Monday, December 3, 2018

Wall Street Journal Review : Finding College Loan Help

I have always been told, and come to assume that, the average reader of the Wall Street Journal is fairly bright. To emphasize this assumption I have come to find the articles, editorials, and features to be a bit more intellectually stimulating than your local daily newspaper. So when I saw an article about “Where to Find Help in Paying Off College Loans” I was excited, because who doesn’t want help with their loans? I dove into the article ready to be jumping into action to better my loan situation within minutes of finishing the article. That never happened though, because I was soon disappointed when I realized this article was merely stating the purely obvious.
According to The Wall Street Journal, the first and most robust part of the article entails the case for consolidation loans. I would be really surprised to find someone these days with loans that doesn’t know about, or understand the concept of, a consolidation loan. I was bombarded weekly this summer with mail telling me to consolidate my federal loans before July 1st. Everyone who has any federal loan was getting the same mail. If you didn’t know you needed to consolidate and lock in the interest rate then you might have been hiding under a rock.

The article continues on to point out some useful tips about getting interest rate cuts. A lot of lenders will cut your interest rate if you setup a direct payment method, or pay on time for 36-48 consecutive payments. The rate drops can be around .25%-.5% depending on the lender. This does make a different in the long run as far as money. This could be helpful to some readers, but in my experience there are not many lenders that don’t offer this option. So this was a good highlight, but not really anything enlightening.

By all means, if you are totally lost about your college loans take a glance at this past weekend’s WSJ, but if you are like me and know the basics, but are looking for something new and different, this article may just simply frustrate you. I really was hoping for a bit more insight. So I guess the search for the best loan management is still on.