I’m going to college…maybe

My excellent adventure to college

Student loans gone wild

Choosing a consolidation company for a student loan is an important decision.Many Student Loan Companies Are Not Banks, But Simply Marketing Companies.

You probably receive a lot of solicitations at home and via email from a variety of people regarding your student loans. However, it is probably exceedingly rare that you receive a solicitation from an actual bank. When you do business with someone who just markets loans, what essentially happens is that they get you to fill out an application, and then they call a bunch of banks (or middlemen) to try to get that person to purchase your application from them. They may take $20 or $50 for the application; they do not care. Their only objective is to get the highest price possible for your loan. Issues like how well your loan is serviced simply are meaningless to these sorts of companies. They simply want to get the best price possible for your loan so they can move on to the next one. We would estimate that more than 95% of the marketing you see in the student loan industry comes from companies who are doing only that: marketing.

Many Representatives of Student Loan Companies Are Not Educated About Your Financial Options. Because most student loan companies are simply marketing, the people you speak with about your student loans may have only a vague idea about the specific details of those loans. In addition, because students often have a large number of education loans, the process can be quite confusing, and mistakes can happen. What is best for you and your specific situation? This is an extremely important question to consider when talking about your loans.

Student loan ball and chain

 

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June 21, 2007 - Posted by | Student loan

1 Comment »

  1. Yes I agreed, the large number of education loans around with confusing process mistakes can happen. Its up to the students to take it upon themselves to avoid these form happening

    Comment by John Power | September 29, 2007 | Reply


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