Business Students Can Refinance High Dollar Loans
Find Federal and Private Plans with Low Rates
Business majors get a competitive edge when they earn their MBA degree. Once upon a time, business people made it up the corporate ladder through grit, nerve and networking. You still need these characteristics to succeed in the business world, but you should consider a graduate degree to begin your professional career one step up the ladder.
Because they are so desirable, MBA programs are competitive. Top programs are challenging and costly. And in many cases, professionals beyond traditional college age are those heading back for an MBA. In response to an amalgam of MBA needs, a few private lenders offer a general graduate student loan or specialized MBA graduate loan. Both are examples of alternative private student loans that offer high-credit limits and competitive interest rates.
Like all graduate students, MBAs face the challenges of balancing their repayment of student loans. Immediate success is not a guarantee and salaries may yo-yo at any point in a business career. To ensure loans are paid without default, consolidation loans are available for both federal student loans and for private loans.
Consolidate Federal MBA School Loans
The federal government of course does not offer student loans specifically designed for MBAs, but borrowers often have outstanding undergraduate loans with the addition of graduate loans, both Stafford and Grad PLUS. Direct Federal Consolidation Loan requires you have at least one Direct Federal Loan that is in grace, repayment, deferment or default status. Loans that are in an in-school status cannot be included in a Direct Consolidation Loan.
The federal consolidation loans feature fixed, low interest rates calculated on the weighted average of the loans when you apply. Borrowers can choose from multiple repayment plans with various term selections to repay their consolidation loan, including ones based on income. These plans are designed to be flexible to meet the changing needs of borrowers. With a consolidation loan, borrowers can switch repayment plans at anytime. No credit check is required, and there is no fee.
Consolidate Private MBA School Loans
Private MBA loans and other alternative graduate loans may be consolidated using private student consolidation loans. These are credit-based, moderate-interest rate loans with typically high limits and the potential for extended, 30-year payment terms.
Quite a few private lenders have come on board with their own brand of private consolidation for students. Borrowers will find variable-interest rates and loans bundled with various fees. A few lenders allow auxiliary college loans, such as those for textbooks and computers, to be added into the consolidation. Since you’re in business, you know the score: Do your homework to find the most cost-effective repayment.
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