Student Loan Consolidation
I spoke to a friend yesterday who was smart enough to get a pharmacy degree that pays awfully well. However, she’s racked up a ton of student loans and it seems like she’ll be paying them for quite a while.[Not because she doesn't make enough, but because buying a new luxury car and travelling to exotic locations takes preference!]. I was lucky enough not to have any student loans. I graduated with about $3500 in credit card debt and that was it. My parents paid for some of it and Northern Telecomm paid for the rest. As usual I was deemed the financial expert to ask about consolidation and funnily enough I knew more about it than my friend did.
- You can only consolidate your loans once, and thats it
- If interest rates are going down, wait to consolidate
- They calculate the weighted average of all the loans and add a margin on to it
- You can consolidate at any bank or credit union and the terms are usually all the same, regardless of where you go
- Many lenders will lower the interest rate after you’ve made on-time payments for 3 or 4 years, so it helps to be regular
- As they say, “A penny saved is a penny earned!”.
What does this have to do with making money??? Until you get out of consumer/student debt, you’re not in a good position to build wealth. So thats the first step in making money!
If you found this post helpful, consider donating to my coffee fund!![[del.icio.us]](http://images.del.icio.us/static/img/delicious.small.gif){kind=small}
-
A Better Way To Lend Money To Friends & Family Lending money to friends and family can be a strain on the relationship (not to mention your finances). Seeing that you're doing well, everyone wants to hit you up for a small loan. If its a short-term thing its fine, but if you're worried about the borrowers ability to repay...... -
The End Of Credit? Yesterday I got a call from American Express. I was curtly informed that my True Earnings American Express Cash Rebate Credit Card limit was reduced 90%. It isn't a really big deal because I don't need that sort of limit. I've never used more than 40% of the limit anyway....... - Blogging For Money {Sponsored Post} I've been talking about people who blog for money. Well I've been making some money off advertising at the bottom of my blog. Well I've been paid to post this article on Responsibility In Pay Day Loans. What do you guys think of people who monetize their blogs in this......
Related Websites
- Co-Signing For A Student Loan - Wise Move or Stupid Mistake? by Christopher S. Penn Co-Signing For A Student Loan - Wise Move or Stupid Mistake? Article by Student Loan Guru Team What Are Private Student Loans?Private student loans are issued based on credit. This means two things for those applying for a private student loan. -The loan will be......
- Tips for Paying Off Student Loans Right now, the student loan industry is going through one of its worst periods in decades. New Federal regulations have forced many banks to stop offering student loans, and students are being forced to either find a direct loan or start paying back what they owe. Enrollment figures are being......
- Student Loan Repayment Options In the first two days of the Student Loan Series, we covered whether college is worth the cost and the different types of student loans. Today we'll tackle student loan repayment methods. There are several ways of repaying student loans. Each has its benefits for people in specific situations, so......
[All content is copyright of Living Off Dividends & Passive Income]
Leave a Reply