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Consolidating Education Loans
When consolidating education loans, you’re refinancing one or more education loans into a new loan, typically with a lower monthly payment and an extended repayment term.
There are two types of consolidation loans:
Who can consolidate their education loans?
College graduates or parents with Federal education loans are eligible for consolidation.
What should I look for when choosing a consolidation loan?
There are several factors to consider when choosing a consolidation loan lender. Keep in mind the following tips:
- Every lender starts off with the same consolidation interest rate
- Various discounts are offered to get your business
- Determine the likelihood that you’ll actually get the discount (believe it or not, some lenders make this really hard)
- Buyer Beware – Most lenders hope you don’t read the fine print when you sign up for their loan consolidation program. Be sure to thoroughly review their loan terms and conditions.
Did you know…
Based on recent changes in the Federal Student Loan Program there are situations when it can cost you more money to consolidate. In one quick phone call, we can help you determine if consolidation is right for you. Call us:
1-877-256-0066. |
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