QandAs: Loans

What is Student Loan Consolidation?

Answer:
Student loan consolidation is a great way to

manage your finances and reduce your monthly student loan payments. Upon graduating from college, many people have thousands of dollars of student loan debt spread out over several loans.

Wouldn’t it be nice to make one payment a month? This is possible with a student loan consolidation. Regardless of whether you have Federal loans or a private loan, you can consolidation and save money.

Consolidation is simple, and most people can get approved with no credit history or bad credit. There are many reasons to consider a student loan consolidation. You can reduce your payment up to 52%, which makes the loan more affordable.

Additionally, this is the perfect way to lock in a low, fixed rate. Enjoy predictable monthly payments that won’t increase or decrease. Lastly, with a consolidation you can combine all your loans into one. This equals one easy monthly payment.

If you have Federal and private student loans, you can’t consolidate with a Federal lender. However, you can select another private lender (credit union or bank) and combine both loans. To be eligible for a private student loan consolidation, satisfactory credit is required. Applicants without a good credit history can apply with a co-signer.


	more Q&A sessions like this
	When can I Consolidate my Student Loans? Which of my student loans can be consolidated? Will Student Loan Consolidation affect my Credit Score? What is Federal Student Loan Consolidation? What information do I need to consolidate my student loans? What are the Benefits to Student Loan Consolidation? What is a Private Student Loan? Where can I get a personal loan? Where can I get a Home Equity Loan? Can I consolidate my debt on a credit card?