How to Find Student Loan Consolidation Companies

How to Find Student Loan Consolidation Companies

Student loan consolidation is a method for graduates to have all their student loans mixed into one loan. This loan is handled by one creditor. The creditor pays the multiple loans in total leaving the scholar to pay for one new loan. Students no longer have any need to pay multiple student loans with separate billing cycles, dates or interest rates. They now have one loan and one interest rate, to be paid to one creditor.

when considering loan consolidation. You must do the analysis. First know the details of agreement, standard payments, and interest rates for each loan and creditor before looking for a loan consolidation company or program. When picking a company or program, make it a point to compare them ; know their terms of agreement, interest rates and needs. When you have carefully chose a company or program you feel is suitable for you provide them the info you had gathered.

There are Fed and personal Student Loan Consolidations. Federal Student Loan permits a student to have all their Fed. loans combined into one new loan.

the govt provides Fed programs like :

The Fed Family Education Loan Program ( FFEL ). FFEL will soon be replaced by the Direct Loan program and Pell Grant and the Fed Direct Student Loan Program ( FDLP ). These programs allow students to have their loans from Stafford Loans, Fed Perkins Loans and Plus Loans combined into one Fed loan. These are fixed-rate loans backed up by the U.S. Presidency, offered to students and oldsters.

The Fed Direct Student Loan Program ( FDLP ) was created by the U.S. Department of Education in effort to assist folks and students with their loans.

non-public Loan Consolidation is combining personal student loans into one new loan. Before considering non-public loan consolidation, apply for a Fed loan, the cause of this is to better maximize Fed. loans that are available. Private firms such as Sallie Mae counsel it.

Here are several Fed Loans :

Perkins Loans are funded by the govt. They carry a particularly low interest rate but are need-based, a money officer would determine if a student is eligible.

Plus Loans are for parents of undergraduate students. There also are Plus Loans for students too. Payments on this plan will begin once this loan is approved. Plus Loans let you take up to 10 years for repayment. Commercial banks and online lenders offer Plus Loans for both parents and scholars.

Stafford Loans supply a low interest rate. They don't raise their interest rates any higher. Stafford loans for bad credit do not need a student to pay any interest while at school and are not needed to pay the loan in the half a year after graduation. It offers 10 years for repayment.

Here are a few personal corporations that offer Loan consolidation :

loan acceptance Direct offers rates as low as three %. Reducing a student's monthly loan to as much as 60 percent.

SLM establishment or commonly named Sallie Mae. Sallie Mae offers a variety of options depending on the type of school or what education program a student would have. Such programs include Fed Stafford Loan, Parent plus Loan, Graduate and Loan, Sallie Mae Smart Option Student Loan, Continuing Education Loan and Career coaching Loan.

Citibank provides programs such as CitiAssist Undergraduate and Graduate Loans, CitiAssist Health Professions ; CitiAssist Residency, Relocation and Review Loans ; and the CitiAssist Law and CitiAssist Bar exam Loans. Students receive a 0.25% interest rate reduction in their auto-debit payment program. These programs take up to twenty to twenty-five years to repay.

EdFed is another non-public company. By picking one of their plans a student can lower their regular payment by as much as 60 %. They also provide interest-only payments. The fixed interest on EdFed is the weighted average of the rates of the loans a student consolidated, rounded to the nearest 1/8th percent.