QandAs: Loans

When can I Consolidate my Student Loans?

Answer:
Student loan consolidations involve no application

fee or credit check. Since a consolidation can result in a lower interest rate and save you much each month, it only makes sense to apply for a refinance or consolidation with a Federal or private lender.

The best time to consolidate a student loan is when rates are low. Even so, graduates and current students can consolidate at any time. Because student loan payments do not begin until after graduation, most students wait until this time to consolidate. It is best to consolidation early because the application process can take up to three months. Fortunately, graduates receive a six to nine month grace period.

Additionally, college students can consolidate their student loans prior to graduation. A few months before graduation, you can start shopping around and comparing different programs. Getting the best rate possible is the main objective.

What’s more, student loan consolidators offer a range of payment options to meet your financial needs. Since student loan rates are expected to increase in the future, locking in a low, fixed rate is a smart financial maneuver, and ensures affordable payments.

The application process is easy, and credit history rarely affects approval. If you have Federal and private student loans, choose a private lender and consolidate all loans into one.


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