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When you consolidate student loans you are refinancing your existing student loans and rolling them into one single manageable loan. You pay less interest, you can negotiate lower monthly payments and you can arrange a flexible payment program.
If you are graduating or have graduated from college, you are probably moving into new opportunities like a new career. But you are doing it loaded with student debt. You may now have several federal and private student loans that now have to be addressed.
Instead of juggling all of those loans, it only makes sense to consolidate student loans. By doing so, you make one low monthly payment which frees up money at a time when you need it most.
The following helps explain what is involved when you consolidate student loans. We provide the information you need to make the right choices. We provide answers to the key questions you may have about consolidating your student loans:
How do
I benefit?
Am I eligible?
How much can I save?
Do
I qualify?
Are there other things to consider?
How
do I apply?
If you are unsure what to do, we will guide you through all the information so you can make the right decision. So let's find the right options for you.
If you have private student loans, federal student loans, graduate student loans, or you are a parent with PLUS student loans, different debt consolidation loans exist to suit your needs.
Consolidate Private Student Loans - Private Student Loan Consolidation allows you to consolidate any non-federal loans and borrowings into one easy to manage loan. This can include credit card debt that is education related.
Consolidate Federal Student Loans - Federal Student Loan Consolidation is available for most federal student loans (Stafford, PLUS, SLS), Federal Insured, Perkins, HEAL, NSL, Direct and Guaranteed.
Student Loan Consolidation Repayment Plans - for Federal Direct Loans - There are 4 options available to consolidate your federal direct student loans. They are equal payments, graduated repayment, extended repayment and income-sensitive repayment. Follow this link to find out more about your options to consolidate your federal direct student loans.
Consolidate Graduate Student Loans - Graduate Student Loan is available for most federal graduate student loans (FFELP). Your private graduate student loan needs to be consolidated separately.
Consolidate Parent PLUS Loans - Parent PLUS Student Loan Consolidation allows you to consolidate your parent PLUS student loans into one easy to manage loan. It is a fixed rate refinancing of your loans similar to consolidating federal student loans and it's just as quick and easy.
At a time when you aren't necessarily making a large income yet, consolidating your student loans helps make your monthly payments manageable. Now is the time when you need your money the most - for rent, furniture, perhaps buying a car or house, getting married, starting a family...
When
you
consolidate student loans you:
Most
student consolidation loans require $10,000 or more of outstanding
student debts. With most lenders:
Savings can be significant when you consolidate student loans! BUT, there's a trade-off. The lower your monthly payment, the longer you take to pay off your loan. The lender gets to charge interest on the balance for a longer period of time and that makes the loan more expensive in the long run. You will save the most by choosing monthly payments that are higher. Of course, you have to choose payments that fit your budget.
To find out, fill out the free, no obligation application form below. We will be happy to let you know if you qualify.
When you are looking to
consolidate student loans, be aware of the following:
A well established, nationally recognized lender can show you the best terms for you - simply apply. We will work with you to develop a suitable plan for your student loan consolidation.
There's no obligation for applying, just apply and find out what terms and benefits you can receive.
It
makes sense to
consolidate student loans. It will simplify your financial life and
save you money.