Friday, 30 October 2009

Some Key Fact to Know About the College Student Loans

The resource of funds for a college loan does not change the expectations of the student who is awarded that loan. Every lender of a college student loan has certain obligations.

Every lender of such a loan needs to supply the borrower with certain information. For example, anyone who receives one of the college based student loans should receive a detailed repayment schedule.

A person who is awarded one of these student loans should also be provided with information about the balance owing on the loan and the payment options. Once the borrower has paid the loan in full, then he or she should get written confirmation of that fact.

A student provided with money through a college student loan should look into the possibility of getting a graduated payment schedule. Some private lenders of college student loans allow or early repayment of that loan, without charging a prepayment penalty.

While any student can request deferment on a loan, or forbearance on a loan, the student making that request cannot assume that it is granted. The student must continue making payments on his or her college loan. Moreover, the student must keep the lender informed of any changes to his or her vital information.

A student can maintain a reputable credit score if he or she fulfills all the above-mentioned obligations.

1 comment:

  1. Thanks a lot for a bunch of good tips. I look forward to reading more on the topic in the future. Keep up the good work! This blog is going to be great resource. Love reading it.

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