Such decisions ought to be very comprehensive as it affects everything from the application process to the disbursement and repayments process. All of these considerations ought to be very objective as much as possible in order to arrive at a good option that will be healthy for your finances.
One of the things that should be considered critically is the grace period being offered by the lenders of these educational loans. For Education Loan that has ample grace periods, it usually gives one good time to prepare and make some savings before they begin loan repayments. Many do not give you more than six months, though this can vary by lender.
This is usually nice if the student gets a job as soon as they graduate. Otherwise, they could get into trouble when they do not start working as soon as they graduate. This kind of scenario usually brings about some kind of pressure on the borrower which may force them to take consolidated loan offers.
It is also advisable for people to negotiate with some of these educational loans providers for flexible repayment options. This usually helps borrowers to get offers that can provide flexible repayment plans without necessarily resorting to loan consolidation. This also provides a huge advantage of planning your finances well while making payments in bits monthly.
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