Recently a friend graduated from law school after 4 years of hard work. It did not take him long to find employment with the local States Attorneys Office. It is a good entry level job and he was thrilled to get it. After about 3 weeks on the job he started getting letters from the discrete banks that were holding his trainee loans informing him it was time to start development payments.
The four loan packages he had used to get his law doctorate amounted to a miniature more than 0,000.00. Each loan container had a distinct cost date and each had a distinct interest rate. Two were 15 year loans and two were 10 years. It was not long before the enormity of his trainee loan debt hit home. He was worried that he might miss a cost and truly wished the cost date was the same for each loan.
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When he went to the local car dealership to purchase a good used car he was surprised to find that his credit score was too low to normal interest car loan. The four trainee loans combined to lower his credit score to 610. He would only qualify for the high interest High risk loan. He also had no choice but to pass on his vehicle purchase. He like many college students do not comprehend the impact of any loans and a miniature employment article could have on a credit score.
When payday came he also found that the monthly loan payments equaled approximately one half of his monthly income. He immediately began searching for the best trainee loan consolidation advice available. There are many trainee loan packages that will allow graduate, medical and law students that would allow him to merge his loans Many financil insttitutions have government stundent loans consolidation packages avaiable. He swiftly found that by doing a trainee loan consolidation he could sacrifice his total monthly payments by 1/3 and was even able to lower his interest rate. He used a Great lakes trainee loan container to completed his loan consolidation. The application process was relatively issue free and it was popular ,favorite in less than a week.
In consolidating his trainee loans his credit score moderately started to rise and after one year he was able to qualify for most buyer loans. He also was able to apply for and receive an automobile loan at a competing rate.
Every trainee should give priority to consolidating their trainee loans. It is the best way to save a needful amount of money. It is also one of the best ways to heighten your credit score.
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