Best Consolidation Student Loans

Aspire Education (Formerly known as American Intercontinental University)

A.I.U was founded in 1995 and has since been acquired by Bridgepoint Education Inc., which offers private education loans. A.I.U’s accreditation status has changed to “private nonprofit educational organization.” To qualify for federal financial aid, students need to have completed at least 60% of their coursework before applying for student loans. You should not apply for consolidation loans until after you have graduated from college, as the interest rate may increase once you graduate. The application process for A.I.U. is relatively easy. Simply apply online using their website. You will then receive an approval or denial letter via email within 48 hours. Your loan will be automatically applied for if approved. If you did not get papproved for funding, you will still be able to submit for a direct loan if you meet all requirements. This is done by going directly to the lender, such as Sallie Mae or Nelnet, and filling out an online application. Because your school will no longer be listed on the Department of Education’s list of colleges eligible for  IV funds, you will not be able to take advantage of guaranteed scholarships. However, some private schools, such as Harvard College, do offer scholarships. If you wish to attend a public university or community college, you may want to consider taking out a consolidation loan instead of taking out separate private loans. Public institutions typically offer lower tuition rates than private ones. In addition, while private universities charge you a monthly payment regardless of whether you earn money while studying, public schools only make payments if you actually receive financial assistance.

Educational Credit Management Corporation (ECMC)

As of January 2019, ECMC is now owned by Navient. According to its website, ECMC makes approximately $3 billion dollars each year. While it does offer many different types of student loans, its primary focus is on making sure that students repay their debt. Once you start repaying your loans, you will pay back about 30 percent of what you borrowed. If you default on the loans, the government could garnish up to 25 percent of your wages. When you borrow money from ECMC, you will be charged interest starting at 6% APR. Interest rates vary based on your credit history. You can find out how much you would pay by visiting their website. There are five options for repayment plans, depending on your income and the amount of time left on your loan. These plans range from 1 to 10 years. Additionally, you can visit their site to sign up for automatic bill paying. By doing this, you won’t ever have to worry about missing a payment.

National Collegiate Trust Services LLC

This company provides both private and federal student loans. Students who choose to use its federal loans will likely face higher interest rates compared to those who opt for private loans. If you choose to use a

Best Consolidation Student Loans

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The National Center for Education Statistics (NCES) reported that, from 2007-2008, there were 8,069 postsecondary institutions using federal financial aid funds. These schools included 2,462 community colleges, 6,374 four-year public universities, 1,118 two-year public colleges, 240 three-year public colleges, and 627 private institutions, including religious institutions, business schools, law schools, medical schools, dental schools, veterinary schools and nursing schools.

Best Consolidation Student Loans

Federal student loans

As we all know, federal student loans are extremely popular among students who need to finance their education. These are some of the most flexible student loans around, offering borrowers lots of repayment options and no prepayment penalties. However, they have high interest rates, averaging about 4% to 6%. However, if you take out these loans early, you could get a lower rate of interest than what’s applied to other types of loans. In addition to low rates, there are no prepayment penalties on these loans either, meaning you will never have to pay back any money before the full term of the loan expires.

Private student loans

Private student loans are very similar to federal student loans. There are two main differences between private student loans and federal student loans. First, private lenders don’t have access to the same forms of financial aid as federal student loan providers. Second, private student loans are not federally guaranteed, so they’re not backed by the U.S government. As a result, private lenders can charge much higher interest rates (12% to 18%) than federal student loans. If you choose to use private student loans, make sure you understand how repayment works, and plan to repay them. You may want to consider using a combination of both federal and private funding, rather than relying solely on private loans.

Parental PLUS Loans

PLUS loans are one of the most flexible ways to fund college expenses. Parents borrowing PLUS loans on behalf of their children can borrow up to the full cost-of-attendance at public colleges, including room and board, without paying back any money until after graduation. There aren’t any prepayment penalties on PLUS loans either, and parents can borrow unlimited amounts while still maintaining good credit history. On top of those perks, PLUS loans offer competitive interest rates compared to other types of student loans. Plus loans are issued directly by the Department of Education, making them eligible for federal financial aid programs such as Pell Grants.

Stafford Loans

Stafford loans are one of the oldest student loan programs around, being established under former president Richard Nixon in 1972. Stafford loans were created to help families afford higher education costs, and today provide great opportunities for people looking to finance college. Typically, Stafford loans carry variable interest rates, but these loans do give you flexibility in terms of repaying them. Repayment starts six months after you graduate, and then continues monthly over 10 years, unless you enter income-based repayment sooner. When you start repaying your Stafford loan, you may qualify for subsidized payments. Subsidized payments mean you won’t have to pay anything towards your loan until your income reaches a certain level. Once you reach that threshold, you’ll begin making regular payments based on your adjusted gross income.

Perkins Loans

Perkins loans were established in 1965 in order to help students attending private nonprofit institutions. Perkins loans require you to secure a separate bank account, and lenders only allow small amounts to be borrowed each year. That way, lenders can keep track of your finances and ensure you’re able to handle the loan responsibly. The maximum amount you can borrow depends on the type of institution you attend and where you live. But regardless of the amount you receive, Perkins loans are fixed-rate loans, meaning the interest you pay doesn’t change throughout the length of the loan.

Direct Loan Programs

Direct loans are one of the newest major loan programs. Created in 2007, direct loans are designed to help families with low incomes cover higher education costs. While the program does vary depending on the school you attend, direct loans always have low interest rates and no prepayment fees. You also have the option of receiving a forgivable undergraduate federal loan, which means if you end up defaulting, you can ask your lender to wipe the debt clean.

State-Specific Student Loans

Every state offers its own unique set of student loan programs. Some states, like California, offer multiple different loan programs for residents. Make sure you check with your local state office to learn more about state-specific student loan options.

Best Consolidation Student Loans

Federal Direct Loan Program (Direct PLUS)

The federal direct loan program is available at the U.S. Department of Education’s website. This program provides low-interest, fixed rate loans that may be eligible for consolidation. The interest rates are fixed for the life of the loan. There are two types of programs under the direct loan system; the Stafford Loan and the Perkins Loan. Both have variable interest rates tied to the prime lending rate plus a percentage. These loans are not guaranteed by the government and they do not affect future eligibility for financial aid. If you choose to consolidate these loans, you cannot lose any eligibility for financial aid. However, if you do not repay your student loans, you could still be held responsible for them. Each private lender sets its own repayment terms.

Federal Family Educational Loan Program (FFELP)

This program is also administered by the U.S. Dept. of Education. Under this program, you can borrow money to attend school by taking out a subsidized FFELP student loan. You can take advantage of this program by attending public schools or higher education institutions. Loans are available for undergraduate studies, graduate degrees, professional courses, and vocational training. To qualify for this program, you must meet certain income requirements and maintain satisfactory academic progress. If you are unable to complete your degree, you may be able to defer payment until after graduation. After graduation, the remaining debt will need to be repaid. Repayment plan options include the standard 10 year repayment plan or the extended period plan.

State Guaranteed Student Loans

If you are looking to attend college outside of the United States, state guaranty agencies offer low interest loans for students studying abroad. A list of these agencies can be found on the National Association of Student Financial Aid Administrators’ website.

Private Student Loans

Private student loans are issued by banks, finance companies, credit unions, and mortgage lenders. Interest rates vary greatly depending on the type of loan you apply for and the amount borrowed. There are three basic types of private student loans, each with different repayment and forgiveness plans. All of these loans are non-dischargeable in bankruptcy and some allow interest free periods.

Consumer Credit Counseling Service (CPCS)

If you have questions about your student loan debt, you should contact your financial institution first. Your bank should be able to provide information regarding your account and what steps you need to take to resolve your concerns. If you decide to go through consumer counseling services, expect to pay $10-$20 per hour for a certified counselor. Additionally, there is a fee for using the service. An additional benefit of using CPCS is that you will have access to counselors who specialize in student loan issues.

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