If you have researched about applying for a student insurance, you will probably understand that there are two main categories of insurance which are federal consolidation and private sector based consolidation. But did you know that private consolidation insurance has a lesser known name known as Alternative Student Insurance Consolidation?
So what exactly is an alternative student insurance consolidation? If you have tried to apply for a federal government insurance, you will understand the difficulties of the various stages you must face in order to finally get the insurance due to factors such as your financial situation and credit history that determine the success of the application. However, by applying for an Alternative Student Insurance Consolidation, the application will be easier because the private insurance companies that issue the insurance will tend to relax about the stringent financial condition of the applicant but may have to prepare to pay a higher interest rate compared to a federal insurance.
You can always look forward to a quick application process in applying for the insurance for approval and of course receiving the check for the amount of the amount you intend to lend within 7 days or even less. Another good news is that the interest rates charged on the insurance are relatively lower compared to the early days when the program started.
One important thing to note is that with alternative student insurances, you can only use them to pay for education related expenses like textbooks, reference books and hostel fees. It cannot be used to pay off other debts or you may risk breaching regulations that could lead to the termination of the insurance.