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3 Tips Choosing the Best Student Loan Consolidation Company There are many legitimate companies that assist students and parents to secure student loans. Called student loan consolidation services, these companies try their utmost to help their customers find the right options for getting and repaying student loans. Usually, these companies assist borrowers to get into a range of programs that lenders had previously denied them without valid reasons. For all the efforts of various agencies and regulatory commissions, there are also scam and disreputable companies in the field of student loan consolidation. Research different student loan forgiveness options Doing a bit of homework is the best thing to do when seeking assistance for consolidating and paying back your student loan. Do some homework of your own so you know what you are getting into. Find out exactly what loan types are available. Analyze the different government programs available for reducing or forgiving debt. There are many options, from loan balance-based repayment plans to civil service loan forgiveness, to income-based repayment programs and teacher loan forgiveness. As a matter of fact, loan companies are not properly educating borrowers, otherwise scammers wouldn’t have it easy capitalizing on people seeking help and loan forgiveness & consolidation companies would not be needed.
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Study the backgrounds of various companies
Doing Businesses The Right Way
Before you give out your credit card, do a bit of research on the company you’re dealing with. According to the BBB, are they’re an accredited business? Have they got reviews from previous clients? Is it something you can do for free yourself or are you getting a service? Check out the company’s reviews on Google or BBB. How many stars does the service have on Google reviews? Also ensure that the company belongs to an organization that has student loan consolidation services with proven transparency and consistency. Choose the most suitable company You can choose the right company yourself. Spend hours researching a number of forgiveness options and joining government plans. You also can make payments every month to different lenders. But this is not as effective and simple as dealing with a service that knows about the programs available and makes your particular situation their priority. A qualified and reputable company will have personalized and responsive customer service. If they ask for payment upfront, they should be very open on exactly what the payment is for. They should guide you through the entire procedure step by step. They should process all your formalities and loans and sign you up with a good program, depending on your family size, income, as well as line of work. But bear in mind that you must pay back your student loan debt, unless you’ve got a federally-qualifying reason. Be wary of companies that claim to completely do away with student loans.