Thursday, February 27, 2014

MBA Student Loan Consolidation Done RIght

Earning an MBA requires years of study, which could lead to significant amounts of federal and private student loans at the end of your program. You may want to consolidate that debt into one low payment. Doing so could save you more money in the long run as well as significantly slash your monthly payment.
According to Federal Student Aid, “Loan consolidation can greatly simplify loan repayment by centralizing your loans to one bill and can lower monthly payments by giving you up to 30 years to repay your loans.” MBA student loan consolidation programs offer graduates a safe and secure way to replace their existing educational loans with those provided by private lenders. (Source: Reuters)

Generally speaking, loan consolidation is a simple settlement process that can be done electronically or over the phone in about 10 minutes; however, it does require a thorough credit check of the applicant and any applicable co-signers. Only applicants with poor credit history need apply with a co-signer. According to CommonBond.Co, “If you are approved for a loan on your own without a co-signer, then you receive the same low, fixed interest rate as you would if you applied with a co-signer.”

Qualifying applicants must meet the following underwriting criteria:

Be a United States citizen or legal resident
Be a recent graduate
Own student loan
Because applicants are graduates of a participating school, lenders are more likely to approve their application than students who are applying without an established relationship. All approval decisions are made quickly, so you will know right away whether you’ve been approved.
Why MBA Student Loan Consolidation Works for Others and Can Work for You

MBA student loan consolidation works because it helps students straddled with high amounts of student loan debt find a better loan option, which could mean huge savings in the long run. “The MBA Refinance Loan - for borrowers who’ve already graduated from school - has a fixed interest rate of 5.99% and no origination fee and a corresponding APR of 5.99%,” according to CommonBond.Co, a company that puts borrowers in touch with lenders. The website goes on to say, “Borrowers are eligible for a 0.25% reduction in the interest rate by agreeing to automatic ACH withdrawals for repayment. The interest rate is fixed, which means that even if market-based interest rates change, the monthly payment will remain the same.”

These and other refinance terms make benefiting from MBA student loan consolidation easy. All you have to do is sign up, and your refinance terms will not change for the life of the loan—there’s absolutely no guesswork.

View here for MBA loan consolidation info related to your school. You don’t need to make a decision today, but you should at least discover the many ways in which MBA student loan consolidation could work for you. Have a paper and pen to jot down notes, or to simply calculate how much you pay now versus how much you could be paying if lowered your loan payments through MBA student loan debt consolidation.

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