What Banks offer Privet Student Loan Consolidation?
I am 2 years out of college and have 4 seperate loans (1 being federal). I am looking to consolidate the remaining 3. I know wells fargo offers consolidation but their interest rate is to high and i wouldnt be saving any money. Does any one know of any other banks/lenders that can even offer consolidation or had any luck?
When you get a private student loan it falls under some of the same rules as a federal student loan, specifically if you declare bankruptcy your student loan debt will not go away.
When you consolidate a private student loan you achieve the most significant benefit of being able to combine multiple monthly payments into one payment to one loan modification company.It can be a good idea to consolidate private student loans if your Credit Score has improved.
Consolidate your student loan and mortgage – One option if you are a few years out of College and you own a home which has appreciated in value is to take out a Home Equity Line of credit and pay off your student debt. This is essentially consolidating your Student Loan with your Mortgage. The benefit is the ability to have the lower payments.
Here are list of Best Private Student Loan Consolidation Companies:
1.Wells Fargo Student Loan Consolidation
Wells fargo offers private student loan consolidation. You have the option to have both fixed or variable rates on your consolidated loan. The application process can take from 45-60 days.
Wells Fargo has two options to lower your interest rate. You can lower your interest rate by 0.25% by setting up automatic payments.
The second way to lower your interest rate is if you are a Wells Fargo customer you can lower your interest rate by 0.5%
2.Student Loan Network Consolidation Review
The student loan network offers to get you in touch with lenders who can help consolidate your student loan.
Because they are essentially a middle man they can help when you are stuck getting a consolidation loan from some of the larger private student loan consolidation companies.
3.Chase Student Loan Consolidation
Chase has offered consolidation loans in the past. They have the highest satisfaction rating for customer service but do not offer the best interest rates.
Chase would be a great option to consolidate your student loans if you already have any business with them.
4.Next Student Loan Consolidation
If you are looking to consolidate your student loans quickly than Next Student Loan Consolidation may be the right option for you. They pride themselves on their speed at which they can consolidate a student loan.
Like payday cash advances, they are financial tools that are often mis-used. Unless you absoloutly need to consolidate your loans quickly I would recommend you use caution with a Next Student Loan Consolidation.
5.Cedar Education Lending Consolidation
Cedar Education Lending offers Private Student Loan Consolidation ranging from $7,500 to $125,000 with a 15 year term and interest rates as low as 4.75%.
One unique offering from this consolidation company is the “interest only option” for four years. If you are struggling to make your monthly payments and extending the repayment term to 15 years is not enough to make the payments affordable than the interest only payment option may be worth investigating.
Another unique aspect to a Cedar Education Consolidation is the co-signer release if you make 12 consecutive payments.
6.cu Student Loans Consolidation
The EdSucceed Private Student Loan Consolidation offered by cu includes many of the benefits the other companies offer. These benefits include a 15 year repayment program, 12 consecutive on time co-signer release and a 4 year interest only option.
Some of the requirements include a monthly salary of $2,000 and verifiable income for the co-signer.