Guide In Getting A Private Student Loan

Are you going to college soon or plan to go to medical or law school? Who finance you or helps you with school fees and other expenses? Going to college requires a big amount of money. You are lucky if you got a scholarship or some relative wants to finance everything for you.

going to college

If you have no scholarship or sponsor for your studies but have a good paying part time job, you can always consider or apply for a student loan. There are two common types of student loan – private student loan and federal student loan. If you want to know more about these loans, read this post here.

There are many things to consider when applying for a student loan. There are also a lot of requirements to comply before you can be granted one. Most people apply for a private student loan and sometimes, students encounter some problems with their loans. Here is one scenario:

How do I make a settlement offer to Key Bank on my private student loan?

There are really two different approaches you can take with Key bank about your student loans at this point. Contact them now to negotiate a settlement, or wait and see what happens as the clock winds down on statute of limitations (SOL), and credit reporting limits.

You mentioned a law firm sent you a settlement offer in Aug 2014. It’s probably a good idea to check a copy of your most recent credit report to make sure they did not obtain a judgment against you. Sometimes this happens without borrowers even knowing about it when a summons is sent to an old address, which happened to one of my clients. If it was a law firm in the same state as you, they may also still have the account, since that’s typically the last stop in the collection cycle for private lenders like Key Bank. Read more…

It is always important to know and understand the terms and conditions of the loan before considering it. Students, parents or guardians must take time before getting a loan. If one is unsure of things, you can always ask help and advice from experts like credit counselors. Good luck and hope you find the best lender to finance you on your way to a bright future.

Know more about private student loans from this video below: