Best Bank To Consolidate Student Loans

6 min read

Sallie Mae

Sallie Mae offers a unique student loan consolidation program that lets you consolidate federal loans and private education loans into just one monthly payment at a lower interest rate. You can even choose to use your old credit card balance to pay off your debts, which could save you hundreds over your lifetime. Plus, they have no hidden fees and offer a hassle-free application process.

CitiBank

CitiBank offers a flexible repayment plan that gives you the option to repay your debt over time. You can make payments either weekly, biweekly, or monthly, and they don’t charge any extra fees. However, their customer service isn’t top notch, so you’ll want to research your options before signing anything.

GreenPath

GreenPath offers an affordable solution for people who need help paying back their student loans. Their online tool helps you estimate how much you can afford to pay each month and what your total payoff amount will be after 25 years. Once you find out how much money you can realistically put toward your loan, apply for the best student loan refinancing deal.

Chase Slate

If you have bad credit, Chase Slate may be the perfect option for you. They offer low rates and payments without requiring collateral. If you’re willing to commit to making 12 monthly payments, you could be eligible for a special promotion.

Prosper

Prosper not only has some of the lowest interest rates, but their customer service is exceptional. Many students prefer them over alternative lenders because they provide 24/7 access to their representatives via chat, phone, and email.

Nelnet Direct

Nelnet Direct’s flexible installment plans let you take advantage of today’s low interest rates while still taking care of your future financial obligations. By consolidating your loans under one provider, you could end up saving thousands of dollars over the course of the loan period.

National Collegiate Trust

The NC Trust doesn’t require traditional proof of income like a job or asset; instead, they evaluate your financial situation based on factors like your credit score, employment status, and current debt levels. As a result, if you fall behind on your payments, they won’t go after your assets.

Best Bank To Consolidate Student Loans

BancorpSouth

BancorpSouth provides loans to individuals and families who can’t afford to borrow money at high interest rates through the use of federal student loan funds. The company uses its expertise in banking to help students pay their fees while at the same time providing funding from the government. BancorpSouth has grown steadily over the past decade with annualized revenues reaching approximately $3 billion and assets exceeding $19 billion. In addition, BancorpSouth has been named a Best Company to Work For by Forbes Magazine in 2015, 2016 and 2017.

Capital One 360

Capital One360 offers small business owners and entrepreneurs low-cost solutions tailored specifically for their needs. If you are looking to get your business off the ground but don’t want to spend a fortune, then this may be the best option for you. There are no minimum deposit requirements and monthly fees start at just $0 per month. Businesses have access to a wide variety of products including checking accounts, savings accounts, credit cards, debit cards and merchant services. Capital One360 is a great choice if you’re looking to consolidate student loans.

Synchrony Bank

Synchrony Bank was established in 1994 and currently serves customers in 23 states. Their online presence makes it easy to apply for a bank account, make deposits, transfer money, check balances and make payments. They offer competitive rates and online bill payment options. As of June 2016, SynchronyBank had almost $15 billion in total assets.

SunTrust Banks Incorporated

SunTrust is another well-known banking institution with many branches located nationwide. They offer a number of convenient services to both businesses and consumers. This includes checking accounts, credit cards, home equity lending, mortgages, mobile banking, online banking, and more. SunTrust has been consistently rated among the top banks in the United States since the early 1990’s.

CapitalOne 360

CapitalOne360 provides small business owners and entrepreneurs with flexible financing options and personalized service. They allow users to set up a variety of financial products ranging from simple checking accounts to sophisticated equipment finance. As of July 2018, they have more than 28 million clients worldwide. Clients benefit from competitive rates and simple applications.

USAA Federal Savings Bank

USAA Federal Savings Bank is a premier provider of financial products and services for military personnel and their families. They offer banking products at competitive prices, quick deposits, and 24/7 customer service. Over the years, USAA has earned the trust of millions of members and their families.

BB&T Corporation

BB&T is a leading financial institution based out of Winston-Salem, North Carolina. They provide personal and commercial banking products and services to small businesses throughout the country. They provide products including checking accounts, payroll deduction plans, cash management systems, merchant processing, and much more.

Best Bank To Consolidate Student Loans

The best bank to consolidate student loans is a good question that many people ask. I have consolidated my student loans twice already. Once was to get a lower interest rate than what i was paying currently. Another time was to pay off the loan faster than my original plan. In this video, I share the pros and cons about each type of consolidation.

-Consolidating Student Loan Can Save You Money

-Pros and Cons of Each Type of Consolidation

-What Is the Best Way to Consolidate Student Loans?

-How Much Would Your Monthly Payment Be if You Consolidated?

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Best Bank To Consolidate Student Loans

Best Bank To Consolidate Student Loans

Navy Federal Credit Union

Navy Federal is a massive credit union supporting over 9 million active members. As a government-backed financial institution, they offer some of the best rewards programs and low interest rate loans around. The average student loan debt per person in America exceeds $37,000. Most people don’t realize that if you consolidate federal loans you could save thousands of dollars in interest payments each year. Not only do they have great offers to help pay down debt, but you can even earn cash back while saving money! You can borrow between $100-$10,000 to help pay off those hefty student loans.

Capital One 360

Capital One 360 is a relatively new player in the lending game, but their online platform provides some of the easiest ways to manage loans. Their app makes paying bills and consolidating loans much easier. If you would rather not use a mobile application, then you can still take advantage of their secure website. They have competitive rates and allow you to apply for any type of consolidation, private student loans, and business loans. They even offer a special program for veterans.

American Express Membership Rewards Card

If you already carry an Amex card, then using your existing card to earn points may seem counterintuitive at first. But, once you use your card to make purchases you can easily transfer the points earned to your own personal account. Use your points towards anything you want. Many major retailers will give you points just for checking out with them. That means you can get cash back, travel rewards, or discounts just by using your credit card. Even if you aren’t planning to spend the points right away, you can keep track of how many you’ve earned in Earn Points.

Discover More Savings Account

Discover is not only a great bank to start with, but they also offer great savings accounts. Their Cash Wise Checking Account pays 0.15% APY and has no minimum balance requirement. Your direct deposits go directly into your account and you won’t face fees. It is FDIC insured and free to open.

ING Direct CD Rates

ING Direct is a well known provider of high yield CDs and Treasury Bills, but did you know they also offer great deals on student loans? They provide both fixed and variable rates. Fixed rate loans provide stability and avoid fluctuating rates, but they cost a little bit more. Variable rates are lower than fixed, but have the potential to rise.

CIT Bank Online Banking

Citibank provides some of the most competitive rates on student loans. They also have a fantastic online banking system that lets you access your account from anywhere. They also have 24 hour ATMs nationwide so you never need to worry about not having access to funds.

Wells Fargo Online Banking

Wells Fargo provides some of the lowest rates on student loans. While they didn’t receive a perfect score on our list, they were able to land on the top 10 due to their strong customer service. In addition to online banking, Wells Fargo has a number of different tools to help customers monitor spending and budgeting.

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