How to Find the Right Student Loan Consolidation Plan

As seen in the news lately, student loans have a huge impact on young people’s lives. Finding the right loan or consolidation plan while being targeted by multiple lenders, not all of them honest, can lead even straight-A students to throw up their hands in confusion. A recent survey revealed that less than 15% of graduate professional students could identify the best loan for their financial needs. This is statistically worse than a random guess, and is at the heart of the need for transparency, analytical tools and a way for students to make real comparisons.

“Without expert guidance, borrowers are more susceptible to predatory lending. In addition, because federal student loans are not subject to the Truth in Lending Act, it is very hard to accurately compare borrower benefits and effective APRs,”notes Dan Thibeault, Graduate Leverage president and co-founder. Graduate Leverage, an educational debt advisory service, provides recommendations free to students that are based on complex simulation tools that are adjusted and customized to each student, giving them a true reflection of their financial outlay.
“There is no shortage of information and product options available to consumers today. These include new websites which aggregate student loan options and attempt to quantify their borrower benefits. However, Graduate Leverage’s recommendations focus more specifically on students’ individual issues, such as their existing loans, credit score and their propensity to qualify for the borrower benefits. Without this level of personalization, a simple APR calculation can only provide an incomplete picture,” Thibeault reported.
Students have reported a similar experience as well. “I worked with Graduate Leverage for two simple reasons: they simplified the decision based on my specific situation, and the customer service was superb,” said Alex Perez, a recent graduate of Rutgers Law School. “Borrower benefits are not always as good as they appear, and without this intermediary service, I don’t see how any student could sort through the offerings and make the best decision,” added Perez.
— To learn more about the student loan selection process or to receive a personalized loan assessment please visit www.graduateleverage.com.