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The Best Student Loan Consolidation Companies

The 6 Best Student Loan Consolidation Companies

Who is the Best Company to Help You Consolidate Your Student Loans?

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 to 30 years.

Wednesday, June 7th

2023 Student Loan Consolidation Company Reviews

National Debt Relief Review Top Consumer Reviews Best-In-Class Blue Ribbon Award 5 Star Rating

National Debt Relief

5 Star Rating Top Consumer Reviews Best-In-Class Blue Ribbon Award

National Debt Relief is a leading provider of financial solutions, and they have an impressive range of options for both private and federal student loans. This company comes with a strong reputation, maintains a strong "A" rating from the Better Business Bureau, and offers a 100% money back guarantee with their plans. If you're in the market to consolidate and better manage your student loans, National Debt Relief should be your first choice.

SoFi Review 4.5 Star Rating


4.5 Star Rating

SoFi (which is pronounced "SEW-fi", short for "SOcial FInance") is one of the most innovative resources available for both federal and private student loan consolidation. Their user-friendly website, including helpful articles to help students navigate the world of finance, makes it easy to understand all of your options. SoFi is also the only lender we found that offers unemployment protection, which may allow you to suspend your loan repayments for up to 12 months if you lose your job. SoFi should absolutely be on your short list for lenders if you're looking to consolidate your student loans.

Earnest Review 4 Star Rating


4 Star Rating

If you want student loan consolidation or refinancing with maximum flexibility and great rates, take a look at what Earnest has to offer. One of the newer providers on the market, this lender services all of their loans themselves and has some very customer-friendly perks like zero fees (besides interest) and skip a payment. Earnest is one of our top picks for consolidating student loans of at least $5000.

LendKey Review 4 Star Rating


4 Star Rating

LendKey is an online provider of student loan consolidation services with strong customer reviews. Their ability to connect students with community banks and credit unions for both federal and private school loans makes them a good choice for most consumers, though occasional issues with the website may prove frustrating.

Credible Review 3.5 Star Rating


3.5 Star Rating

If you hate the tedious process of applying for student consolidation loans, Credible can help. When you fill out their simple online form, you can be matched with up to 10 different lenders that have all been thoroughly vetted as trustworthy providers. There's no fee to use Credible's service, and none of their partner lenders charge origination fees or prepayment penalties. Both the BBB and previous clients give this company high marks for ease of use and ability to get student consolidation loans in place when other services have failed. Just be aware that since Credible isn't funding your refinancing, you'll still need to ensure that the lender you select through their service is offering the terms you need.

Lend-Grow Review 2.5 Star Rating


2.5 Star Rating

Lend-Grow looks good at first but falls short under further inspection. They're not available in all states, and you must be consolidating a minimum of $25,000 in student loans to qualify. Although their rewards program is intriguing, their lack of client feedback definitely isn't inspiring. We recommend you consider other student loan consolidation options before using Lend-Grow.

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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. Many students receive loans from a variety 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. Consolidating your student loans into a single debt also 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 plan. 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!

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Student Loan Consolidation Company FAQ

Student loan consolidation combines multiple loans into a single new loan. It makes it easier to keep track of your payments, since you'll only have one to pay each month.
Consolidating your student loans can help you stay on top of your repayments, letting you make one payment each month instead of several. You may also get more time to repay your loans, which lowers your monthly payment and may be easier to manage if you're struggling financially. Consolidated student loans have fixed interest rates; if any of your student loans are variable-interest, you'll benefit from having a stable payment amount.
Yes... and no. Your monthly payments might be lower, because you've put all of your payments into a longer term - but then you'll be making repayments for more time and paying more interest over the long run. You could save money if your current loans have higher interest rates than the consolidated loan's.
That depends on the types of student loans you have and on the criteria established by the lender you're considering for your consolidation plan. Generally speaking, most types of federal student loans are eligible for consolidation: Stafford Loans, FFEL, Perkins, etc. Private educational loans may or may not be eligible for consolidation. For the most part, student loan consolidation doesn't require you to have a particular credit score.
As with any type of lending, your consolidated loan may have origination fees to cover the cost of processing and closing your application. And, of course, you'll have interest fees to pay over the course of the new loan. Read the terms and conditions carefully before you sign on the dotted line for any student loan consolidation.
Yes, there can be. Extending the length of your loan by consolidating will have you paying more money in interest over the years; fortunately, most student loans have no prepayment penalties, so you can pay it off earlier (and save money on interest) if your income increases later on. Student loan consolidation can also result in the loss of some benefits offered by the original loans: if you have interest rate discounts or loan forgiveness options on your current loans, they may not transfer over to your new, consolidated loan.
There's no universal "right time" to pursue student loan consolidation: there are many factors that affect the timing. For example, if interest rates have dropped significantly since you took out your original student loans, it might be a good idea to act quickly to take advantage of the current rates; the reverse is also true, making it wise to wait to consolidate if interest rates have jumped. Also consider your income and any upcoming purchases (like a house or car) when deciding if it's the best time for you to consolidate your student loans.
There are many reputable options for consolidating your student loans. When considering lenders, see what other clients say about their overall experience: were representatives knowledgeable and helpful? Was the application process easy to navigate? A strong rating from the Better Business Bureau is another solid indication of a lender's reputation. Finally, see what benefits each lender has to offer on consolidated student loans: some offer perks like unemployment protection and referral bonuses that might sway your decision in their favor.

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