Applying For A Student Consolidation Loan
Advantages of Consolidating
There are numerous benefits that follow consolidating your student loans. While every individual has their purpose in consolidating their student loans and saving money, here are some key benefits that everyone shares when consolidating:
Lower Monthly Payments
Ability to extend repayment period
Interest Rate Cap Reduction
Up to 1% reduction
One Convenient Payment
Instead of multiple payments
One Fixed Interest Rate
Your locked rate will never change
No Penalty for Early Repayment
Prepay at any time
Multiple Plans
Offered on an income sensitive basis
Simple Application Process
No credit checks, application, or processing fees
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Is Consolidating Right For You?
Getting your student loans consolidated can bring you many benefits EVEN if you’re currently not having any troubles meeting you monthly payments on your student loans.
- Consolidating will help reduce your monthly budget by decreasing the amount of your student loan payment by between 10%-60%.
- You can simplify your payments by combining them into one easy payment to one lender.
- While some Federal student loans carry variable interest rates that change on a yearly basis, a Federal Consolidation Loan can be fixed for the life of the loan.
- If you’re looking to increase your credit score and debt-to-equity ratio, then consolidating is right for you.
- If you’re looking to make some more room in your budget to help pay off those high rate credits cards, and consolidating is right for you.
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Choosing the Right Time to Consolidate
If you currently have student loans that you are paying off, then there is never a better time to consolidate them then now. Interest rates on Federal Student Loans will continue to rise in the years to come. Now is the time to lock in today’s current low rates.
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Finding Out If You Qualify To Consolidate
You are eligible for a Student Consolidation Loan if:
- Your current Student Loans total at least $10,000.
- You have not previously consolidated, or left a loan out of the consolidation or taken out a new loan more than 180 days after the consolidation.
- You have multiple lenders or a single lender who will release the loans.
- You are in school - The DOE recently began allowing students that are in school to consolidate their loans. Certain restrictions apply.
- Submit An Application Now
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Tax Benefits When You Consolidate
Based on current tax regulations, you may be able to deduct the interest on your student loans. Now you may be able to deduct student loan interest for an unlimited time. In the past you could only deduct the interest payments on student loans for the first 60 months of repayment. Now, depending on your income, you may be able to deduct the interest regardless of the age of your loan, since the income eligibility amounts have been increased to include a larger group of taxpayers. Even if you didn't qualify in the past you may now be eligible. To find out how you qualify please contact your tax adviser.
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