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FAFSA PLUS Loan / FAFSA Stafford Loan Secrets About The FAFSA Loan Site FAFSA Loan Home |
The Two-Step ProcessIf a education loan borrower did have a "Dirty Thirty" lender, there was a way that we could consolidate the loans held by them, if the borrower also had just one Direct Loan. A Direct Education loan is one where the Federal Department of Education was the lender itself. We'd need to consolidate the Direct Loan first. This always seemed odd to me, as how do you consolidate one loan? Basically, we would just take over the loan and fix the rate. We weren't consolidating student debt at all. Once it was "consolidated" we'd consolidate the new loan with their other private lender loan. We would offer borrowers who complete this two-step process a 1% rebate after six months of on-time payments. So assuming if the outstanding balance is $50000 we'd send a check for $500 after six on-time payments. Consolidation Loan CloseAgain to convey a sense of urgency and officialdom, we'd tell them that this is a time-sensitive federal form and it must be completed accurately. The very best loan officers were the ones who emphasised the federal and the time sensitivity aspects of the FAFSA loans. Referrrals and incentivesEvery good sales person knows to get referrals. The company would offer coupons to the referrer if they ended up closing a loan with the referred person. |
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