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      July 6, 2020

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Best Student

Loan Consolidation

  1. SoFi
  2. Credible
  3. LendKey
  4. Chase Loan Cons
  5. Wells Fargo

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Best Student Loan Consolidation Better Business Bureau Reliability Seal

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.

Continue reading below reviews

Best Reviews


2020

Student Loan Consolidation Reviews

5 stars
National Debt Relief

NATIONAL DEBT RELIEFTopConsumerReviews.com 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.

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4.5 stars
SoFi

SOFI

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.

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4 stars
Credible

CREDIBLE

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.

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4 stars
LendKey

LENDKEY

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.

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4 stars
Chase Loan Consolidation

CHASE LOAN CONSOLIDATION

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 professional website that is easy to navigate and use. However, Chase does not quite offer the same level of service as our higher-rated selection.

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3.5 stars
Wells Fargo Student Loan Consolidation

WELLS FARGO LOAN CONSOLIDATION

Wells Fargo offers competitive loan consolidation for those who are consolidating only private student loans. They do not offer consolidation of Federal loans, which dropped them a bit in our ranking.

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Continued from above

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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CNBC Select spoke with Melanie Lockert, author of the book, "Dear Debt," about what jump-started her journey to pay off $81,000 in student loans.

Published:  Sun, 05 Jul 2020 11:00:00 GMT



Second Stimulus Could Affect Student Loans

Congress is considering another round of stimulus and coronavirus relief this month and it might help student borrowers.

Published:  Fri, 03 Jul 2020 13:05:00 GMT



Have a Student Loan From a Private Lender? Here's How to Get Some Relief

Many private lenders are letting student-loan borrowers skip payments because of the pandemic. But the relief varies by lender and may not be as generous as what federal borrowers are getting.

Published:  Sun, 05 Jul 2020 10:20:00 GMT



Student loan scams: How to make sure you're not getting tricked

Student loan borrowers were targets for scams before the coronavirus pandemic hit. Scammers and fraudsters thrive when people get desperate.

Published:  Fri, 03 Jul 2020 02:04:00 GMT



Federal student loan interest rates for the upcoming school year will be lower than ever, outstripping the previous record from 2005

The federal student loan interest rates for 2020-2021 will be the lowest on record, with undergrad loans at 2.75%.

Published:  Sun, 05 Jul 2020 05:26:00 GMT



3 reasons to pay student loans in coronavirus forbearance

Here are three ways borrowers benefit from paying their student loans during the coronavirus-related forbearance period, according to a money expert. "Right now, student loans are at zero percent ...

Published:  Thu, 02 Jul 2020 10:08:00 GMT



Can a Parent PLUS Loan be transferred to the student?

Sometimes, though, that's not enough, so maybe you're considering taking out a Parent PLUS loan to help your child finance college-or maybe you've already taken out one of these loans. In either case, ...

Published:  Fri, 03 Jul 2020 04:00:00 GMT



Wells Fargo pulls back from making new student loans

As a spike in #coronavirus cases threatens to damage the higher #education economy, #WellsFargo has begun a retreat from new student loans. @WellsFargoi #orlando #localbusiness #businessnews ...

Published:  Fri, 03 Jul 2020 09:17:00 GMT



Wells Fargo Hits Brakes on Student Loans With Schools Disrupted

Wells Fargo & Co. is pulling back from student lending as the U.S. surge in coronavirus cases threatens to further disrupt higher education and the broader U.S. economy.The firm, which has been ...

Published:  Thu, 02 Jul 2020 06:31:00 GMT



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