Consolidating student loans can help your monthly budget by reducing the amount of your student loan obligation. In order to get the best deal for a student loan consolidation, you will need to take the time to find the best deal being offered by a lender.
After graduation, it is often difficult for students to secure a job with a paycheck adequate enough to cover daily living expenses plus student loan repayments. Defaulting on a student loan is not something any graduate wants to do as the impact on their current and future credit score can be severe, making it difficult to get future financing, credit cards, and good insurance rates. In some cases, a bad credit rating can mean you are not qualified for some job opportunities, especially in the industries of finance or positions with the government.
Here is a list of some of the options for student loan consolidations as well as an outline of the consolidation services they provide:
Student Loan Consolidator
Student Loan Consolidator offers consolidation services for both private loans and those offered by the federal government. Some of their services include interest-only payments ad interest-rate reductions. Consolidation loans can be approved at fixed interest rates with many different terms and conditions. The service offers options for loans between $10,000 and $300,000. Loans under $40,000 must be repaid within a 20 year time period.
Direct Consolidation Loans
Direct Consolidation Loans offers consolidation loans to help lower federal student loan repayments. They offer several services of interest to those looking for help with their student loans including the Income-Based Repayment Plan that allows for repayments based on current earned income.
School Loan Consolidation
School Loan Consolidation offers consolidation services for federal Stafford loans, PLUS loans, and other educational loans, allowing graduates to get a lower, more affordable monthly payment.
Wells Fargo Private Consolidation Loan
Wells Fargo Private Consolidation Loan offers loan consolidation assistance with the requirements of having outstanding loans totaling at least $5000 up to a maximum of $100,000. They also require the consolidation loan to be repaid within a 15 year term.
Next Student offers several services for repaying student loans. The consolidation services being offered are based on an individual’s current financial situation.
Remember that not all consolidation services are the same and individuals that are interested in consolidating their student loans should carefully research each opportunity and company before committing to a consolidation program. Student loan repayments are vital to your current and future financial stability. The way you repay your student loans will have a direct effect on your credit score and your financial life overall.