creditworthiness, often require a co-signer, are not need based, and upon approval the funds are usually sent directly to the applicant. Although Schoolwork.org does not provide financial advisors to students, we are happy to provide tips, information, and opinions. Private Loans Could Be The Answer! Private loans also do not offer the cancellation or loan forgiveness opportunities available on many federal loan programs. That’s why it makes good financial sense to exhaust your federal loan options (as well as grants and scholarships) before considering loans from any private companies.
Consolidation loans are available for loans you accumulated as a student, even if you have a bad credit history or judgments against you. Repayment terms can range from 5 to 30 years, depending on the total outstanding amount and the monthly payments that meet your needs. Consolidation interest rates can be very low (less than 2%), but come with very specific requirements – such as good repayment history. Consolidating your debts under one loan can be a step in the right direction towards making your life simpler.
Consolidate your debt into one low payment, avoid bankruptcy, and be debt free in 12-48 months. Consolidating student loans doesn’t take long, but you should take your time when choosing a consolidation lender.
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