With the expanding amount of student debt and the soft economy, many college students and graduates are having issue making their monthly loan payments. Thankfully, there are banks willing to help out the students and aid them in solving this problem. Some lenders have begun offering products and services that focus on these loans and the students who took them out. The Citibank learner loan consolidation is one of the most common in the market. There are three things you should look for before applying for one of these loans.
Pay On Time
Citibank student Loan Consolidation - 3 Ways To Get Lower Interest Rates
The first thing you should be on the watch for is lower interest rates. Normally a student loans consolidation box will have lower interest rates. There are two different ways this can be done. The first is that the bank can offer lower interest on student loans consolidation if the borrower pays their loan bill on time for the first six months. There is also a second way to get lower interest rates.
Automatic Payroll Deduction
The second way that banks offer lower interest rates is if the borrower agrees to sign up for an automated deduction from her bank account. Many lenders believe that an automated fee leads to fewer missed payments. Because the money is deducted immediately. They do not have to rely on the borrower to put the check in the mail or go to their online account and make an electronic payment. With the automated payroll deduction, it is very quick and easy for both the borrower and the bank. This makes the bank likely to accept a lower interest rate as one of the terms of the loan.
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