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Wednesday, November 2, 2011

Easy steps to Student Loan Consolidation

Student loan consolidation is quite taugh as it looks like but it is easy after getting resources through internet. If someone want to consolidate his/her student loan he/she needs to do unique searches for the best deal and for the cheapest rate.

Easy steps to Student Loan Consolidation

Lot of people have many questions regarding students loan questions like what is it ? And how should they get the benefit of it. If someone is current or ex student who has some student loans probably he/she have been sent mails and online solicitations of debt consolidation.The application process of student loan consolidation seems great, especially if someone have more than one loan issued by many lenders. Though, it is simple and straight for the one who are prepared. There are many advantages of consolidation program.

For using the service of a student loan consolidation debt the person needs to find a lender with the help of internet resources.

There are lot of options to choose for an individual, but usually but the thing is the must need to choose this from a well known financial institution. Because these lenders can give you n numbers of options of discounts and for a good plan which will suits you the best.The main thing is that for this they don't charge any fees. And a lender is not allowed to check anyone's credit history according to US government who guaranteed the Federal student loans.

Then after the person needs to fill up an application form of Student Loan Consolidation. Which must contain all the details of student loan consolidation of their previous loans before filling up the application form. The person also have to give some personal references. Before signing the application form a person must be sure about the terms and condition of the loan. The person should also have the knowledge about incentives and discounts which helps in reducing the payment of loan.

Once the person submitted his application form of student loan consolidation, then after the lender sends each of the loan holder a verification certificate which is known as Loan Verification Certificate ( LVC) to authenticate the amount billed on each of his / her student loan. They take around 30 days to return the loan verification certificate. After the processing of this certificate, the interest rate is calculated and a disclosure statement is made.

This process takes around 30 to 180 days in completion, and if by mistake any detail is missing in the form, it can take few more days. Mostly lenders have customer representative to serve their customers who keeps updating all the status of loan to the person.

1 comment:

  1. This is a great option for all students. Those in the process of getting divorced can use it as a means to reduce payments since this type of debt is likely to stay with the party that created it.