I need to consolidate my student loans. Anyone know of a place that offers the best interest rate?
2007-01-02 06:21:23 · 7 answers · asked by m_moury 1 in Education & Reference ➔ Financial Aid
Consolidation is a federal program. Your current rates are set by the government so every lender will have the same rate. You need to find a place that you feel comfortable with. A company that will not only help you through the consolidation process, but that will take the time to educate you and answer any questions. By taking the time to go over all the information, the lender will help you make the best choices.
Some companies offer additional rate reductions, while others do not. This is a major factor you should take into account when selecting a lender.
Student Aid Lending honors all reductions offered by the Department of Education.
This includes:
*** .60% rate reduction for consolidation prior to graduation..
*** .25% rate reduction for automatic debit
*** 1% reduction for 36 months of on-time payments
Also, don’t let the company fool you into thinking that it will take you weeks to consolidate. Certain companies can walk you through consolidating and complete the process within minutes from your own home.
My name is Monica Steczek and I work with Student Aid Lending. We are a title four lender administered by the Department of Education to help students such as yourself with any questions or concerns relating to student loans. My company does consolidate student loans as well as originate new loans.
If you have any additional questions, do not hesitate to call me. I will be your personal student aid advisor and will be happy to answer those questions for you. You can also get more information through our website.
Monika Steczek
(800) 964 – 0642 ext. 102
www.studentaidlending.com
2007-01-02 06:22:53 · answer #1 · answered by Student Loans 4 · 0⤊ 0⤋
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2016-10-24 16:34:04 · answer #2 · answered by ? 3 · 0⤊ 0⤋
I recommend the federal offers service, they are specialized on financial aid and consolidation of private student loans.
It's a non-profit loan creditor for freelancer, students, housewife's and especially for people with a bad credit score that like to use the loan for education purposes. The best thing is, it doesn't impact additionally your credit score.
You can find all information here: http://consolidate-company.financialaid-finder.com
You can just the search function if the results don't show up right away.
Make sure to check out all alternatives and compare the different offered loans and financial aid services.
Success!
2014-06-19 12:42:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
By law, lenders are required to use the same interest rate formula for Consolidation Loans. However, many lenders offer interest-rate reductions for paying on time or via direct debit. It is important to read the fine print and understand how you become qualified for or disqualified for a lender’s borrower benefits programs. Beyond savings, borrowers should consider customer service, flexible repayment options, online account access and applications, reputation and industry experience when selecting a lender.
Sallie Mae offers a lot of good information on consolidation on its site, including an FAQ and a calculator that will tell you what your payments will be. http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm
2007-01-02 06:31:15 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Sallie Mae - no don't! I have a 18.125% student loan with them. I know there are many with this problem. Don't let your school pick. go out there and find the best place to get a loan for yourself don't be trusting, because everything is a statistic. Students are a big business and allot of money is spent yearly. Becarefull
2007-01-02 09:49:17 · answer #5 · answered by Earth to Mars 5 · 0⤊ 0⤋
If you have private loans you can consolidate them, too (unlike what the first answerer said).
This is one area where you can shop around for rates.
2007-01-02 06:46:39 · answer #6 · answered by naniwako 6 · 0⤊ 0⤋