What is Student Loan Consolidation?
Brush up on student loan consolidation before you apply. Learn what it is and how it can help you here.
Student Loan Consolidation Explained
Student loan consolidation is a repayment tool that combines all of your student loans into one new loan, thereby reducing your monthly payments and interest rates. With federal student loan consolidation, all of your student loans will be combined into one package with a fixed rate for the life of the loan. This means that instead of having to make several payments each month to different creditors, you make one easy payment to one lender. For many of our customers, this convenience alone makes student loan consolidation well worth it. Federal student loan consolidation is backed by the federal government but offered through private lenders. You can take advantage of federal student loan consolidation for free, regardless of your credit history. Private student loan consolidation, on the other hand, requires a credit check and may come with application and/or origination fees.
How Student Loan Consolidation Can Help
Student loan consolidation can help anyone in the repayment period for multiple student loans. Convenience and cost savings are the two biggest reasons why most of our customers consolidate. Here are the core benefits of student loan consolidation:
- Slash your monthly payments by up to 60%
- Lock in a low, fixed interest rates for the life of the loan
- Easy online application
- Earn lower interest rates with our borrower benefit packages
- No credit check required for federal student loan consolidation
- Extend your repayment period to up to 30 years
- Better your credit rating by lowering your debt-to-income ratio
- Make one easy payment each month to one creditor
- No co-signer necessary for federal student loan consolidation
- Apply for free