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PLUS Stafford Loans - the truth about Federal Education Stafford Loans, PLUS Loans and Consolidation LoansSchool is starting soon . NOW IS THE TIME TO APPLY FOR STAFFORD AND PLUS LOANS. Financial Aid is a limited resource. Those who get in early will get more.Interest rates on Federal Education Consolidation Loans change on July 1. Apply NOW to lock in at a low interest rate when consolidating student debt.This site provides information about the Federal Stafford student loan, Plus education loan and Consolidation Loans for college and university. If you are applying for a student loan, see the links to the left where you will discover how the loan will be pitched to you if you speak to one of the private education loan companies. |
This site provides information about the various types of FAFSA Loan such as the Stafford, PLUS and Consolidation student loans, as well as an insight into the student loan industry. Try to get your FAFSAs in by the deadline of June 30.
Also consolidate your student loans by June 30, 2006....it may save you thousands of dollars. You don't get a second chance for education loan consolidation.
Many of the Federal student loans from the FAFSA or Free Application for Federal Student Aid are funded by private companies, such as Sallie Mae (not a government organization at all as many think), Wells Fargo, College Loan Corporation, etc.These are lenders under the FFEL or Federal Family Education Loan program.
I used to work for one of the bigger student loan companies, and thought that as a consumer service, I'd let you in to how they sell those loans to you. The consolidation and Plus / Stafford loan scripts you will find here will let you in on the secrets of the education financial aid industry.
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On this page you will find the a summary of the script I used for PLUS Stafford loan consolidation. It was different to the one that the Federal education lender I worked for used. Two of the things that were drummed into us was to convey a sense of urgency, and also that this was a FEDERAL GOVERNMENT program. We weren't told to make anyone think that we were the government, but if they did, it certainly couldn't hurt.
Consolidating PLUS Stafford Loans Script
On this page you will find an explanation of the ptich I used for Federal education loans for when the student was still at school. It was different to the one that the PLUS and Stafford lender I worked for used. Two of the things that were drummed into us was to convey a sense of urgency, and also that this was a FEDERAL GOVERNMENT program. We weren't told to make anyone think that we were the government, but if they did, it certainly couldn't hurt.
These loans are sometimes referred to as an unsubsidized student loan or a subsidized student loan.
PLUS Loan and Stafford Loan Script
SCHOOL IS STARTING SOON. NOW IS THE TIME TO APPLY FOR STAFFORD AND PLUS LOANS. APPLY NOW TO ENSURE YOU GET ANY FINANCIAL ASSISTANCE FOR COLLEGE! FINANCIAL AID IS A LIMITED RESOURCE. Student Loan Consolidation loan rates go up on July 1. You can save thousands of dollars by applying now. |
I used to work for a highly successful private lender of funds under the Federal Government's Stafford, PLUS (Parent Loan) and Consolidation loan programs.
This company always observed the highest ethical standards and compliance with the regulations regarding Federal Student Loans but it may be interesting for those considering a PLUS or Stafford or Consolidation Student loan to know the business from the inside.
The time I was there was a boom time for the student loan industry. Interest rates were very low so the government loan rates which are calculated according to a fixed index were at very attractive rates. Especially for graduates who wished to consolidate their loans. Consolidation at the time meant that they could lock their interest rate in forever at the one prevailing currently. Which made it a lot of sense to consolidate your loans at the interest rates in 2003 and 2004.
Once they locked in, the Federal Government's rules said that they had virtually no opportunity to change that rate, so occasionally we would speak to people who had locked in at 9% years before. They were unhappy! On the other hand I can think of a couple of dolts who didn't want to consolidate when interest rates were at a historical low either. Talk about financial ineptness.
The smart thing to do now I think would be to leave your education loans at an adjustable rate, as the existing high rates can't last forever, and they must be close to the caps (8.25% for Stafford Loans and 9% for PLUS Loans). Federal Government deficit notwithstanding.
The college loan corporation I worked for really made its mark initially in Federal consolidation loans, and in 2003 decided to expand more into the Stafford and PLUS loan business.
They hired a few new intakes of loan counselors who were to specialize in these loans and not do any consolidation business.
Our intake was spectacularly successful with the Stafford and PLUS loans, so much so that they started to retrain the Consolidation loan counselors to do those products as well. Unfortunately that meant the playing field became very unlevel, as the PLUS and Stafford loan counselors weren't permitted or trained to do Consolidation loans. Our bread and butter business was being taken away from us. Things in the latter part of 2003 were pretty miserable.
Eventually I quit in January 2004, because of unpaid commission on the Stafford student loans. In the past we had received several promises about when we would be paid including:
1. Funding of the Stafford loan
2. Certification of the Stafford loan
3. Guarantee of the Stafford loan
4. When the tapes come in
5. 30 days after school begins
6. End of November
7. End of December
I was also annoyed because I wanted to work on the search engine marketing of the company. They seemed to have absolutely no recognition of the potential of that. There was no organic search engine optimization of their site (there still isn't) and I think that they had never even heard of paid search engine marketing such as Adwords or Yahoo Sponsored Search.
If anyone from my former lender company reads this, here is a message: I got this site to #4 on Google for the term "FAFSA Loan" in two weeks. #2 after 3 weeks. Think of what I could do for you! I chose FAFSA loan as the name of the site because I noticed that a lot of people calling in would refer to their Stafford Loans in particular as a FAFSA Loan. A lot of people called it a Stanford Loan too. That is one of the keys to Search Engine Marketing. Listen to how your customers and prospects talk.
Cost wise such marketing would have been peanuts compared to the millions that they were spending on TV, radio, and mailers.
Financial Advice for Recent College Graduates Looking For Jobs And Internships
SCHOOL IS STARTING SOON. NOW IS THE TIME TO APPLY FOR STAFFORD AND PLUS LOANS. APPLY NOW TO ENSURE YOU GET ANY FINANCIAL ASSISTANCE FOR COLLEGE! FINANCIAL AID IS A LIMITED RESOURCE. Student Loan Consolidation loan rates go up on July 1. You can save thousands of dollars by applying now. |
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