Loan Officers

Beware of wolves in sheep's clothing !

This page is about how NOT to get shafted when it comes to getting the best student loan consolidation possible.

The first thingyou need to be aware of is that persons not employed by banks are basically well dressed loan sharks. Essentially they are thescavengers. When it comes to sales people  the ones that don't work for the banks, which sign up unsuspecting students forloan consolidation loans, can really rip you off.

Of the same breed as real estate sales people, insurance and cars, these people survive off commissions - and maybe a retainer.

One of the big things you need to be wary of is excessive application fees.

While one company  (Company A)may have a set fee, say of $250.00 - another company (Company B) may charge it out at 1% of the amount borrowed. If your total debt is $60,000 (not uncommon) then you could expect to pay $600.00 if you went with company B.

The idea here is to get you schooled up enough so you don't end up losing your shirt. So - the next step for you - if you have not already done so - is to gear up and get savvy, in relation to the different terms used when speaking about loans. etc

Do not be put off by anything you do not understand. And do not feel intimidated by your loan officer. They are human too. Go with a bank if you can. While other lending institutions may seem o.k - in reality they are not.

There is all the dodgy fine print, reluctance to communicate clearly, the hood winking and shenanigans that go on with less than reputable companies. It is simply not worth it.

No - If you want the best student loan consolidation you can find you are far far better off to stick with the banks, where the staff have accountability  to and for each other, where there is a chain of command and persons you can go to if you get mucked around.