Procedure of Consolidation
Jun 18th, 2008 by admin
Among the main advantages of student loan consolidation are combination of several loans into single one, reduction of monthly payments and possibility to make one payment to one lender.
Because of difference between federal loans and private loans, it is recommended to consolidate them separately. It would be better to begin with federal loans, then consolidate private loans.
Here is the approximate scheme of steps which should be done for successful consolidation:
1. Check out the state of your loan. In order to make consolidation, the loan can’t be in the state of default. If there are some problems with your loans, it is necessary to do al necessary things and put your loans in order.
2. Prepare necessary information, which includes contact information of 2 of your friends or relatives and contact information of companies which are your creditor. As for companies, you can find this information with help of ScholarPoint.
3. The procedure of loan can be carried out through the Internet with ScholarPoint. When you get the application, it is not necessary to sign it immediately. Only if you are content with interest rates and payment condition, you may put your electronic signature and send the application for loan consolidation. But if you don’t want to sign such document online, then you can print this application, sign it by your hand and send it through post.