July 23, 2010, Newsletter Issue #180: Make Sure You Don't Pick A Lemon
Tip of the Week
It has been established that there is a ton of information to consider when it comes to student loans. Refinancing is just one of the many areas that require careful attention. People tend to get nervous with so many numbers thrown at them and jump at the first consolidation offer in case interest rates shoot through the roof.
Don’t let this happen to you. Shop around and find out what the various lenders are offering for refinancing options. Some people will try to bully you into taking a package that is far from the best you could get.
Try telling a lender that you are going to look at some other possibilities because they are not offering what you need. See if they offer any concessions to keep you with them. Student loan refinancing is like a chess match. You don’t want to let yourself get cornered.
Take charge and you will end up with the best deal you can get. No one wants to buy a car that turns out to be a lemon and put more money into it than it's worth. The same thing applies here. A lemon leaves you with student loan interest as far as the eye can see.
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