You should consult with a licensed professional for advice concerning your specific situation.įorbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. The information provided here is not investment, tax or financial advice. Before making any serious decisions on your loan, I recommend borrowers seek professional counsel to fully understand their options. Luckily, there are some reputable professionals out there with a proven track record of success in helping borrowers navigate their federal student loans without having to lose their benefits through a refinance. Similar to how taxpayers can speak with a trained and licensed tax professional to help them file their taxes correctly so they don’t overpay beyond their obligation, borrowers should be able to speak with a licensed professional about their student loans. Student loan borrowers deserve professional help in understanding how to navigate their loan benefits and what their debt obligations are to the Department of Education. If the Department of Education takes student loan debt seriously, it needs to rethink the current model of contracted loan servicers. Federal student loan benefits, public service student loan forgiveness, income-driven repayment plans and how to navigate them and student loan forgiveness have been a complicated mess for student loan borrowers to navigate since their inception. The fact that borrowers don’t have access to reliable and accurate information about their student debt is at the heart of the student loan crisis. Student loan professionals and more student loan education are needed. In short, you want the lowest fixed interest rate you can find for the most extended time (so you have the flexibility to pay the minimum in the future). What makes a great private student loan lender stand out is the lowest fixed interest rate you can find, an interest rate term that is as long as possible and a death discharge benefit. If you must refinance, what should you look for in a private lender?Ī refinance only makes sense when you do not qualify for federal income-driven repayment plans or already have private student loans and are looking for a better deal. If you have federal student loans, for most borrowers, the proper income-driven repayment plan, managed correctly, will outperform any private student loan, even if the private student loan has a lower stated interest rate.įor example, most of my company’s clients have an average stated interest rate of around 7% and an effective interest rate of 0% or less. The Loan Arranger is located in Toronto, Ontario and was established nearly 30 years ago. 4251 Kingston Rd, Scarborough, Ontario, M1E 2M5, Canada. It’s also important to remember that once you consolidate your federal student loans into private student loans, you lose all your federal student loan benefits permanently, with no way to undo it. The Loan Arranger is part of the Automobile Dealers industry, and located in Canada.
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