A friend of mine got himself into serious problems when on top of all loans, he researched and found a possibility of a student loan for a car. Having a car is great but his finances were far from feeling great.
We started looking for a good debt consolidation company but that might turn out to be troublesome when you don’t understand precisely what you should search for. So in this post, we’ll take a closer look at American University Tuition and Student Consolidation Loans.
The following CNBC video explains a lot.
As soon as you come across a student consolidation loan that appears attractive to you, check again! Some individuals even take months to get the most suitable debt consolidation company for their needs.
The success of a debt consolidation program depends on how much debt you have and how much you can afford to pay each month to clear them up.
A friend of my son dropped out of high school and used the GED Math course of the online education platform BestGEDClasses to get ready for that section of the high school equivalency test.
He discovered that platform through a geo-location for educational websites application. Well, he got into college at least without any debt.
Please be aware that also online high school diploma programs and college courses are not free and will set you back at least $9000 annually.
When you want to choose the most suitable debt consolidation company to achieve debt freedom once and for all, especially for your college or university student debt, you should take into account some tips and this would make the selection procedure simpler for you.
1) Explore consolidation companies
For choosing the right consolidation company, you have to explore and compare various consolidation companies with the help of your favorite search engine. Compare their offers and rates and go for the one that suits your budget. While comparing companies, you should remember to take into account the features of the companies given below:
The biggest and most well-known consolidation companies are recognized by organizations like the NFCC (National Foundation for Credit Counseling) and the AICCCA (Association of Independent Consumer Credit Counseling Agencies).
You should check the status of the company you’re thinking about. The Better Business Bureau (BBB) can help you do that. You can also carry out an online search and find out whether there are any complaints registered against the company.
Background checking is essential since there are a host of scam consolidation companies. Make also sure that you’re looking at the proper place to secure a rewarding job. In America, and actually across the world, the most sought-after positions are found in the field of engineering.
2) Look for free of cost debt counseling
As soon as you have shortlisted a number of consolidation companies, you can request free counseling sessions from them. The most reputable companies would be willing to provide you free of cost counseling associated with your financial problems.
When you’re discussing your difficulties with a counseling professional, you should ensure that you make queries about the fees and design of their consolidation program. Thus, you will have a precise idea about the costs and how much you can save on a monthly basis.
3) See whether the debt repayment plan suits you
The most suitable consolidation company would offer you a practical repayment plan that you can manage well and is within your means and maybe continuing your education at the same time to improve your employability may be advisable.
4) Stay away from scam consolidation companies
Some companies might assure you to reduce your debt in half or lower your monthly payments by as much as 70%. These are typically scam companies that you should stay away from. You shouldn’t fall prey to such a company. If the offer seems too good to be true, then turn your back on it and walk off. It’s always better that you choose a company that offers you a practical solution.
These tips would certainly help you choose a reliable consolidator which with a little bit of effort from your side can make you debt-free forever.