Following is a list of some well known and customer friendly school loan consolidators that offer good consolidation rates and packages. They are as follow:
EdFed is the leading student loan consolidator in the United States. It helps students and graduates in financing their college expenses and also in managing their education loans. The company specializes in educational lending, and is dedicated to ensure that your loans are handled professionally while offering you money-saving benefits. It offers the following loan consolidation:
Federal loan consolidation- EdFed offers the following benefits if this type of loan is undertaken:
- Fixed rates as low as 5.375%.
- Extended repayment term with lower monthly payments.
- No fees.
- No credit checks.
- No prepayment penalties.
- Seven flexible repayment plans.
- Turn several monthly payments into one.
- Deferment and forbearance available.
Student loan consolidation- This package comes with the following advantages:
- Lower rate of interest.
- Locking in loans at a lower interest rate.
- Lower monthly payments.
- Worrying about just one loan instead of many.
- Longer repayment schedule.
- No credit checks and no fees.
- Loan period extendable to up to 30 years.
- Lower monthly payments by nearly 50%.
- Complete confidentiality maintained.
- Free live pre-qualification by government-approved agents.
- Takes just 60 seconds to qualify.
Private loan consolidation: EdFed offers this package with the following benefits:
- EdFed offers borrower benefits, such as an interest rate reduction of 0.25% when you sign up using auto-debit to repay your loan.
- Simple repayment terms.
- Low, variable interest rate.
- No penalties for prepayment.
- One low affordable monthly payment to one lender instead of various monthly payments.
- EdFed offers personalized and friendly customer service. It enables you to work with a single loan consultant during the entire process of consolidating your private educational loans.
Sallie Mae primarily provides federal and private student loans, including consolidation loans, for undergraduate and graduate students and their parents. Moreover, the company provides complete information, resources and guidance to help students, parents, and professionals in the financial aid process. Here is a quick review of the two types of consolidation Sallie Mae offers:
Federal Loan Consolidation:
- Reduce your monthly federal student loan payment up to 52%.
- Lock in a low, fixed interest rate.
- Make one student loan payment each month.
- No application fees or credit checks.
- Even lower interest rate when you use automatic debit.
- Pay down your student loans through Sallie Mae’s partnership with Upromise.
- Different payment plans to meet your needs.
- Quick, easy, and secure online application.
Private Loan Consolidation:
- Consolidate private education loans from $5,000 up to $275,000 (without a cosigner; $400,000 maximum with a cosigner).
- Combined billing with one convenient monthly payment.
- Extended repayment terms — up to 30 years (depending on balance).
- Flexible repayment terms while also deferring payments if returning to school.
- There is no prepayment penalty.
- No application deadlines.
- The loans that you are consolidating must total at least $5,000 to qualify for Private Consolidation Loan.
- There is no maximum loan amount if you have a creditworthy cosigner.
- If you do not have a cosigner, there is a maximum loan total of $275,000.
- Interest rates are variable and reset monthly.
- There is no application or disbursement fee.
- There is no repayment fee.
- You may take up to 30 years to repay, depending on your loan amount.
Many private lenders handle education loans. One such very well known company is Wells Fargo. The company has been around a long time and is a trusted name in student financial aid. A Wells Fargo loan is relatively easy to get and has a simple process. It is designed while keeping the student in mind. It is a loan that caters to first time borrowers and students who may continue their education prior to being able to pay off their outstanding debts.
Borrowing and Benefits:
- You can borrow the total cost of your education with the exception of all other financial aids, up to $120,000.
- Temporary residents can borrow up to $25,000.
- There is no origination, disbursement or repayment fee.
- Low interest rates.
- Enroll online and receive percentage discounts for your interest rate.
- Make a certain number of consecutive payments and your interest rate decreases.
- Cosigner can be released from their part of the contract after 24 consecutive on-time payments.
- Auto debit also decreases your interest rate.
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