Facts about Consolidation

Here is everything youll need to know to consolidate student loans. Well explain the types of student loan consolidation available and what they can do for you and how they can help you manage your debt.

Consolidate Federal Student Loans

Federal student loan consolidation is a free program backed by the government that lets you combine your student loans into a single loan with lower interest. If you have Stafford, Perkins, Parent PLUS, Grad PLUS, or any other federally-sponsored loans, you can take advantage of federal loan consolidation. No credit check is required, and you can consolidate any time. Ideally, consolidation should take place during your loans grace periods. Here are some of the benefits of our federal student loan consolidation program:

• Complete entire application process online
• Reduce monthly payments by as much as 60%
• Enjoy rate discounts if you sign up for automatic withdrawal
• Accrue additional savings if you consolidate during grace periods
• Enjoy interest rate reductions for making consecutive, on-time payments
• Keep all federal borrower benefits
• No co-signer needed
• No fees or charges and no prepayment penalties

Consolidate Private Student Loans

If you have privately-sponsored loans, you can still consolidate student loans with private loan consolidation. Now is the time to think about private student loan consolidation because interest rates are at all-time lows. Most of the time, you can get single-digit APRs on your private consolidation loan. We offer several, flexible repayment plans, including a plan where you can opt to make interest-only payments for the first two years. Credit checks are required for private student loan consolidation, so you might need a co-signer if your credit or income levels are below the requirements. However, after you make your first 48 payments on-time, you will be able to release your co-signer from the agreement. You can extend the terms of your loans to give you up to 30 years to repay them. In addition, you will enjoy substantial rate deductions when you sign up for automatic withdrawal. If you apply now for private student loan consolidation, here is what you can expect:

• Complete application in two minutes, without filling out any FAFSA forms
• Receive the assistance of an Education Finance Advisor to help you through the process
• Get an approval decision in as fast as ten seconds