Best Banks To Consolidate Student Loans

Student loans can be confusing. You have federal loans, private loans, guaranteed student loans, consolidation loans, forbearance loans, income based repayment plans…the list goes on and on! There are many different types of loans to help students pay off their academic debt. However, not all lenders provide loans that offer borrowers the best rates and options. In order to find the best lender for consolidating student loans, borrowers should do some research before choosing a loan provider. Below are seven banks that we feel are the best options for those looking to apply for a consolidation loan.

CITI Bank

Citi bank offers several repayment programs for borrowers. These programs are designed to lower monthly payments over time while still paying back the original amount borrowed. Borrowers will need to complete three steps to receive these payment plans. Step 1 requires completing a credit counseling application. Step 2 involves applying online for a loan. Step 3 entails accepting the terms of your loan. Once accepted, you can begin making payments towards your debts. If a borrower does not make regular payments, they risk losing their eligibility for certain loan programs. A borrower’s interest rate may increase if they miss payments.

Citizens Financial Group (CFG)

CFG is a reputable financial institution with a variety of products and services geared towards helping borrowers consolidate their student loans. CFG offers two primary repayment plans for borrowers – Income Based Repayment and Graduated Repayment. Both repayment plans allow borrowers to start repaying at low monthly payments that gradually increase until the balance is paid off. Both repayment plans include fixed monthly payment amounts along with flexible payment options. Additionally, borrowers who utilize CFG’s optional Direct Loan Program can use their consolidated loans to purchase a home.

Capital One 360

Capital One 360 lets its customers manage their personal finances by providing them the opportunity to make payments via automatic withdrawals from checking accounts, direct deposits, and debit cards. This financial institution provides borrowers with a wide array of repayment options including standard repayment, graduated repayment, and income-based repayments. The company uses this information combined with a consumer’s income and spending habits to determine what type of repayment plan would work best for each customer.

Sallie Mae

Sallie Mae is a well-known name in the world of lending. Their reputation extends beyond just student loans. Their various offerings and services range from mortgages to auto loans. They offer several repayment options for borrowers. Borrowers can choose between Standard Repayment, Graduated Repayment, Income Based Repayment, and Extended Repayment. Each of these repayment plans includes flexible payment options. A borrower’ s interest rate remains constant throughout the term of the loan.

SunTrust

Suntrust Bank offers several types of student loans that are specifically tailored for borrowers. Borrowing options offered by SunTrust include Federal PLUS Loan, Federal Perkins Loan, Private Alternative Loan, Public Service Loan Forgiveness, and Educational Assistance Loan. All of these loans require the submission of a FAFSA® application. Interest begins accruing after six months of missed payments; however, borrowers can enter into a forbearance period. After a 15-month forbearance period, borrowers must either resume payments or request forgiveness from the Department of Education.

US Bank

US Bank was created by the merger of U.S. Bancorp and Security National Corporation. They specialize in several financing products, including mortgages, auto loans, and educational loans. Similar to most lenders, they offer several repayment options. Borrowers can select between Fixed Rate Repayment, Gradated Repayment, and Income Based Repayment. Payment options are flexible and can be changed at any time without notice.

Wells Fargo

Best Banks To Consolidate Student Loans

Bank of America

Bank of America is known for its easy-to-use online banking system and variety of student loans. If you are looking to consolidate student loan debt, then consider using their service. Their interest rates may vary depending on your credit rating. You might have to pay a fee if you decide to go with them; however, they offer no prepayment penalty.

Capital One 360

Capital One 360 offers competitive interest rates and no prepayment penalties. Their customer service is excellent and they offer different payment options. However, their online banking system could use some work. If you have a balance transfer account with them, make sure to check out our post regarding best balance transfers.

Chase Freedom

Chase Freedom has great monthly payments, low fees, and no prepayment penalty, making it a good option for consolidating student loan debt. You will need to open an account with them though, because they do not currently offer direct deposit.

Citibank N.A.

Citibank N.A.’s interest rates are higher than those offered by the two banks above, but their loans are longer term and have lower application fees.

Wells Fargo & Co.

Wells Fargo & Co. offers competitive interest rates and flexible repayment terms. They offer a free online bill pay service, along with many other perks. In addition, they offer low application fees.

Sallie Mae

Sallie Mae offers great interest rates, flexible payment schedules, and no prepayments on their student loans. They also offer a free online bill paying service and customer service representatives who speak English.

SunTrust Bank

SunTrust Bank offers competitive interest rates, flexible payment plans, and no prepaymentation penalties. They also offer a number of helpful features including an online bill pay service and no additional charges for paperless statements.

Best Banks To Consolidate Student Loans

Sallie Mae

Sallie Mae offers various types of loans that include both federal and private student loans based on qualification. Their current interest rates are lower than most banks’ loan programs, making their service cheaper than many of its counterparts. Their service includes a variety of features like automatic payments, alerts, and an online portal.

Ally Bank

Ally bank offers students low-interest rates and flexible repayment plans. Its service is affordable and convenient, with no hidden fees. Its online portal makes paying bills super simple. If you have any questions about how to consolidate student loans, just ask!

Synchrony Bank

Synchrony Bank was founded in 1884 and provides financial services to individuals, businesses, and nonprofit organizations. It has a lot of flexible options for consumers who need help consolidating student loans. You can even pay off your debt over time without worrying about adding extra charges.

SunTrust Bank

SunTrust bank offers a variety of services including checking accounts, credit cards, home equity loans, mortgages, and CDs. Consumers choose them to provide them with a full suite of banking services at competitive prices.

Citibank

Citibank is a leading provider of consumer finance products and services. They offer many different types of loans, including auto loans, personal loans, small business loans, credit cards, and much more. They are known for offering consumers great financial products at reasonable prices.

USAA

USAA offers insurance for car accidents, travel accident, home damage/loss, and medical emergencies. They also offer a variety of banking services, including savings and money market accounts and CD accounts. In addition, they offer free checking accounts and debit card accounts.

Wells Fargo & Co.

Wells Fargo is a provider of retail banking and wealth management products and services. They’re a major player in the industry and have been around since 1852. They’ve recently started offering some unique loans for college students, including the UConnect Rewards Visa Card.

Best Banks To Consolidate Student Loans

Bankrate (www.bankrate.com)

Bankrate provides consumers with information about banks, credit cards, mortgages, home equity loans, personal finance, investing, insurance, retirement planning, and money management. They offer helpful articles, tools and calculators to help readers make smart financial decisions.

Chase Manhattan Savings Account (www.chase.com/savingsaccount)

Chase offers savings accounts for individuals who wish to have access to their own money without having a traditional bank account. You can choose a checking account option to earn interest online, or get a competitively priced certificate of deposit.

Discover Financial Services (www.discover.com)

Discover’s Online Banking lets you manage your finances and bank accounts online using your computer. You can pay bills, transfer funds between accounts, or check balances at any time.

Fidelity Investments (www.fidelity.com)

Fidelity is a provider of investment solutions including mutual funds, index funds, ETFs, individual stocks, fixed income products, and annuities. Their website lets you easily invest in various types of assets while helping you save time and boost returns.

ING Direct (www.ingdirect.com)

ING Direct offers a number of banking services including basic checking, business banking, consumer lending, mortgage, and wealth management. Their website offers helpful information for beginners and seasoned investors alike.

JPMorgan Chase & Co. (www.jpmorgan.com)

JPMorgan Chase is a global leader in providing banking, securities, and investor and commercial finance. They provide many different kinds of financial services to businesses, institutions, and individuals around the world.

State Farm Bank (www.statefarm.com)

State Farm Bank specializes in home loan financing, auto and motorcycle loans, student loans, and small business loans. Their website lets you find the best loan options based on your specific needs.

Best Banks To Consolidate Student Loans

CitiBank

CitiBank offers competitive rates, flexible payment options, easy online application, and convenient access to a wide range of financial products and services. You can consolidate student loans at CitiBank and enjoy their low APR rate of just 4.99% fixed for 12 months. 2. US Bank

US Bank provides a variety of affordable loan options including auto  loans, personal loans, home equity loans, credit cards and private student loans. Their unsecured personal line of credit is offered at competitive rates and approval times. Take advantage of their automatic repayment program and repay over time using a consumer-directed account. 3. Wells Fargo

Wells Fargo’s student loan consolidation offer makes it easy to eliminate high interest rates and pay off your debt faster. Apply in minutes and have funds deposited directly into your bank account. Save money, save time and get control over your payments. Just take out a new student loan and make monthly payments to consolidate both federal and private loans. If you want to refinance your existing loans, apply for our instant cash advance.

Consolidating my student loans was one of the best decisions I’ve ever made! My monthly payments have been lower since day 1 and I’m now able to invest where I want to without worrying about paying bills. I highly recommend everyone look into this!!! No credit check guaranteed approval! ————————————————–

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