Alternative Student Loan Eligibility

n order to qualify for a private student loan, applicants must be enrolled at least half-time at an eligible school and typically meet the following requirements:

* Must be a U.S. citizen or permanent resident
* You and your cosigner must pass a credit check

Apply Online for an Alternative Student Loan
What is Considered Good Credit?

It is recommended that you review your credit report before you apply for an alternative student loan. Creditors look at Personal data such as employment history, a summary of credit history, details of any accounts turned over to a credit agency, and your current FICO score.

A FICO score is a standard credit scoring method that determines the likelihood that consumers will pay their bills. Typically, a FICO score ranging from 680-700 is considered fair, and anything over 700 is considered good. While your FICO score is not the only deciding factor when applying for an alternative student loan, it does play a major part in the approval process.


Read more about the Eligibility on Alternative Student Loans here

Frequently Asked Questions About Alternative Loans

Are there any fees?

There are no origination fees, no guarantor fees, and no prepayment fees associated with this loan.
What are the interest rates?

Interest rates will be based on you and your cosigner's credit history and are generally stated as an index, such as Prime or LIBOR, plus a margin.
Is the interest tax deductible?

Interest on student loans may be tax deductible. Please consult your tax advisor or visit irs.gov for more information.
How soon will I receive my funds?

Alternative student loan funds are usually disbursed within 14 days of receiving all necessary paperwork.
Who offers alternative student loans?

Banks, private lenders and other financial institutions offer alternative student loans.
How long are repayment terms for alternative student loans in general?

Repayment terms typically range from 15-25 years.


Read more on Frequently Asked Questions in this link

Frequently Asked Questions About Alternative Loans

What is an alternative student loan?
Unlike Federal Student Loans, alternative student loans or private student loans are specialized education loans based on your credit history and income and should only be considered after all federal loans, grants and scholarships have been exhausted. Lenders typically give better terms for better credit history.

What can alternative student loans be used for?
Alternative student loans can be used for education-related expenses including such things as tuition, books, transportation and room and board.

Who can apply for an alternative student loan?
The student must apply for the loan. Since many students do not have extensive credit history, they will need a creditworthy cosigner to apply for this loan.

Are there application deadlines?
No. You may apply for an alternative student loan at any time.

What is the application process?
You will need to submit your application online. Once you determine the amount you want to borrow, you will need your Social Security Number, driver's license, cosigner information, and two additional references ready. You and your cosigner's credit will be checked. You can then check your status online at any time.

More Frequently Asked Questions on this link

What should I look for in an alternative student loan?

Interest rates and fees can vary significantly between lenders. Many lenders also offer borrower benefits that can reduce the principal or interest on an alternative student loan. Be sure to look carefully at the terms and conditions when applying for a loan.

* The legal age for entering into contracts is 18 years of age in every state except Alabama and Nebraska (19 years old), and Mississippi and Puerto Rico (21 years old).

You will be eligible to receive a Graduation Reward when:

* The student graduates from the degree program that the loan was used to fund, and;
* The graduation date is less than six years after the date of the loan's first disbursement, and;
* The loan is not in default on the graduation date


Read more on Alternative Student Loans on this site

Alternative Student Loans

The rising cost of college tuition, together with limited government financial aid, has created a widening gap between the cost of college and your ability to afford it.

Alternative student loans fill the 'gap' allowing you to borrow the difference between Federal financial aid and the true cost of an education.

You can borrower up to 100% of your education costs, and pay for tuition, books, supplies, housing and more.

Alternative Student Loan Benefits
No upfront, origination, guarantor, or prepayment fees
Defer payments while in school and for a six-month grace period after graduation
Exclusive 2% graduation reward based on your outstanding principal balance 1
Lower your interest rate by 0.25% for auto-debit repayment
Rates as low as Prime minus 0.50%, based on credit evaluation


Read more about Alternative Student Loans on this site.

History of Student Loan Consolidation

The Federal Loan Consolidation Program was created in 1986. In 1998, the United States Congress changed the interest rate to the aforementioned fixed rate weighted mean, effective February 1, 1999. Consolidation loans taken out before that date had a variable interest rate, determined by the individual FDLP loan origination center (e.g., in the case of a university, that university) or FFELP lender (e.g., a third party bank).^[3][4]

In 2005, the Government Accountability Office considered consolidating consolidation loans so that they were exclusively managed through the FDLP. Based on several assumptions about future variations in interest rates, the loan volume, the percentage of defaulters, cost estimates from the United States Department of Education, it concluded that while doing so would incur an additional cost of $46 million, caused by the higher administrative costs of the FDLP compared to the FFELP, this would be offset by a $3,100 million saving comprised in part of avoiding $2,500 million in subsidy costs

from Wikipedia

Interest rates and payments

Consolidation loans have longer terms than other loans. Debtors can choose terms of 10–30 years. Although the monthly repayments are lower, the total amount paid over the term of the loan is higher than would be paid with other loans. The fixed interest rate is calculated as the weighted average of the interest rates of the loans being consolidated, assigning relative weights according to the amounts borrowed, rounded up to the nearest 0.125%, and capped at 8.25%. Some features of the original consolidated loans, such as postgraduation grace periods and special forgiveness circumstances, are not carried over into the consolidation loan, and consolidation loans are not universally suitable for all debtors.

from Wikipedia

Federal student loan consolidation

In the United States both the Federal Family Education Loan Program (FFELP) and the Federal Direct Student Loan Program (FDLP) include consolidation loans that allow students to consolidate Stafford Loans, PLUS Loans, and Federal Perkins Loans into one single debt. This results in reduced monthly repayments and a longer term for the loan. Unlike the other loans, consolidation loans have a fixed interest rate for the life of the loan.

from Wikipedia

JP Morgan and Chase

JPMorgan Chase & Co. (NYSE: JPM) is one of the oldest financial services firms in the world. The company, headquartered in New York City, is a leader in investment banking, financial services, asset and wealth management and private equity. With assets of $1.6 trillion, JPMorgan Chase is currently the third largest banking institution in the United States,^[3] behind Bank of America and Citigroup. The hedge fund unit of JPMorgan Chase is the largest hedge fund in the United States with $34 billion in assets as of 2007.^[4] Formed in 2000 when Chase Manhattan Corporation acquired J.P. Morgan & Co., the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and governmental clients.

In 2004, the company merged with Bank One Corp., bringing on board CEO Jamie Dimon as president and COO and designating him as CEO William B. Harrison, Jr.'s successor. Dimon's pay was pegged at 90% of Harrison's. Dimon quickly made his influence felt by embarking on a cost-cutting strategy and replaced former JPMorgan Chase executives in key positions with Bank One executives -- many of whom were with Dimon at Citigroup. Dimon became CEO in January 2006 and Chairman in December 2006.

The Chase brand named is used for credit card services in the United States and Canada and the bank's retail banking activities in the United States. The JPMorgan brand is used by the Investment Bank as well as the Wealth & Asset Management Group's partially merged Private Bank and Personal Client Services divisions. Fiduciary activity within W&A is done under the aegis of JPMorgan Chase Bank, N.A. -- the actual trustee. The newly acquired Bear Stearns private client group is expected to operate under the name "Bear Stearns Wealth Management, a JPMorgan Company" within the Wealth & Asset Management structure.

Know more about JP Morgan here...

Interest Rates and Payments accdg to Wiki

Consolidation loans have longer terms than other loans. Debtors can choose terms of 10–30 years. Although the monthly repayments are lower, the total amount paid over the term of the loan is higher than would be paid with other loans. The fixed interest rate is calculated as the weighted average of the interest rates of the loans being consolidated, assigning relative weights according to the amounts borrowed, rounded up to the nearest 0.125%, and capped at 8.25%. Some features of the original consolidated loans, such as postgraduation grace periods and special forgiveness circumstances, are not carried over into the consolidation loan, and consolidation loans are not universally suitable for all debtors

Read more about this on Wiki...

History of Loan Consolidation

The Federal Loan Consolidation Program was created in 1986. In 1998, the United States Congress changed the interest rate to the aforementioned fixed rate weighted mean, effective February 1, 1999. Consolidation loans taken out before that date had a variable interest rate, determined by the individual FDLP loan origination center (e.g., in the case of a university, that university) or FFELP lender (e.g., a third party bank).^[3][4]

In 2005, the Government Accountability Office considered consolidating consolidation loans so that they were exclusively managed through the FDLP. Based on several assumptions about future variations in interest rates, the loan volume, the percentage of defaulters, cost estimates from the United States Department of Education, it concluded that while doing so would incur an additional cost of $46 million, caused by the higher administrative costs of the FDLP compared to the FFELP, this would be offset by a $3,100 million saving comprised in part of avoiding $2,500 million in subsidy costs.^[1]

Know more about history of loan consolidation here...

Need HELP?

Cut payments on your private student loans by up to 45%*

With H.E.L.P.’s no-hassle online application, you can get on the fast track to affordable payments, low rates, and one easy-to-manage consolidated loan for all your eligible private student loans.

There are NO application fees, and over 40 percent of our customers are approved without a co-signer.†

Just complete the simple four-step online application, and you could be on your way to lower monthly payments.

Consolidation is student loan repayment made easy.

• $0 application fees
• Fast and easy online application
• Over 40% approved without a co-signer†
• Cut your student loan payments by up to 45%*
• Make low, interest-only payments‡
• Get up to 30 years to repay
• 1 easy monthly payment
• No prepayment penalties.

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Is your college debt out of control?

Is your college debt out of control?

Are you worried about making your payments?

Consolidation is the solution!

SBS is your student loan consolidation center, enabling you to:

• Cut your interest rates by 1.25%
• Lower your monthly payments by 50%
• Defer your payments for up to 3 years
• Bundle all your loans into one easy-to-manage loan

With no credit checks, co-signers, fees or prepayment penalties!

Know more about student benefits on this site

Student Financial Advisors LLC

Today’s market is filled with numerous consolidation companies that are probably flooding you daily with e-mails and phone calls. So among these, how do you decide which is the best for you?

First and foremost, it is critical that you are familiar with how consolidation works.

Basically, your consolidated interest rate is calculated by taking the weighted average of all student loans interest rates, rounded up to the nearest 1/8th of a percent. Thus, in order to maximize your benefits, your decision will essentially boil down to comparing two key features between companies: (1) the available borrower benefits that can further reduce your interest rate and (2) quality customer service.

Why should you consider Student Financial Advisors? Simply put, we stand apart from other companies not only through our exceptional ability to provide you with the lowest possible interest rate, but also in our vision of customer service. Where else can you receive borrower benefits that would see your current low interest rate drop even further by up 1.25%?

Our service aim is simple: To take whatever steps necessary to ensure you receive the greatest value possible, and to provide you with all the relevant information you'll need to help you make a wise and educated decision that fulfills your wishes. We assign each borrower a qualified personal loan counselor, who is accessible by phone, online, or via email, and who will help you throughout application process, and gladly answer any questions you may have. Remember, consolidation on its own is a wise and invaluable decision, regardless of the company you choose. Even so, by choosing Student Financial Advisors you will gain the added benefit of peace of mind, knowing you are getting an excellent rate and outstanding customer service.

http://www.studentfinancialadvisors.com/services.htm

Determining Your Eligibility

To receive federal student aid, you must meet the following requirements:

• Demonstrate financial need (for need-based programs only).
• Have a high school diploma or General Education Development (GED) certificate, or pass a test approved by the U.S. Department of Education (ED).
• Have a valid Social Security number (unless you are from the Republic of the Marshall Islands, the Federated States of Micronesia, or the Republic of Palau).
• Be a U.S. citizen or an eligible noncitizen.
• Be enrolled in an eligible associate, bachelor, or graduate degree program.
• Certify that you will use federal student aid only for educational purposes.
• Certify that you are not in default on a federal student loan and that you do not owe money on a federal student grant.
• Maintain satisfactory academic progress while in school.
• Comply with the Selective Service registration, if required.

If you've been convicted under federal or state law of selling or possessing illegal drugs, you may not be able to receive federal student aid.

Incarcerated students are generally only eligible for a Pell Grant if they are not incarcerated in a federal or state penal institution.

Know more about student loan eligibility on sallimae.com

Repayment Plans

Repayment Plans

Consolidation loans provide access to several alternate repayment plans besides standard ten-year repayment. These include extended repayment, graduated repayment, income contingent repayment (Direct Loans only) and income sensitive repayment (FFEL only). If you do not specify the repayment terms, you will receive standard ten-year repayment.

Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plan that is standard with federal loans. Depending on the loan amount, the term of the loan can be extended from 12 to 30 years. The reduced monthly payment may make the loan easier to repay for some borrowers. However, by extending the term of a loan the total amount of interest paid over the lifetime of the loan is increased.

In certain circumstances (for example, when one or more of the loans was being repaid in less than 10 years because of minimum payment requirements), a consolidation loan may decrease the monthly payment without extending the overall loan term beyond 10 years. In effect, the shorter-term loan is being extended to 10 years. The total amount of interest paid will increase unless you continue to make the same monthly payment as before, in which case the total amount of interest paid will decrease.

You do not need to pick an alternate repayment plan. We recommend sticking with standard ten-year repayment, because it will save you money. The alternate repayment plans may have lower monthly payments, but this increases the term of the loan and the total interest paid over the lifetime of the loan. See our caveat about extended repayment below.

Repayment on a consolidation loan will begin within 60 days of disbursement of the loan, unless the borrower qualifies for an deferment or forbearance.

Federal education loans, including consolidation loans, do not have a prepayment penalty. So you can pay off all or part of your federal education loans without incurring a penalty. If you want to take advantage of this, be sure to include a letter with the extra payment indicating that it should be applied to reducing your principal. Otherwise, the lender may treat it as an advance payment of the next month's monthly payment.

Tools for Evaluating Consolidation Options

FinAid's Loan Consolidation Calculator can help you understand the tradeoffs of consolidating your loans. It compares the reduction in the monthly loan payment with the increase in the total interest paid over the lifetime of the loan. It also shows you the interest rate on your consolidation loan.

Despite the switch to fixed interest rates on Stafford and PLUS loans eliminating a key financial incentive to consolidate, there are still several reasons to consolidate your education loans. These include having a single monthly payment, access to alternate repayment plans, the PLUS loan interest rate loophole, and the ability to reset the 3-year clock on deferments and forbearances. But consolidation can cut short the grace period, although the grace period loophole can work around this problem. It is best to avoid consolidating Perkins loans, because you lose several valuable benefits. Beware of extending the term of your loan, as this can increase the total interest paid over the lifetime of the loan; you can stick with standard ten-year repayment.

Before consolidating, always evaluate the benefits provided by the current holder of your loans. The loan discounts offered by originating lenders tend to be superior to those offered by consolidating lenders, since consolidation loans have tighter margins. Also, if you received a fee waiver or rebate from the originating lender, you may have to repay that discount if you consolidate with another lender. It may be possible to get some of the benefits of alternate repayment plans without consolidating, such as extended/graduated repayment with a loan term of up to 25 years and a single monthly payment, if you have more than $30,000 in federal education loan debt accumulated since October 7, 1998 with the lender. (This is due to a little known provision of the Higher Education Act, in section 428(b)(9)(A)(iv), and the regulations at 34 CFR 682.209(a)(6)(ix).)

You can change the repayment schedule on your loan once per year. So consider starting off with standard ten-year repayment on your consolidation loan. You are not required to start off with extended repayment. If you find it difficult to afford the payments, you can always switch to extended repayment later.

More on student consolidation on finaid.org

No Cost to Consolidate

No Cost to Consolidate

Aside from a slight increase in the interest rate on the consolidation loan, there is no cost to consolidate your loans. There are no fees to consolidate.

Under no circumstances pay a fee in advance to get a federal education loan or consolidate your federal education loans. There are no fees to consolidate your loans. While other federal education loans, such as the Stafford and PLUS loans, may charge some fees, the fees are always deducted from the disbursement check. There is never an up front fee. If someone wants you to pay an up front fee, chances are that it is an example of an advance fee loan scam.

Who Can Consolidate

Both student and parent borrowers can consolidate their education loans. (Students and parents cannot combine their loans through consolidation, since only loans from the same borrower can be consolidated. But they can consolidate their loans separately.)

Married students are no longer able to consolidate their loans together. This provision was repealed effective July 1, 2006. When married students consolidated their loans together, each spouse became responsible for the full amount of the loan, and the loans could not be separated if the couple got divorced. To avoid such problems in the future, Congress decided to repeal this provision as part of the Higher Education Reconciliation Act of 2005.

Students can only consolidate their education loans during the grace period or after the loans enter repayment. (Loans that are in default but with satisfactory repayment arrangements may also be consolidated.) Students can no longer consolidate while they are still in school. (The early repayment status loophole and the ability of Direct Loan borrowers to consolidate during the in-school period was repealed as part of the Higher Education Reconciliation Act of 2005, effective July 1, 2006.)

Parents, however, can consolidate PLUS loans at any time.

You Can Consolidate with Any Lender

Students and parents can consolidate their loans with any lender, even if all of their loans are with a single lender. (The single holder rule was repealed on June 15, 2006, as part of the Emergency Supplemental Appropriations Act of 2006. Borrowers no longer need to exploit the single holder rule loopholes in order to consolidate with any lender.) Direct Loans can also be consolidated with any lender. This allows you to shop around for a lender that offers a lower rate or better discounts.

Most lenders require a minimum balance before they will consolidate your loans. For example, many lenders will only offer consolidation loans for borrowers with loan balances of at least $7,500. A few lenders will offer consolidation loans for balances of $5,000 or more, and the Federal Direct Consolidation Loan program has no minimum balance for consolidation loans. (Lenders may not discriminate against borrowers who seek consolidation loans on the basis of number/type of student loans, type/category of educational institution, the interest rate on the loans, or the type of repayment schedule sought by the borrower. Lenders are, however, able to discriminate on the basis of the amount of the loans being consolidated, so lenders can set a minimum balance on the loans.)

Which Loans Can be Consolidated?

Any federal education loan can be consolidated. You can even consolidate a single loan. There are, however, a few restrictions on consolidating a consolidation loan.

You can consolidate a consolidation loan only once. In order to reconsolidate an existing consolidation loan, you must add loans that were not previously consolidated to the consolidation loan. You can also consolidate two consolidation loans together. But you cannot consolidate a single consolidation loan by itself. These restrictions have been in effect since early 2006.

Note that when you reconsolidate a consolidation loan, it does not relock the rates on the consolidation loan. The consolidation loan is treated as a fixed rate loan within the weighted average interest rate formula used to calculate the interest rate on the new consolidation loan. Consolidation does not pierce the veil on previous consolidations.

The new restrictions on consolidating a consolidation loan limit your ability to use consolidation to switch lenders. Generally, you will consolidate your loans once, toward the end of the grace period or after the loans enter repayment, and then be locked into that lender for the lifetime of the loan. If you want to preserve your ability to use consolidation in the future to switch lenders, you should exclude one of your loans from the consolidation.

More on student loan consolidation on finaid.org

Finaid.org

Consolidation Loans combine several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans. It is very similar to refinancing a mortgage. Consolidation loans are available for most federal loans, including FFELP (Stafford, PLUS and SLS), FISL, Perkins, Health Professional Student Loans, NSL, HEAL, Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well.

A separate page provides a comparison chart of consolidation loan discounts.

Interest Rates

The interest rate on a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent and capped at 8.25%.

For example, suppose a student has just Stafford Loans originated on or after July 1, 2006. These loans have a fixed interest rate of 6.8%. When they are consolidated by themselves, the consolidation loan will have an interest rate of 6 and 7/8ths of a percent, or 6.875%. So the interest rate increases only slightly.

If the borrower has a mix of loans with different interest rates, the weighted average will be somewhere in between. For example, if the borrower has $5,000 of Perkins Loans (at 5.0%) and $10,000 of Stafford Loans (at 6.8%), the weighted average is

   $5,000 * 5.0% + $10,000 * 6.8%
   ------------------------------ = 6.2%
    $5,000 + $10,000     

This weighted average, 6.2%, is then rounded up to the nearest 1/8th of a percent, yielding a consolidation loan interest rate of 6.25%.

Note that the weighted average does not fundamentally alter the underlying cost of the loan. It preserves the cost structure by including each interest rate to the extent that it applies to part of the overall loan balance. For example, the consolidation loan in the previous paragraph says that of the $15,000 consolidation loan balance, $5,000 will be at 5.0% and $10,000 at 6.8%, yielding an equivalent interest rate of 6.2%.

If you are consolidating loans with different interest rates, the weighted average interest rate will always be in between. Don't be fooled if someone tries to suggest that this will save you money by getting you a lower interest rate. The interest rate may be lower than the highest of your interest rates, but it is also higher than the lowest of your interest rates. More importantly, the amount of interest you pay over the lifetime of the loan will be about the same.

(For the mathematically inclined, there is a slight difference due to the different shapes of amortization curves at each interest rate. In the example given above on a 10 year term, $10,000 at 6.8% has a monthly payment of $115.08 and total interest paid of $3,809.66, $5,000 at 5.0% has a monthly payment of $53.03 and total interest paid of $1,364.03. If you add these, you obtain a total monthly payment of $168.11 and a total interest paid of $5,173.69. Using the weighted average, $15,000 at 6.2% has a monthly payment of $168.04 and a total interest paid of $5,165.01. So using a weighted average yields a very small reduction in the monthly payment (in this case, 7 cents) and in the total interest paid ($8.68) due to a kind of triangle law. Of course, when you consolidate the interest rate is rounded up to the nearest 1/8th of a point, so $15,000 at 6.25% has monthly payments of $168.42 and total interest of $5,210.42, yielding a slight increase. So you pay a tiny bit of a premium for consolidation, due to the rounding up of the interest rate.

The PLUS loan interest rate loophole can reduce the interest rate on 8.5% fixed rate PLUS loans by 0.25% through consolidation.

If you were deferring the interest on an unsubsidized Stafford Loan by capitalizing it, most lenders will add the capitalized interest to principal when you consolidate. (Lenders can capitalize interest at most quarterly, but most capitalize it once when the loans enter repayment or at other loan status changes.)

Interesting topic on student loan consolidation on finaid.org

Recent Grads - Maximize Your Savings & Maintain Your Grace Period

If you recently graduated and are still in your grace period (i.e. you have not started repaying your loans), you may be eligible to get up to an additional 0.60% interest rate reduction for the life of your loans. Don't delay - this special rate reduction could save you thousands of dollars. You can also request to maintain your grace period while locking in the lower rate. Call today to discuss your options.

Chase Consolidation Program can do this for you... just click on this link to know more

Consolidate Your Student Loans Now

The Student Loan Consolidation Program enables anyone with more than $20,000 in outstanding Federal student loans (including PLUS loans) to reduce monthly student loan repayments and lock in a low fixed interest rate.

Chase Consolidation program does this on this link

Student Loans

When free aid isn’t enough to pay for college, it’s time to take advantage of the Federal Student Loan Program.

Student loans are low-interest, federally guaranteed loans, most of which don’t have to be repaid until after graduation. The amount and type of student loans for which you’re eligible will be outlined in your Student Aid Report—the form that’s generated by the Department of Education in response to your Free Application for Federal Student Aid (FAFSA)—and could include:

Federal Stafford Loans

Student loans, such as the Federal Stafford Loan, are taken out in the student’s name with no collateral and no credit checks.

Federal Parent PLUS Loans

If student loan aid doesn’t fill the gap, your parents could be eligible for a Federal Parent Loan for Undergraduate Students (PLUS). Under this program, creditworthy parents can borrow up to 100% of the total cost of education for dependent children, less other aid awarded.

Private Loans

Unsecured, credit-based loans available to undergraduate, graduate and continuing education students. If you don’t qualify for a private loan, your parent or guardian may co-sign.

Know more about student loans at http://www.nextstudent.com/college-students/student-loans.asp

NextStudent Private Student Loans

Available now! Cash for college.

Get money for college. With a NextStudent Private Loan, undergraduate, graduate, and continuing education students can cover higher education expenses up to the Total Cost of Education. Pay for up to 100% of your undergraduate or graduate expenses from $2,500 up to a lifetime aggregate maximum of $250,000.

Get it when you want it.

Apply for a NextStudent Private Loan at the beginning of the school year, in the middle of the term or near the end. It’s up to you. There are no application deadlines. You can apply now and get a fast preliminary approval.

Why choose a NextStudent Private Loan?

Simple. With a NextStudent Private Student Loan, you get everything you need.

• No FAFSA required
• Competitive interest rates and fees
• 12-month grace period after graduation^‡
• FAST preapproval
• Funds are payable to you, not your school^§
• Disbursements as fast as 48 hours from final approval
• Up to a 0.5% discount for on-time, automatic payments^†
• When you apply with a creditworthy co-signer you may increase your chances of approval and of qualifying for lower interest rates and/or loan fees

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Private Student Loan Consolidation

A private consolidation loan from Student Loan Consolidator can cut your monthly loan payments nearly in half by combining all your private student debt into one easy to manage loan.

• Lower your monthly payment amount as much as 45% in the first year*
• A 0.25% interest rate reduction for automatic checking account withdrawal
• No application fees, No prepayment penalties
• Conditional pre-approval decision within minutes online or by phone

Get The Lowest Rate Possible - Apply With A Co-Signer

Applying with a qualified co-signer can greatly increase your chances for approval. A co-signer with great credit could help you get a better interest rate. And with our co-signer release program, you can remove the co-signer after 48 on-time payments.

Know more about consolidation of student loans on studentloanconsolidation.com

Federal Student Loan Consolidation

Federal student loan consolidation is a fixed-rate refinancing program that combines all of your existing federal student loans into one new loan. Consolidation is a great tool for managing your finances - providing immediate payment relief and long term benefits. With our fast and convenient eSignature, your application will be complete in just a few minutes.

• Cut your monthly student loan payment by as much as 50%
• Simplify your finances with one monthly payment
• Improve your credit rating
• No credit checks, fees, or application charges
• Reduce your interest rate 0.6% by consolidating during your grace period

Federal Student Loan Consolidation Payment Relief

One of the key benefits of consolidating your federal school loans is payment relief. By combining all of your student loans into one consolidated loan, you can lengthen your repayment term from the standard 10 years to up to 30 years, depending on the amount of your education debts. With a lower monthly payment, you'll have more money available to meet other living expenses, including car payments, housing expenses, and career-related necessities. Because there are no penalties for overpayment, you can make larger payments and reduce your repayment term when it becomes affordable. Learn more about how student loan consolidation works in this step-by-step tutorial.

Consolidating with Student loan Consolidator

Get one-on-one personalized customer service. Our loan counselors will educate you on the benefits of federal student loan consolidation and help you determine if consolidating is the right choice. We will explain the consolidation process and the repayment options that are available to you.

What Qualifies for Federal Student Loan Consolidation?

Federal loan consolidation can include Federal Stafford Loan consolidation, PLUS Loan consolidation, Direct Loan consolidation as well as Perkins Loans, HEAL Loans and all Federal FFELP and Direct Loans taken to pay for your education. Private student loan consolidation is different - You will lose your federal loan benefits if you consolidate your federal loans into a private loan consolidation.

Know more about this on studentloanconsolidator.com

http://www.loanconsolidation.ed.gov/index.shtml

The Higher Education Act (HEA) provides for a loan consolidation program under both the Federal Family Education Loan (FFEL) Programs and the Direct Loan Program. Under these programs, a borrower’s loans are paid off and a new consolidation loan is created. These programs simplify loan repayment by combining several types of Federal education loans (that may have different terms and repayment schedules or may have been made by different lenders) into one new loan. The interest rate may be lower than on one or more of the underlying loans. In addition, the monthly payment amount on a consolidation loan is usually lower and the amount of time to repay may be extended beyond what was available in the separate loan programs. These features should result in more manageable debt and should make borrowers less prone to default.

Details on loan consolidation can be found on this link