Considering which bank or credit union to team up with when you decide to consolidate your loans is a big decision and one you must make with careful thought and consideration. Cu Student Loan Consolidation is a credit union that offers students, or former students, an opportunity to place all of their private student loans under the umbrella of a single loan.
cu Student Loan Consolidation Review
WHAT IS A cu STUDENT LOAN CONSOLIDATION?
The EdSucceed Private Student Loan Consolidation is the name of cu Student Loan Consolidation program. If you are someone who has $7,500 to $100,000 in private undergraduate student loan debt or $7,500 to $150,000 for graduate student loans, you may qualify for the CU Private Student Loan Consolidation program.
Besides carrying a lot of private debt, however, there are four other qualifications you must meet before cu Student Loan will consider consolidating your private debt. You must:
- Have graduated from an EdSucceed eligible school within the past 5 years
- Have a steady, reliable job that grosses at least $2,000 a month
- Have an annual income that can be verified as being greater than the amount of the loan you are seeking (if you do not, consider adding a cosigner because this will include their total annual income to yours).
- Be a United States Citizen
If you meet all of the above criteria, you will likely qualify for cu Student Loan’s EdSucceed Consolidation program. However, simply qualifying should not be your aim, you should also try and find the best deal when it comes to your interest rate, your monthly payment, and you length of the repayment term.
You only have three options when it comes to increasing your negotiation power with companies like cu Student Loans.
- Increase your credit score before signing up with the program
- Add a cosigner with a very high credit score
- Leverage the offer one consolidation program is offering you against the offer another one has given you to drive their numbers down
Cu Student Loans offers you four additional benefits that not every other student loan consolidation programs offer. Some of these additional benefits might be enough to convince you to team up with them.
Save Thousands With a not for profit…
Simplify Your Finances
- You will only make one monthly payment (probably included in every loan consolidation offer)
Interest-Only Repayment Option
- For up to 4 years, as long as a person is eligible, they can make lower payments just on the interest. Downside: for the next eleven years the borrower will be paying principal and all the new interest so it will cost more in the long run. (Becoming more common)
Release Cosigner Option
- If the borrower makes 12 on-time consecutive payments on the principal and interest, therefore those paying interest-only do not qualify, the cosigners name will no longer be contractually bound (Becoming more common)
Lower Payment and Competitive Rate
- This can only be done with a 15 year loan repayment option (Less common)