The summary letter shows that I owe less than I was supposed to owe. Is there a problem with my account?

The reason for the difference is that most collection agencies will waive a portion of the interest and fees that have accrued on the account as a result of it being paid off with a consolidated loan. It is up to the discretion of each agency as to whether or not any fees will be waived.

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How much are my payments going to be?

This ultimately depends on the current interest rate set by the Federal Government, but with SLH you can lower your payments by up to 68%! You can use our loan calculator to calculate estimated payments after you consolidate with us.

Once the consolidation is complete you can log into your SLH account to view estimated payments, and you will also receive a disclosure statement from your final lender advising you of the amount of your monthly payments.

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Will there be a credit check?

On Federally funded Stafford Loans, there is NO credit check, so people with less than perfect credit do not have to worry about being approved for a consolidation. Credit checks are only done on defaulted Parent Plus Loans.

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When will my credit report be updated?

Credit reports are typically updated at the end of each month. Once the consolidation is complete your credit report will now reflect any of your defaulted student loans as “Paid in Full.” It will also show a new consolidated loan in current and repayment status. You can start to rebuild your credit with your new, low monthly payments on your consolidated loan.

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Here is what our Default Federal Student Loan Help will do for you:

• Stop or prevent Wage Garnishment
• Prevent Tax offset
• Prevent Judgments
• Stop the harassing telephone calls as well as demand letters to your home and work
• Stop the high interest and collection charges that accrue daily
• Help restore your credit
• Combine all of your federal loans into one payment from one lender
• You will be eligible for federal loans once the process is complete
• You will be eligible for forbearance and deferments
• Help educate on the advantages and disadvantages of rehabilitating their loan.

Part 2 - If you default on your student loan:

• Your defaulted loans will appear on your credit record, making it difficult for you to obtain an auto loan, mortgage, or even credit cards. A bad credit record can also harm your ability to find a job.
• You won't receive any more federal financial aid until you repay the loan in full or make arrangements to repay what you already owe and make at least six consecutive, on-time, monthly payments. (You will also be ineligible for assistance under most federal benefit programs.)
• You'll be ineligible for deferments.
• Federal interest benefits will be denied.
• You may not be able to renew a professional license you hold.

Once a student loan goes into "default" status the full balance of the loan becomes due immediately. It also means that other options for delaying payment, including student loan deferment and forebearance, can no longer be used.

Eventually, unpaid defaulted student loans can have long-term consequences beyond just the loan directly. For example, your credit report will take a hit. Once the loan has been forwarded for collection your wages can be garnished and your federal income tax refunds can be withheld. You also lose your elgibility for other types of federal loans.

Consolidating your defaulted loans into a new loan will show that your old defaulted loans have been paid in full. You will sign a new promissory note, and be able to start from scratch! With only one lender to deal with and one monthly bill, you will find it easier than ever to manage your debt. Also, get reinstated with Deferment and Fobearance options.

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If you default on your student loan:

• Your loans may be turned over to a collection agency.
• You'll be liable for the costs associated with collecting your loan, including court costs and attorney fees.
• You can be sued for the entire amount of your loan.
• Your wages may be garnished. (Federal law limits the amount that may be garnished to 15% of the borrower's take-home pay.)
• Your federal and state income tax refunds may be intercepted.
• The federal government may withhold part of your Social Security benefit payments. (The US Supreme Court upheld the government's ability to collect defaulted student loans in this manner without a statute of limitations in Lockhart v US (04-881, December 2005).)

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Consolidation Terms

Our college student loan consolidation program can allow you up to 30 years to repay your consolidation loan, depending on the balance of your existing loans. If you extend your repayment period, you will increase your interest expense because you make smaller payments over a longer period of time. However, you can always consolidate to extend your repayment term and then pay your loan off early if you so wish. We do not charge prepayment penalties in our college student loan consolidation program, so there is no penalty for premature payment. To take advantage of a 30-year repayment period, you must have a minimum of $60,000 in outstanding education debt.

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Consolidation Fees

Federal law prohibits lenders from charging application and other fees for federal student loan consolidation. Thus, you can take advantage of our federal college student loan consolidation program for free. Private student loan consolidation, on the other hand, comes with the same fees you would pay for any private loan. Such fees might include application, origination, and processing charges.

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Interest Rates

The way your consolidation loan's interest rates will be calculated will depend on what type of loans you're consolidating. If you are taking out a federal consolidation loan, your interest rate will be the weighted average of the interest rates on the student loans you are consolidating. This average is then rounded up to the nearest one-eighth of a percentage. The maximum interest rate for federal consolidation loans is 8.25%. Your interest rate is then fixed for the life of the loan. The interest rates for the private college student loan consolidation program are based on LIBOR, or the London Interbank Offered Rate. Private consolidation loans often come with a fixed initial rate, followed by a variable rate that fluctuates according to LIBOR.

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Why should I consolidate?

A college student loan consolidation program can help you reduce monthly payments, lower interest rates, and extend your repayment time. Student loan consolidation can also reduce the hassle of student loan payments by combining all of your loans into one convenient monthly payment. You may even use student loan consolidation to shorten the repayment term of your student loans to reduce your interest expense.

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Can parents consolidate education loans?

Yes, even education loans for parents are eligible for consolidation. Parents can consolidate education loans at any time, as long as the loan has already been disbursed. PLUS loans for parents are eligible for free federal loan consolidation.

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Am I eligible for your college student loan consolidation program?

You can consolidate your student loans if you are no longer enrolled in school more than half time, have loans that are in a grace or repayment period, and have never previously consolidated your loans. If you would like to take advantage of our free federal college student loan consolidation program, you will need to have federal student loans. Any loans that do not qualify for federal consolidation can still be consolidated with our private student loan consolidation program.

Know more about your eligibility for student loan consolidation here...

How do I apply for the college student loan consolidation program?

You can apply for our college student loan consolidation program for free by clicking "apply now" on this site. This will then take you to a short online application. We will ask you for some basic information and will contact you within 15 minutes of receiving your application if you apply during regular business hours. Our application is no-obligation and free of charge.

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What is student loan consolidation?

When you sign up for our college student loan consolidation program, you take out a new loan to pay off your existing student loans. The consolidation loan then allows you to make just one payment to one creditor each month. Almost always, consolidation loans have interest rates and monthly payments that are substantially lower than your existing student loans.

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Private Student Loan Consolidation

Private student loan consolidation allows you to consolidate your private education loans. A private consolidation loan is much like any other private loan, as you will need to pass a credit check and pay some up-front fees and charges. If you do have the credit or the income required to qualify for our private college student loan consolidation program, you have the option of recruiting a co-signer. After you make a certain number of payments on time, you have the choice of releasing your co-signer from the agreement. Here are a few benefits of our private college student loan consolidation program:

• Competitive interest rates
• No prepayment penalties
• No collateral required
• One lower monthly payment
• Earn additional interest rate reductions with borrower benefit options
• Quick online application process

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Federal Student Loan Consolidation

f you have federal student loans, you can apply for free federal student loan consolidation. Federal loan consolidation is a government-sponsored program, but the actual loan is still provided by private lenders. The interest rates of federal consolidation loans cannot exceed the maximum set by the federal government, but there is no minimum interest rate. Interest rates on federal consolidation loans will vary from lender to lender. The following loans qualify for our federal college student loan consolidation program:

• Subsidized and unsubsidized federal Stafford loans
• Federal direct loans
• PLUS loans and Grad PLUS loans
• Federal Perkins loans
• Supplemental Loans for Students (SLS)
• Federally Insured Student Loans (FISL)
• Health Professions Student Loans (HPSL)
• Health Education Assistance Loans (HEAL)

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Consolidation Step-by-Step

Taking advantage of our college student loan consolidation program is as easy as following these simple steps:

1. Fill out our brief online application. You can fill out a free online application for our college student loan consolidation program on our site. We will only ask for basic contact information, so you do not need to know the details of your student loan portfolio.
2. We will contact you to complete the process. After we receive your information, one of our college student loan consolidation program representatives will contact you within 15 minutes, if you applied between 8 AM-10 PM EST. The representative will verify your information, answer any questions you may have, and explain the next step.
3. We handle the details of your consolidation. We will find the details of your student loans in order to pay them off with your consolidation loan. You will electronically sign the application to consolidate.
4. Your loans are consolidated. Once your loans are consolidated, you begin making monthly payments to your college student loan consolidation program lender.

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Qualifying for Student Loan Consolidation

The qualifications for our college student loan consolidation program will depend on the nature of your loans. Private student loan holders will need to meet different qualification standards from federal student loan holders, for example. In general, a good candidate for our college student loan consolidation program has graduated or is no longer enrolled in school more than half time. Your loans should also be in a repayment or grace period to be consolidated.

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Student Loan Consolidation Explained

When you sign up for our college student loan consolidation program, you will take out a new loan to pay off your current student loans. You then make one monthly payment on your consolidation loan instead of dozens of payments to different creditors each month. For federal loan holders, the college student loan consolidation program is free and does not require a credit check. We also offer private student loan consolidation for those who have non-federal student loans.

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Student Loan Consolidation

Our student loan consolidation service combines your many student loans into one easy loan. You then make one monthly payment to one creditor. For federal student loan holders, our college student loan consolidation program is free. Our college student loan consolidation program is ideal for those with many loans or high interest rates. You can even extend the repayment period of your loans with student loan consolidation. Here are a few benefits you can expect from our college student loan consolidation program:

• Reduce monthly payments by as much as 60%
• Save thousands by lowering interest rates
• No credit checks or co-signers required for federal consolidation
• Flexible repayment options
• Extend repayment time to up to 30 years
• No application or origination fees
• Complete entire process online with electronic signature technology
• Retain federal borrower benefits

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College Student Loan Program

If you graduated from college with debt, you are not alone. The majority of seniors now graduate with a substantial amount of debt, which forces many graduates to face a harsh financial reality once college is over. Especially for those with multiple loans, monthly student loan payments can quickly become a huge financial burden. You might find yourself struggling just to keep track of your various loan payments. If you have many student loans, you have to worry about making different payments to multiple creditors on different days of the month. In addition to the expense of student loans, this is an incredible hassle. If you find yourself in this situation, a college student loan consolidation program can make your payments manageable and affordable again.

Read more about college loan consolidation in this link