A federal student loan helps the student pay for tuition fees among other aspects. The availability of online payday loans has made it easy for students to find a federal student loan solution that will help them consolidate all the previous loans and deal with only one loan. In essence, loan consolidation combines several smaller loans into one. Students have been looking for ways to consolidate loans, and we connect lenders to borrowers who will fund their loans
Before you choose to consolidate your student loans with the right company have a look at the current fixed interest rate and the rate that your lender is giving you. You can use an online calculator to determine if the direct consolidation loan that you will repay will be more than what you are paying currently. Financial experts recommend that you should have criteria on how to deal with your loans, these include
When you have several student loans, it is imperative that you consider consolidating them. There are numerous benefits in consolidating loans as a student. These include:
We connect borrowers to lenders who will fund their loan request. You should choose a lender who is experienced and will help you get the best interest rate. Managing one direct consolidation loan is easier than managing several small loans with high interest rates.
In this category, you can consolidate all your student loans into one and request your lender to pay the direct consolidation loan on your behalf and pay your lender in advance. If you do not have assets to put forth as collateral, you should not be worried because we will connect you to lenders in our network who will finance your loan. The idea of borrowing is that your lender will pay off all your debt and you will repay the loan with your income.
Consolidation loans combine several student loans into a one bigger loan. Consolidation plans are available and you should make a wise decision when choosing one. You should consider the following when choosing a consolidation loan:
The interest rate of the consolidation loan is a weighted average of the interest on the loans which are being consolidated, and it is rounded up to the nearest 0.125%. Once you have filled out the simple loan application form on our website, we will connect you to lenders in our network. When you choose to consolidate the loans, make sure that you understand all the terms and conditions as well as the repayment process. Do not be fooled by lenders who promise low interest rates and then increase the rate gradually, making the repayment process difficult. More importantly, look at the interest that you will pay over time.
Apart from a small decrease in the interest rate of the consolidation, you should look out for any additional costs that are involved. We connect you to lenders in our network who do not charge any cost for consolidating the loan. Under no circumstance should you pay for a loan request or connection to a reputable lender who will finance your loan. We strive to give clear and straightforward terms and conditions. We do not charge any upfront fees. If you want to know more, please check out our frequently asked questions as well as contact our customer care representatives.
The parents and the student can consolidate their education loan. You can also contact your lender to give you further information on your eligibility.
Student loan consolidation gives access to alternative plans that allows the borrower to get a good loan deal on the overall cost of the loan.