The average college student will graduate with over $20,000 in student loans. Not fun. To make it worse – if students want a reduced interest rate they must consolidate their loans within six months of graduating. Who wants to worry about shopping for student loan consolidations after graduation? It is easier for us to ask a friend or, more likely, our school’s financial aid department to find a bank we should consolidate with. They would know better than anyone, right?
Unfortunately, that may not be the case. NY Attorney General Andrew Cuomo has begun an investigation into whether lenders are acting inappropriately in providing kick-backs and other benefits (paid trips, computer systems, etc) for pushing their student loan products. Although no implications yet, CNNMoney says Cuomo’s office is expanding their probe.
It is well worth the 30 minute effort to find the loan that is right for you. Compare your options, familiarize yourself with borrower benefits and potential penalties. That 30 minutes may save you thousands down the road.
March 26th, 2007 at 5:47 am
Geezeo…
One of the companies I have been working with is Geezeo. Geezeo has not yet launched, but you can tell from their web site that they are building a personal finance solution for the Web. Web 2.0 has changed a……