Student Loan Consolidation From Experience

By: Reed Langdon

Student loan consolidation for students with bad credit is a task to be addressed before any loans can be made with lenders.

First off I have been in this hot spot during my early years in school, so do not think you are alone. It is a very common problem, and requires that attention to detail going forward on to college, or a university, if you require a low interest loan, this truly sets a direction for your career.

I have mentioned before how easy acquiring a student loan really is, but you must have a clean credit rating for starters. I cannot emphasis this enough, without a good rating, you are just spinning your wheels in frustration, and loosing valuable time, going no where fast.

A student loan is very straight forward to apply for, and select which one fits your needs. If you are having credit rating problems, get help immediately, as there are many free services available for student loan debt consolidation, that will get you back on track. In fact there is so much information I am not going to get into details , but will give some advise to set a direction, and get you started.

Just performing an online search will overwhelm you with massive information, sometimes a bit confusing, but possibly you may pickup and learn some good tips.

I would start at your own local Bank, or Savings and Loan, and in many cases there is federal student loan, and private student loan information available. Many times banks have their own account managers available, and can either start right there, or offer a recommendation of specialized counselors. Student loan debt consolidation is a very common occurrence with lenders, so lots of experienced resources to select from.

Another source to look into is a school counselor where you plan on attending. This is a common problem, they will be able to provide resources, and help, and set a direction or lay out options. You will find this a common problem, and they will know from feedback and results working with many students who are the best to work with, and get results.

Now your personal style is also a major consideration and excellent starting point. Today to many people, not just Americans, people everywhere are over spending, primarily do to credit cards. So, immediately, stay with a debit card for starters, or you may over spend, and never get out of the high interest rate trap. This is a very good starting point, and establishes some critical spending disciplines.

More on personal spending styles, when shopping, you enter a store, and are already set in your mind to spend. So, here is a cure for impulsive style spending. Makeup a list of what your needs really are, check it 3 times, and reduce it by 50%. Point is, what are real needs on your list, vs. want items, not really required to sustain. Did you really need ice cream this week for $5, do you follow me. You are in control of your spending habits, setup a weekly budget, balanced with your job income, rent, bills, etc. Starting is the magic.

What this does is remove the spend by desire mentality, and just simply follow your list, and stick with it. You would be surprised how much money you can save, and reduce your old spend by desire habits. Just one last point on this, when you go to the food stores, there are so many great , appealing items to buy. Never, and I mean , never go shopping when you are hungry, only after lunch or even dinner. That way you can stick to the list, and not drift off to spend by desire, in other words, forget that frozen pizza, or ice cream, candy, and other visually appealing items of desire, not budgeted for.

Last, here is a very important thing to be aware of, and this might surprise you. Its actually stepping back and looking at the big picture going forward. Watch the federal reserve on the news, and any indications if they are about to raise interest rates.

This can have a direct impact to how much, or length of time on your student loan, and actually affect your over plans, classes, etc.

For example, last July 1st, college loan interest rates went up 2.0 percent, now that really hurt a lot of people, so much in fact they were desperate to lock their loans in prior to last July 1st when the increase was initiated .

Now back in my time, student loans were around 2 percent total interest, so very hard to imagine a 2.0 percent increase alone. So, what to do, stay close to the lenders, they usually know before hand when rates are pending change.

So, a brief recap, make sure you have a clean credit rating, and this applies to so many factors in life, beyond just a Student Loan. Get help if need be, I gave you some pointers.

Cleanup your old spending habits, set some personal disciples on spending habits and control. And never go shopping hungry. Remember this rule, write it down, do not pass it off, or you will pay dearly. Last , stay close with lenders monitoring the big picture, interest rates, etc.

That should get you going, set some guidelines, and a few valuable tips. So, take action, step by step, get help, and get the education you deserve, you will be much happier to have taken control of your own future.

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