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Important Points to Consider Before Consolidating College Student Loans

Study loans aims at providing financial support to deserving/meritorious students for pursuing higher education in India and abroad.

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Important Points to Consider Before Consolidating College Student Loans

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  1. Important Points to Consider Before Consolidating College Student Loans

  2. Many people took college student loans when they were in colleges or universities. When they have graduated, they need to start making monthly payments to pay back their debts. In this economy, most of the people are facing difficulties to find a job and consequently, they are having trouble of not being able to pay back their loans.

  3. Many people took college student loans when they were in colleges or universities. When they have graduated, they need to start making monthly payments to pay back their debts. In this economy, most of the people are facing difficulties to find a job and consequently, they are having trouble of not being able to pay back their loans. • The interest rate after consolidation MUST BE MUCH LOWER than your existing ones. It is no point to consolidate your study loans if you couldn't save much in the long run • Student debt consolidation is only a one time solution. If you have consolidated your study loan previously, you are not allowed to do so anymore

  4. Beware of the drawback of debt consolidation. In fact you are actually paying your loan back over a longer period of time. It delays your objective of getting debt free

  5. You need to fulfill the minimum requirement of your loan amount. In general, at least USD 20,000 of loan amount is required in order to consolidate • If you miss your payment on your loan after consolidation, it will generally affect your credit score • You are reminded that determining your exact financial situation is the most important. In certain circumstances, consolidating your college loans may not be the answer for your financial problem.

  6. Source: http://EzineArticles.com/2696006 https://www.facebook.com/AvanseEducationLoan https://www.linkedin.com/company/avanse-financial-services https://twitter.com/avanseeduloan https://www.youtube.com/channel/UCcsuUx1EH1C08XmX2embpug

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