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For students who believe that when it comes to finding the best college loan consolidation programs should be done by themselves, it should be emphasized that comprehensive research should be done to ensure a successful search. Loan programs are products that one should be dealing with carefully as it can improve or deteriorate the financial status of a borrower. Therefore, all possible means should be exhausted in order to find the consolidation program that is most appropriate for his needs. The internet is one reliable source of college loan consolidation programs. Just enter the phrase on the search box of a major search engine and viola! You are provided with a seemingly endless list of programs. Surely, the sheer number of sites can be overwhelming. But then, this list is just the start – you now have to somehow create a shortlist of sites that you think can possible provide you with good student loan consolidation program. It will certainly take you quite some time online as you need to compare different types of programs, their pros and cons, advantages as well as disadvantages. In order to get more information about a particular student debt consolidation program, you may try contacting the lender, via its contact information. There are some who will respond ASAP, others will take their time to reply and others still will simply not respond at all. Of course, prompt response shows the reliability and efficiency of a lender, and so those who provided immediate reply should be greatly considered. Likewise, students should be wise to organize all information and data about the college loan consolidation programs that they gather. All benefits and advantages as well as disadvantages should be carefully listed and written; they will be the basis of the prospective student borrower when finally deciding on which program he will get. For articles on college loan consolidation and other similar college loans and debt consolidation discussions, do visit our Easy College Loan Consolidation blog.
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Help answer the question about College Loans Consolidation
What are some good Student Loan Consolidation Companies?These crooks known as Sallie Mae have screwed me. Two years ago I started receiving my student loans, and the interest rate at the time was only 2%. I even have a sheet of paper stating that.
My total in loans was $42,000.
I get my statement in the mail last week and suddenly I owe them $57,000 and they jacked up my interest rate to nearly 18%. I nearly cried. I called Sallie Mae right away stating, I cannot pay $688.00 a month it is just ludicrous.
I only have a couple more weeks to find a cheap, but very respectable loan consolidation company. My sister uses Nelnet, but they haven't gotten back to me yet.
For all of you college graduates what is a cheap, but VERY respectable and honest Student Loan Consolidation company?
You can email me with details if you'd like.
Thank You.
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Before any college loan consolidation you need to understand how things work try this site for starters.
http://www.loans.tohelpyou.info/refinance/Refinancing.html
http://www.SSSC.com
I know a few people who consolidated their loans through them and they offered them great rates.
You may also want to try http://www.acs-education.com
The good news is that almost anyone can consolidate their student loans, even with bad credit. The federal government sponsors a program through the department of education that allows anyone to consolidate their federally backed student loans (most typically, they are Stafford Student Loans but could also be PLUS Loans or Perkins Loans) and approval is not credit based by traditional underwriting standards — the key is that you cannot be behind or have missed payments. You also must have graduated and you can only consolidate student loans once (typically) in the term of the loans. The exception to this last rule is that if you take on news loans, then you can consolidate again.
The benefit of consolidating your student loans is that you can lock in a low fixed rate while at the same time extending the duration of the pay-back on the student loans to 30 years… which could cut your monthly payment in half.
If you want to compare rates and terms to consolidate your student loans, you can get matched with several of Bills.com's pre-screened lenders, by applying here: https://www.bills.com/studentloan/loan/
To learn more about student loans, I encourage your to visit the Bills.com Student Loans Information page at http://www.bills.com/student-loans
Sallie Mae consolidates.
Requirements: As I recall, you must have more than $10,000 in outstanding loans. You must not be in default.
Best lenders: I chose to use the federal government who held most of my loans. You can check nslds.ed.gov for more information.
Consolidating students loans do not make a difference to the credit expect if you fail to repay them (as you did). I have consolidated and it has worked out fine. I started with a low interest rate and because I paid on time for 36 months continuously my interest rate was dropped an additional 1%. If you can't make all the payments, consolidation is the best way to go and make your life easier. Good luck.
If you fit into the criteria, then you should move ahead to the next step, which is talking to the consolidation company and asking them to contact your creditors to reduce your monthly payments and interest rates. Just as with any other loan, student loan repayment affects your future prospects of loan-taking.
If student loan debt goes beyond eighty-five percent of your total income, it is seen as a negative score in your future credit assessment.
Hi tludwig.,
The first thing is you need to make sure that you are not in default on any of them, because the Army won't repay any that are in default.
Also make sure that you meet all the requirements. I put a link that describes them below.
Once you're all set there, go to http://loanconsolidation.ed.gov/borrower/borrower.shtml . You can apply right there at the Federal Direct Consolidation Loan site.
Good luck,
Ken
I am in the same boat. No one is consolidating right now because of the credit crisis. If you find someone who will do it please let me know, these $700 a month payments are killing me!