For thousands of college and university grads, the completion of a degree does not often come without a price. In addition to the hard work and study that goes into higher education, many graduates must also repay a large amount of student loan debt once their studies are complete. Although the government provides a number of loan programs, oftentimes these funds are not enough to cover the entire cost of oneâ€™s education. Therefore, a large number of students also end up borrowing additional funds from private sources in order to pay the tab.
Depending upon the number of loans that are taken out, some graduates may feel that the repayment of such funds can become difficult â€“ if not impossible â€“ due to the seemingly never ending stream of payments that are due each month.
There is, however, a solution that can be far less frustrating, and may even save money in the long run. By consolidating oneâ€™s private student loans, a borrower can essentially combine multiple debt obligations into just one loan. The result is one single monthly payment. This alone can ease a great deal of stress, and can also allow for easier budgeting of other living expenses.
With the popularity of student loan consolidation, there are a number of companies in the market to choose from. But, similar to other types of lenders, not all student loan consolidation companies are alike.
What Should Student Loan Consolidation Companies Provide?
A student loan consolidation company should be carefully researched before you sign on the dotted line. This is important, as oftentimes student loan repayment terms can be for many years. Therefore, choose such a company in a similar fashion as you would choose a mortgage company or other type of long-term financial lender.
When working with a student loan consolidation company, they should help you in determining first if consolidating your student loans is the right option for you. In doing so, they should assist you in reviewing your current loans, as well as their rates of interest and the amount of monthly payments that are due.
The company should also give you an idea of what your new loan interest rate and monthly payment will be. This will allow you to make a direct comparison of the amount that you will be saving â€“ if any â€“ by opting for the new consolidation loan.
In addition, your student loan consolidation company should also provide you with information on the duration of your new loan. Some companies will allow you to make re-payments for up to 30 years. Yet, while longer loan durations will help to keep your monthly payments low, you should compare what the total amount of payments will be over time as versus what you are currently paying now.
On top of the actual loan and interest rate figures, the company that you choose to work with in consolidating your student loans should provide you with impeccable customer service. This means that you should feel comfortable in asking pertinent questions about your potential new loan. You should also feel confident that the answers you receive are informative and helpful for you and your financial situation.
How We Can Help
At Cedar Education Lending, we pride ourselves on offering competitive interest rates, as well as attractive borrowing options and benefits to those who choose to work with us. We pursue the highest lending ethics in order to ensure that you obtain the student loan consolidation that is right for your specific situation.
We offer a great deal of information on our website, including a student loan consolidation calculator, so that you can get a much better idea of what your new loan payment will be, based on the amount that is financed and the new loan interest rate.
While it is convenient to obtain online information, however, we also understand that some of your questions are geared to specific topics. This is why we also offer separate areas of specialization, as well as a toll-free phone line so that you can get the answers that you need in the quickest amount of time possible.
For assistance with a student loan application, please contact: firstname.lastname@example.org; for questions regarding our website, you can contact: email@example.com; and for general questions regarding the overall student loan and loan consolidation process, you may contact: firstname.lastname@example.org. Our customer service desk can also be reached at: 888-549-9050.
Cedar Education Lending representatives are experts in the student loan consolidation area, so you should feel comfortable in moving through the entire process. If you are ready to take the next step in easing the frustration of multiple student loans, get started today.