Getting a Rebate on Consolidated Student LoansBy offering an enticement, the lender hopes that the customer won't take their business to the lender's competition. After all, the lender is usually in business to make money, & losing customers doesn't help their bottom line. Usually, after the individual has searched out other lenders, received offers & compared rates of interest & terms, they approach their current lender asking for a rebate when they consolidate their existing loans. Some lenders are willing to make you an offer that might not be obtainable to everyone as a way to keep your business. You ought to always use this method before taking your business somewhere else. You never know what they might be willing to offer unless you ask.
When individuals have multiple student loans, the lender will agree to consolidate the loans for customers who are shopping around seeking out the lowest rate of interest & the best terms to acquire a more affordable repayment plan for their new consolidated student loan. However, the lender that currently holds the loan may offer a discount of a rebate to a nice borrower in the hope that they will keep him as a customer. You can also get info about types of investments.
A rebate & discount they may be willing to offer is to reduce the rate of interest that you are currently paying on all of your existing loans. They may offer to waive the last six months of installment payment in the event you make all of your earlier payments on time. Or possibly write in an automatic reduction of principle after a predetermined amount of time. They might offer to increase the number of months you require to repay to give you a lower every month payment. You can also visit http://www.finlit.com/credit-cards
Getting the most benefit from consolidating your student loans is not difficult, though it does take time & research. Finding the right lender who is willing to offer you lower rates of interest & extended terms makes all the difference when negotiating in your own best interest. Though staying along with your current lender to consolidate your loans & basically asking for a rebate can surely simplify the method.
You might wonder why a lender would agree to a discount or rebate on your loan. With the thousands of private lender all vying for business & pouring lots of money in promotion trying to bring in potential customers, it is basically simpler to take steps to keep the ones they have, than seeing you walk out the door to their competition.