When you face challenges managing your debts, you may look for better ways to manage the bills and get back on the financial track. Debt consolidation offers a great way to handle your debts since you’ll be dealing with a single lender. You should be keen on the best lenders providing loan consolidation for students that will lead you to financial freedom. The following is a list of 7 highly rated companies for student loan consolidation including their key features.
1. cuStudent Loans
cuStudent loans is a private student loans program that consists of 140 non-profit making credit unions across the US. It encompasses cuScholar loan for private students and cuGrad private loan consolidation refinance and gives a competitive loan alternative for students and fresh graduates.
- A debt consolidation amount of $7,500 to $125,000 is given to recipients of undergraduate degree and a maximum of $175,000 given to applicants for a graduate degree.
- Has a 15 years repayment period
- Provides variable rate loans
- Have up to 4 years options for repayment such as level repayment, interest-only and graduated.
- In case the borrowers pay (interest and principal) in time for 12 months consecutively, cosigners won’t be contract bound
- Eligible for only members of credit unions
- Loan repayment period is long resulting to increased principal and new interest.
cuStudent Loans provides a broad service range with competitive rates making it a remarkable option when selecting a student loan consolidation that suits you.
2. Wells Fargo Loan Consolidation for private Students
Wells Fargo is a famous company offering financial services in the country.
It assists in consolidating private student loans for individuals with qualifications, thus reducing and makes their monthly debt payments simple.
- You can select from variable or fixed rates of interest
- Customers can reduce their interest rates by extra 0.50 percent
- You can lower the rate of interest significantly by 0.25 percent, in case your choice is automatic payment plan for your checking account or active savings.
- You can get $5,000 to $100,000 school consolidation loans
- Its only limited to private student loans
Wells Fargo is the best company student loan consolidation based on their extensive services given to qualified individuals and great reputation. Click here for more information about Wells Fargo Student Loan.
3. Chase Student Loan Consolidation
Chase provides simple streamlined online loan application. It’s one of the best financial services to rely on for federal student loan consolidation.
- Provides an online loan application process which is secure
- Your monthly payment of debts your consolidated loans can reduce significantly by up to 45 percent
- Their website incorporates tools that are useful like calculator for student loan consolidation and easily checking the details of your federal student loan.
- Federal student loans get a minimum $7,500 debt consolidation
- Unless the period of consolidation is up, its hard determining your real rate of interest
Generally, chase provides professional and efficient services and full loan consolidation guide that can offer assistance to individuals on establishing their most suitable option.
4. Student Loan Network Consolidation
It serves as an intermediary that will help in locating the most suitable loan consolidation company.
- Amount for debt consolidation ranges from $10,000 and $300,000
- 20-year repayment option for various loans lower than $40,000
- Loans above $40,000 have up to a term of 30 years
- You payment per month for private student loan consolidation can be reduced by up to 50%
- There is no application fees charged to the program for private loan consolidation
- Has an interest-only payments options for the first24 months
- You can take up to 45 days for the whole consolidation process of your private loans based on provided documentation according to your private student loans that exists, income, and expenses
Student Loan Network Consolidation provides loan consolidation programs for both the federal and private loans.
5. Cedar Education Lending Loan Consolidation for Private Student
The goal for Cedar Education Lending aims is to provide dependable options for private funding qualified candidates pursuing their degree. It also offers programs for federal loans to primary and post-secondary graduates.
- Offers debt consolidation of $7,500 to $125,000 for graduates and $175,000 for loan debts of graduate school
- Have 15 years maximum repayment period
- Have no penalties for prepayment
- Qualified individuals get an interest-only repayment option for a maximum of 4 years
- There is 12 months option for cosigner release with principal payments and on-time interest
- Starting fee is 1%
- Applicants having lower annual income than loan request may not qualify for the program of private student loan consolidation unless with an eligible cosigner
Using Cedar Education Lending to consolidate numerous student loans, you have the capability to reduce rates of interest as you make your loan term long. With this, you can easily manage your debts efficiently as well as being able to pay for other expenses.
6. SunTrust Loan Consolidation for Private students
SunTrust assists to make the whole payment process simple for your numerous student loans.
- One or more Consolidate of private loans from any lender
- Can be eligible for current loan consolidations for private students
- Choose interest rates that are fixed or variable
- No original charges
- Has fixed rates ranging between 5.85% and 10.35%
- No penalties charged on prepayments
- You have prepayment period of 15, 20 and 25 years
- Eligible to only permanent residents or U.S citizens
- Sometimes requires auto-debit enrollment for borrowers
- Credit requirements and debt-to-income ratios should be sustained by borrowers
- Doesn’t offer federal student loans consolidation
SunTrust gives an opportunity to students assisting them to consolidate their loans as well as reap the benefits reduced interest rates and payments of monthly loan.
For more information, go to https://www.suntrusteducation.com
7. SoFi Graduate Loan Refinancing
SoFi was started to offer a platform to candidates where they can address their issues concerning various loan repayments.
- Offers a loan consolidation amount of $5,000 up to $200,000 to applicants
- 5.99% fixed rate on interest and needs auto debit
- Have no original fees
- Repayment period of 5, 10 and 15 years
- No prepayment penalties on application for consolidated loans
- Available only to graduates and students of chosen schools and programs
- Eligible only to qualified permanent residents and U.S citizens
SoFi is the only lending company that changes federal loans into private loans.