Whether you have federal student loans (such as Stafford, PLUS, or Federal Perkins loans) or private student loans, there are a number of student loan consolidation services that can help you consolidate your loans into one single debt. This can result in lower interest rates, and, in some cases, dramatically reduced monthly loan payments. Many consolidation services offer fixed interest rates for the life of the loan, which
can lock in your savings for years to come. This is good since consolidation loans typically have longer terms than other loans-usually anywhere from 10-30 years.
A recent study by the National Center for Education Statistics shows that half of all recent college graduates have an average student loan debt of $10,000. For some students, this amount is much higher. Additionally, many students receive loans from a number of sources.
There are many advantages to consolidating all of these loans into a single debt. With interest rates at record lows, you will most likely receive a better rate by consolidating your loans now than when you first got your loans. The second advantage is reducing the number of creditors you have, which makes it easier to keep track of monthly loan payments. Additionally, consolidating your student loans into a single
debt simplifies the repayment process, making it less likely that you will default on your loan payments.
There are a number of services available to help you in this process. Some only offer federal student loan consolidation, while others enable you to consolidate both federal and private student loans. Therefore, it is important to make sure that the student loan consolidation service you choose meets your student loan consolidation needs. Additionally, while some websites provide instant, online loan quotes, other websites do not.
You will want to make sure that the service you select provides you with the information you need to make consolidation decisions.
There are a variety of issues to consider when looking for a student loan consolidation service. Some of these include:
Information. Does the website provide adequate information to help you make student loan consolidation decisions?
Quality of Service. Does the website provide consolidation solutions that meet your needs?
Professionalism. Is the website professional and credible? Does the consolidation service have a strong reputation in the industry?
TopConsumerReviews.com has reviewed the best student loan consolidation programs available today. We hope this information helps you select the student loan consolidation program that's right for you!
Disclosure: We pay our reviewers and we are compensated for our reviews. Click here for details.
Student Loan Consolidator offers both federal and private loan consolidation to significantly lower your monthly loan payments.
First, Student Loan Consolidator offers you a step-by-step tutorial to help you decide if consolidation is right for you. This is very useful and shows you just how much you can save by consolidating your student loans.
For federal student loans, Student Loan Consolidator offers a very aggressive fixed-rate refinancing program that combines all of your federal student loans into a new loan. This can cut your current student loan payment in half.
For private student loans, Student Loan Consolidator also offers a consolidation program, which can reduce your current payment by up to 50%. For this program, Student Loan Consolidator offers no application fees and conditional pre-approval within minutes when you apply online. Additionally, you receive a 0.25% interest rate reduction if you agree to pay your bill by automatic checking account withdrawal.
As an special added bonus, interest-only payments are available for the first 24 months, which can provide additional savings for the first two years.
If you have any questions, you can reach a loan counselor by calling the toll-free phone number provided. The website is professional and offers a lot of good information to help you make an educated decision regarding loan consolidation.
With loan programs for both federal and private loan consolidation, special options such as an interest-rate reductions and interest-only payments, and detailed information to help you make educated loan consolidation decisions, Student Loan Consolidator earns our highest rating.
Chase is a leading financial services institution and one you can trust when it comes to federal student loan consolidation. Their online application is quick and easy, and you can find out whether you are eligible for their services within moments. Chase has a team of knowledgeable customer service representatives who can provide you with professional assistance and advice as you go through the consolidation process.
They also offer a .25% ACH interest rate discount over the life of your loan, and you can count on a secure online process.
Chase student loan consolidation has a professional website that is easy to navigate and use. To consolidate with Chase, you must have at least $7,500 in federal student loans. Consolidation with Chase can lower your monthly payment by as much as 45% and allow you to start rebuilding your credit rating.
The Chase website includes easy access to a student loan consolidation calculator, FAQ's, the ability to find your federal student loan information, and a page dedicated to information about who should consolidate their federal student loans. You can use this information regardless whether you consolidation your loans with Chase.
Chase offers professional service, an easy to navigate website, and they are a trusted financial services company. We are impressed with the information they offer and their consolidation programs. However,Chase does not quite offer the same level of service as our higher-rated selections.
Wells Fargo is a reputable financial services company that offers student loan consolidation as part of their vast portfolio of services. For private student loans only, you can reduce and simplify your monthly payment.
To get started, there is an easy to use online application at Wells Fargo that allows you to quickly see if you qualify for their consolidation program. Make sure you are aware that with private student loan consolidation, repayment begins immediately after your private loans have been successfully consolidated. Therefore, consolidating student loans is usually recommended for customers who are no longer in school.
When consolidating your loans, Wells Fargo offers you the option of choosing a fixed or variable rate. They offer a great summary of how rates work. If you choose to use an automatic payment plan from your personal checking or savings account, you can lower your interest rate by 0.25%. They also offer a relationship discount, where if you are a Wells Fargo customer you can lower your rate by an additional 0.50%. They offer school consolidation loans from $5,000 to $100,000 and process usually takes between 45-60 days.
Wells Fargo has trained specialists that are available via a phone call to assist with any questions you may have. However, their website is very well organized and has a clean appearance, making it easy to navigate.
Wells Fargo brings the comfort of a reputable and long standing company to the table when consolidating private student loans. Their website is informative and easy to use. We liked the quick turn around on the qualification process. However, they ranked a little lower as a result of their limit to private student loans only.
Loan Consolidation may be able to help combine your Federal education loans into one new consolidated loan, potentially reducing the number of monthly payments, reduce the amount of your monthly payments, reduce the interest rate and reduce the time it takes you to pay off your Federal education loan.
There are multiple repayment plans with various term selections that you can choose from when consolidating your loan. You can switch repayment plans at any time, but there are some limitations, make sure you read the details thoroughly on the Loan Consolidation website. There are no minimum or maximum loan amounts and no consolidation fees.
To apply through Loan Consolidation you can fill out the online application, apply over the phone or print and mail a paper copy of the application.
At first glance this website lacks the professionalism that most of us expect from a financial company. However, once you navigate to the Borrower’s page (the website is also for Schools and Loan Holders) there is a toolbar on the left side that directs you to informational pages and those are a bit overwhelming. We had a difficult time finding the basics and details of the consolidation process that they offer. There is a glossary for their terms, but this still left us with even more questions. An online calculator is available to help you decide if it is worth consolidating your loans.
The lack of website professionalism, difficulty navigating and understanding the verbiage left us wanting much more from Loan Consolidation.
Student Loans In The News
Student Loans Entice Borrowers More for Cash Than a Degree Some Americans caught in the weak job market are lining up for federal student aid, not for education that boosts their employment prospects but for the chance to take out low-cost loans, sometimes with little intention of getting a degree. Take Ray Selent, a 30-year-old former retail clerk in Fort Lauderdale, Fla. He was unemployed in 2012 when he enrolled as a part-time student at Broward ... Publ.Date : Mon, 03 Mar 2014 06:39:54 -0800
Americans borrow more but charge less Consumers increased their borrowing in January on autos and student loans but cut back on their credit card use. Publ.Date : Fri, 07 Mar 2014 12:15:36 -0800
Warren: Government shouldn't profit off student loans FITCHBURG -- U.S. Sen. Elizabeth Warren said the government should stop earning profits on student loans during an appearance at Fitchburg State University Friday afternoon. Publ.Date : Sat, 08 Mar 2014 04:03:36 -0800
US consumer borrowing up $13.7 billion in January Consumers increased their borrowing in January on autos and student loans but cut back on their credit card use. Consumer borrowing rose $13.7 billion in January following an even larger $15.9 billion ... Publ.Date : Fri, 07 Mar 2014 12:24:04 -0800
Why Mounting Car and Student Loan Debt Is a Good Sign (Really) In what is viewed as a sign that the economy is improving, consumers increased their borrowing in January, especially for autos and student loans.Consumer borrowing rose $13.7 billion in January following an even larger $15.9 billion rise in December, the Federal Reserve reported on Friday. Publ.Date : Fri, 07 Mar 2014 13:34:37 -0800