- Too many monthly payments driving you crazy?
- Are your monthly payments manageable?
- What are the interest rates on your loans?
- How many payments do you have left on your loans?
A Student Loan Consolidation allows borrowers to combine all of their federal student loans into one new loan with one lender.
Sending two, three, or even four separate payments to different lenders and trying to track your loan balances, interest rates, and due dates can be difficult and time consuming. A consolidated student loan will be much easier to manage and keep track of. There are many other benefits to the federal Student Loan Consolidation program as well.
FLEXIBLE REPAYMENT OPTIONS
By consolidating your loans, you are able to choose what type of repayment plan works best for you. You are no longer forced to make payments based on your loan size. The Student Loan Consolidation offers you five payment options:
- Standard Repayment
- Graduated Repayment
- Income Contingent Repayment
- Income Based Repayment
- Pay-As-You-Earn Repayment
With a Direct Consolidation Loan, you will have a single lender the U.S. Department of Education and a single monthly payment with much more flexible payment options.
Contact us today to find out which payment option you can qualify for and what your monthly payment will be.
How Student Loan Consolidation Works
- Step 1: Applying for a consolidation with us
- Step 2: We will Locate Your Student Loan information.
- Step 3: We will apply on your behalf for the best program available based on your circumstances. A new loan consolidation application will be mailed to your for your review and signature. Sign and return the application by sending the originals back to us via mail.
- Step 4: Application Processing: After your application is submitted for processing, the loan retrieval begins. The consolidating lender will contact your lenders for the exact amount you owe. This process can take up to 90 days depending on the response time from your lender(s).
- Step5: Once the paid out check is sent to your lender(s), your loans will be officially consolidated. You will receive a new statement from your consolidation lender detailing when your first payment is due, and when each payment is due thereafter. Your previous lenders can take a week or two to close out your accounts. Do not be alarmed if you get a statement from both your new and old lender. This is normal.
What types of loans can be consolidated? Most federal student loans, depending on the amount of your consolidation loan, your other education loan debt,
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Disclaimer: The Student Debt Center is a private company and does not claim to be affiliated with any Federal, State, or Local Government agencies.
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