What are the features of the federal school loan consolidation and which are the top 3 companies?

Consolidating your private grad school loan means to merge your outstanding private education loans into one loan. This includes private loans used to cover residency expenses or other educational expenses. Consolidating private grad school loans is a friendly deal that enables you to lower your monthly payments to a large extent by increasing the payment term of your loans, and this too while receiving a low variable interest rate. This is possible even if your private grad school loans are of different types or held by more than one lender.

Eligibility:

You are eligible to consolidate your private grad school loans if you meet the following criteria:

• Be at least eighteen years old at the time of application.
• Have a minimum of US$10,000 issued as private educational loans.
• Is in repayment status of private education loans at the time of application.
• Have good credit standing.

Benefits

There are several benefits in consolidating your private grad school loans. It offers:

• Borrower benefits, such as an interest rate reduction.
• Simple repayment options.
• Low, variable interest rate.
• No prepayment penalties.
• One low monthly payment to one lender.

Process:

The process of consolidating your private grad school loan is as follow:

• Applicants receive an instant credit decision, origination fees, interest rate and borrower benefit information from the lender.
• You also receive a Master Promissory Note (MPN). You need to sign this and return within 90 days. You will be updated regularly about your loan approval, repayment information and options.
• Sign up for auto-debit in order to receive an immediate interest rate reduction.

Payment options:

After consolidating your private grad school loan, you will start immediate repayment, generally beginning 20 days after completing your application. The repayment term is a maximum 30 year plan, regardless of your private consolidation balance. You can select any of the several repayment options for your private grad school loan consolidation. Also, there is no penalty for early repayment.

Equal Payments:

Payments are made according to principal and interest over a 30 year term. This optionallows equal monthly payments over the entire term of the loan.

Select 2/Graduated Payments:

Allows interest-only payments for the first two years of repayment. From the third year onwards, payments increase to level installments of principal and interest payments for the outstanding loan term.

Select 5/Graduated Payments:

Allows interest-only payment for the first two years of repayment. From the third to the fifth year, there will be an increase in payments by including a portion of the principal. In the start of the sixth year, payments increase to level investments of principal and interest payments for the outstanding life of the loan.

Deferment and Forbearance

In-school, Military, Internship and Residency Forbearances as well as deferment are available to those who qualify for private grad school loan consolidation.

Companies offering Private Grad School Loan Consolidation:

Higher Ed Loans:

1. Low monthly payments by as much as 45% the first year.
2. Low first year introductory interest rate.
3. Interest-only payments available to make your payments low.
4. Offers repayment term up to 30 years.
5. No pre-payment penalty.

Fundamental:

1. Lower your payments up to 50% each month.
2. Low interest rates.
3. No application fees and no prepayment penalties.
4. Apply in as little as 15 minutes.

Consolidate Student Loan:

1. Low monthly payments.
2. No fees to consolidate.
3. No prepayment penalty.
4. Defer payments.