What is ed loan consolidation?
Ed loan consolidation involves combining your many education loans into one, convenient loan with one monthly payment and a lower interest rate. We offer both private ed loan consolidation and federal ed loan consolidation, depending on the types of ed loans you have.
Why should I consider ed loan consolidation?
First and foremost, it will save you money. You can slash your monthly ed loan payments by up to 50%. You can also lock in a low, fixed interest rate (as low as 6-7%) that will last for the life of the loan. Alternatively, you can extend the term of your current loans to give yourself more time to pay them back (up to 30 years). We have many, flexible repayment options from which you can choose, as well. In addition, by using ed loan consolidation, you will reduce the hassle of paying off multiple student loans each month. After consolidating, you will have one payment to worry about, which saves you a great deal of time.
When am I eligible for ed loan consolidation?
The ideal time to take advantage of ed loan consolidation is during your loans' grace periods. However, you are free to consolidate during other periods as well, such as repayment, deferment, or forbearance periods. Students who have recently graduated or who are about to graduate are in a prime position for ed loan consolidation.
What if I have private ed loans?
If you have private student loans, you can certainly still consolidate with our private ed loan consolidation program. We will help you reduce your interest rates, lower your monthly payments, and even extend the term of your loans, if you wish. Keep in mind that for private ed loan consolidation, your ability to qualify will be contingent upon your creditworthiness.
Will my credit affect my ability to take advantage of ed loan consolidation?
With federal ed loan consolidation, there are no credit checks, and no co-signer is required. The program and application are free, with no charges or fees assessed. With private ed loan consolidation, qualification is contingent upon a satisfactory credit check. The application for private ed loan consolidation is free, but you may be assessed other processing fees.
Can I apply for ed loan consolidation online?
Absolutely. In fact, in most cases, you can complete the entire ed loan consolidation process online for free! Just click "apply now" anywhere you see it on our website, fill out our application, and you will be on your way to ed loan consolidation. Our application is quick and easy, and you don't need to know the current details of your student loan portfolio. We can help you with all of that. We make things as convenient as possible, allowing you to sign your ed loan consolidation application with our unique electronic signature technology.
Is ed loan consolidation interest tax-deductible?
Most people are able to deduct consolidation loan interest from their taxes. However, this is something you would need to consult your accountant or tax advisor about to get a more accurate answer.
If you have any questions that do not appear on our FAQ page feel free to contact us.
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