Student loan consolidation Part II

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Student loan consolidation Part II
Student loan consolidation look this gift horse in the mouth. Part II

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Student loan consolidation is excellent - for for some people. Spot the hidden trap that could ruin your life... a clever animal can steal from a trap without being caught!

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* Part I Don't get into debt. Ways to avoid it.

* Part II This article

* Part III Idea beats student loan consolidation and creates a winning mindset.

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Part II

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Imagine two people

Each has a student loan consolidation debt of $100 000. The born loser will soon have borrowed more. The investor uses the student loan consolidation as a springboard to become a millionaire.

What's different between them? The mindset, and only the mindset. Get the right mindset.

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The big trap

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Have you a strong willpower? Will you go on a spending spree and owe $5000 on each card tomorrow? A student loan consolidation is not for you. Read Part III of this article.

Have you the will power to master your finances? Combine student loan consolidation with Part III.

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What is Student Loan Consolidation?

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You transfer all your existing loans to one low-interest account.

What's in student loan consolidation for you?

* If you have Stafford loans in the USA, you'll have a grace period of six months after graduation to take out a student loan consolidation.

* Interest rates are lower

* Easier to remember payment dates with one loan

* Improved credit rating

Credit cards might charge 20% interest. Wouldn't a student loan consolidation at 5% be better?

Look for extra discounts on student loan consolidation during the grace period. Do you get an extra discount after 2 years of prompt payments.

Do your homework properly. Were you only paying 3% fixed interest on your Stafford loans and interest rates have gone up to 8% variable rate on your student loan consolidation? How high could the rates go? If you get a fixed rate student loan consolidation, and new student loan consolidations fall to 3%?

Computers calculate your credit rating. Suppose you took out a subsidised and an unsubsidised Stafford loan for each of four years. Computers can't really think. They see that you have 8 long-term loans and never paid back a single cent. You're obviously a very bad credit risk before your student loan consolidation!

After your student loan consolidation computers see that you've only 1 loan and you're making regular payments. They give you an excellent credit rating. Don't spoil it with new credit card debts.

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Avoiding student loans

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In part 1 you read about vital life skills that mean lower student loans for student loan consolidation, or even none. You can make your money go twice as far, which means that you'll effectively be twice as rich, and the IRS can't touch you for it.

Without these life skills, you'll be helpless when you suddenly have to pay for food and lodgings, credit card, car loan, mortgage, health... it's never-ending! Many students can't handle it. Part III will help you even if you have a student loan consolidation.

Have you decided on student loan consolidation?

* Check how much they will lend

* Can you consolidate your other debts... credit card and car loan?

* Will you need proof of income?

* Can you choose between fixed and variable interest?

* Are there pre-payment penalties? Avoid them like the plague!

* What are the penalties if you default? If you are unemployed or lack self-discipline you are likely to default.

* What other loans must you get - mortgage, kid's schooling?

Avoid lenders that make you start repayments of your student loan consolidation the day after the grace period. Check for special incentives. A 1% discount after 2 years regular payments may not sound like much, but it adds up over time.

Negotiate. Lenders are eager to lend you money, however much they bluff. They are legally allowed to lend 35 times as much money as they have, and they make no profit until they lend it.

"No start-up costs" may be good, but low interest rates and absence of prepayment penalties for your student loan consolidation are better.

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What's in Part III

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A better alternative to student loan consolidation?

* Build self discipline.

* How will interest rates for student loan consolidation change next 20 years? Don't know? Then student loan consolidation might not be the best bargain.

* You'll be in control... not at the mercy of student loan consolidation providers.

Don't be a loan addict all your life. The ideas in part III were used by an Australian to become a millionaire.

Ian McAllister managed to avoid student loans entirely. Read how in Part I. Also read about how to get out of debt.

http://studying-techniques.com/student-loans.html (expanded part I)

http://studying-techniques.com/student-loan-consolidation.html (expanded parts II and III)

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Become debt free - Practical advice that works

Ten Steps To Being Debt Free Copyright© Bryon Zirker http://www.PlugInProfitSite.com/main-10068

Ten Steps To Being Debt Free That Work

If your finances are lacking right now, here is a plan to help reduce your debt while also laying the foundation for wealth preservation in the future.

1.Make sure you have an income to work with.

This option is mandatory or you are headed for bankruptcy.

2.Know your debts, how much, payments and interest rates. Make a list of all of your debt. Face up to it and start aggressively reducing it.

3.Prioritize the debt by:

a. Interest rate

b. Payment

Try to pay the high interest debt first.

Roll those payments into the next on the list once paid.

4.Pay more than the minimum payment.

Paying only the minimum payment can last for years and cost you a fortune in interest.

5.Do not roll or transfer balances no, no, no, unless you plan to pay the debt within the specified low interest period. Make sure to destroy the higher interest card.

6.Destroy the Cards as you pay them off. Only hold one card for emergencies or to pay for travel related items such as airline tickets or rental car. Plan to pay it off each month to aviod interest charges.

7.Obtain a copy of your credit report. Learn what is on it and file it. Update it occasionally. You can now get a free Credit report from each of the three reporting agencies once per year.

https://www.annualcreditreport.com/cra/index.jsp

http://www.transunion.com/index.jsp

http://www.experian.com/

http://www.equifax.com/

8.Create a budget or money plan and stick to it, this step takes the most discipline.

9.Please, please, do not use the equity in your home for paying off credit cards, purchasing or paying off vehicles, boats, recreational type items. These items will soon have no value, so in essense you will be trading your wealth for nothing.

10.Take action now if you feel you are headed for serious financial disaster, do not hesitate, for by doing so will only aggravate the situation. There are many institutions that do credit counseling and or debt reduction assistance.

Avoid the "Repair Your Credit" Clinics

Although some consumers pay credit clinics hundreds or even thousands of dollars to "fix" their credit reports, only time can improve bad credit. The Federal Trade Commission has investigated and reported at length on these often-fraudulent "clinics." And some credit repair plans actually encourage you to commit fraud yourself by attempting to create a second credit identity.

Consumer credit reports contain easy-to-follow instructions for disputing inaccurate information at no charge. Inaccurate information will be changed or deleted. Accurate information that shows negative payment habits will usually remain on a credit report for seven years, with bankruptcies remaining up to 10 years. Federal law mandates this.

Here is the main point: There is nothing a credit repair clinic can legally do to fix a credit report that you can't do yourself for free.

A Note From Bryon:

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In 3 Easy Steps Get Your Own Money Making Website Built Just For You That's 100% Ready To Take Orders And Pull In Massive Residual Profits Today! Get All The Exciting Details And Signup Now At: http://www.PlugInProfitSite.com/main-10068

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See My Blog Here:http://home-business-tactics.blogspot.com

NOTE: You have full permission to reprint this article within your website or newsletter as long as you leave the article fully intact and include the "About The Author" resource box. Thanks! :-)

Bryon Zirker Writes about Home Business Tactics for Optimizing Internet Marketing


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Student loan consolidation Part II
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