Parent-Student,Loan,Consolidat finance, share, loan Parent-Student Loan Consolidation Programs: A Cost-Effective
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It might seem that college graduates begin an exciting road into their careers once graduation day passes, but in fact, they often have other matters on their minds. With most graduating with college loans of over $30,000, managing their debt is hugely important. Arguably the best way to do so is through a parent-student loan consolidation program.Most students take out about 5 loans over the course of their college careers, and with each one new terms are agreed, including different interest rates. By the time graduation arrives, the web of repayment dates and interest rates can mean more is being paid than is necessary. Through a consolidation program, everything becomes much more manageable.Where a parent-student program differs from others is that the parent acts as a cosigner, and approval with a cosigner is much easier. What is more, repaying the student loans becomes extremely affordable again.Advantages of ConsolidationGraduates with multiple loans weighing on their shoulders face a very difficult time in meeting repayments. As already mentioned, each loan deal has its own terms and interest rate, and keeping up on 5 agreements each month can be almost impossible. Consolidation programs, like a parent-student loan consolidation plan, simplifies everything.For example, if the loan balances are $10,000, $8,000, $6,000, $4,000 and $2,000, the total owed is $30,000. But the combined interest can be very high when each rate is taken into account. A $30,000 consolidation loan is granted to buy out the balance, with multiple debts replaced by a single debt, with one interest rate making it more affordable.But clearing student loans effectively can only be done when the interest rate charged is lower than the average rate originally, while a longer term ensures monthly repayments are kept low. And, since approval with a cosigner is more likely, the inclusion of a parent means the best consolidation terms can be secured.Securing a Parent-Student Consolidation LoanIt is impossible to get a parent-student loan consolidation program without qualifying for it. This is where the art of application comes into play, and where 3 golden rules can be invaluable. Remember too that this relates to private loans only, federal loans are not covered by the initiative.It is also important to understand that such a consolidation plan establishes the parent and the student as equally responsible for repayments. So, while getting approval with a cosigner is easier, there is still pressure to meet the repayment schedule.Securing the consolidation program is made easier with the aid of three things: careful research into loan options; clear joint-signatures on the application form; and a good parent credit rating. Once these are done, clearing student loans for good can begin in earnest.Research and SelectionIt is important to research the options available amongst traditional and online lenders. Private consolidation lenders are known to offer competitive terms anyway, but they can still vary. So, spending time before choosing a parent-student loan consolidation program is a key factor. Draw up a shortlist of 5 lending offers, then study them in detail.Of course, make sure the signatures of both the parent and the student is included in the relevant documentation. There should be no confusion over the people involved, so the applicant can be fully assessed. And remember, approval with a cosigner is practically assured.Once the best consolidation loan terms are identified, it all comes down to the selection decision. Look at the interest rate charged but be wary of any hidden charges. The student loans can be a thing of the past, and graduates can get on with building their careers. Article Tags: Parent-student Loan Consolidation, Parent-student Loan, Loan Consolidation, Consolidation Programs, Consolidation Program, Student Loans, Interest Rate
Parent-Student,Loan,Consolidat