Debt Consolidation Credit Counseling In Phoenix

When it comes time to choose one of the many student loan consolidation companies, all of the colleges in the world can't teach you how to deal with it. But you can deal with it by asking questions.

Listed below, are 10 questions every student should ask before agreeing to any offers:

1 - What are the reasons for you wanting to consolidate your loans? Of course, the primary reason is so that you are able to reduce your monthly repayments. Additionally, it carries with it, the convenience of only have one loan to be responsible for.

2 - When is the best time to consolidate your loans? When you either need lower monthly payments or are stressed by the multiple monthly payments of your current loans.

3 - Do I qualify for a student consolidation loan? Generally speaking, it is during your period of grace after graduation that one would normally apply.

4 - Are there any incentives? Some financial institutions do offer special bonuses or some other form of incentive but it is imperative that you get all related details in writing. Also, don't be afraid to ask question you feel are relevant to your situation.

5 - Does this lender have experience with student loan consolidation? Choosing one of the reputable student loan consolidation companies is essential to your peace of mind.

6 - Will this lender be servicing my loan? Some "lenders" are really brokers that get you to consolidate your student loans with them only to sell them off to a lender you did not choose. Be aware of this and ask about it before signing any loan agreement.

7 What loan do I get? Remember, if you're consolidating federal student loans, you will loose any federal government benefits you enjoy, if you choose to consolidate with a loan other than a federal student consolidation loan.

8 - What are the loan terms and conditions? Specific terms and conditions may vary from one lender to the next so most importantly, don't even consider signing anything unless you're 100% certain of the terms.

9 - What features does the lender offer? Some lenders offer features to make loan repayment easier and more convenient, like online applications and account access.

10 - What will happen if I miss payments? Ideally you should do everything in your power to prevent this but of course one can never predict the future. If you find yourself in financial difficulty, contact your lender immediately. Also, before agreeing to the loan conditions, discuss such a scenario with the lender, if only for your own peace of mind.