Consolidate Student Loans Private

Consolidate Student Loans Private

Consolidating student loans private is a great way to save money on interest rates and fees. You can choose to consolidate either federal or private loan consolidation and make your payment once per month instead of paying several times throughout the year. Most lenders offer no-cost consolidations; however, you may have to pay some upfront costs depending on the lender.

Reduce Your Payments

If you decide to take advantage of consolidating student loans, try to reduce your current monthly payments. By doing so you can cut down on the number of months spent making your monthly payments. If you’re able to lower your payments by 20%, you’ll save $100 each month off your balance. However, some lenders charge extra fees if you make a payment less than 14 days before your due date. Also keep in mind that most lenders apply a discount rate to your repayment amount and sometimes you might not get that percentage back. Make sure to read all of the terms and conditions attached to your consolidation agreement and know what’s included in your total cost.

Consider Refinancing

Consider refinancing your existing student loans. Many people find they qualify for a lower interest rate when refinancing their student loan. Check out our post about the best student loan refinance options to learn how.

Avoid Defaulting

You should never default your student loans. There are many reasons to avoid defaulting, including avoiding garnishment and even having your tax refund seized. Students who defaulted were subject to severe penalties and even had the option of being prevented from getting student loans again.

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Consolidate Student Loans Private

Hello everyone,

I just wanted to share my experience with consolidating student loans via New York State Higher Education Services Corporation (HESC). I have been working with HESC since 2012. I attended college in Buffalo NY at Canisius College until June 2011, then transferred to SUNY Cortland until May 2014. At both institutions, I received financial aid to help pay for school. I graduated from Canisius in 2012 with a degree in Psychology and was awarded $8,000 in grants and scholarships from the college. In 2013, I graduated from SUNY Cortland with a Bachelor’s Degree in Counseling and earned over $15,000 in scholarships. My total cost of education came out to about $20,000 per year. Throughout 2013-2014, I worked full time while attending school and paid back some of my educational debt, but I still had roughly $10,000 left. That money would go towards living expenses if I decided to stay in NYC after graduation. I didn’t want to do that, so I applied for consolidation through HESC.

The first step was filling out their online loan application. You’ll need to know the amount of federal student loans you owe, interest rate and length of term. On average, I think I ended up paying around 2% in interest per month. After filling out the application, they were going to send me a letter asking for documentation of employment. There are two ways to provide proof of employment. One way is to submit a W-2 form, and the other way is to fill out a 1099-MISC form, which you get from your employer. Either way, you will need to attach a copy of your paycheck stubs for six months. Once they receive everything, they will let you know what date you can expect to hear back from them. If you don’t hear anything, call them again and ask if they’ve received everything. If they haven’t gotten back to you yet, email them with questions. Make sure you tell them you’re sending emails from I sent mine on July 23rd, 2016. I heard back from them three days later saying they’d received everything. The next step was getting preapproved for borrowing from Consolidation.com. I filled out a short application, answered a few questions, and waited for approval. Usually, this takes anywhere between two weeks to four months to receive approval. I got approved right away! You are allowed to borrow a certain amount based on how much you currently owe, what state you live in, the type of loan (Federal Direct Loan/Private), etc. I chose to borrow $9,750. I went ahead and started making payments of $70 each month. I was able to put off those payments for five years, then I would start making payments starting at $400 per month. If you make less than $40,000 per year, you may not qualify for the Public Service Loan Forgiveness Plan. If you do qualify, you would only have to pay back 15% of the remaining balance instead of 20%. After completing the steps above, I finally got my final documents in the mail. I called HESC and asked about payment options. Paying back the consolidation loan is done electronically, but you may opt to make monthly payments. I opted to pay the entire loan back at once, rather than pay off the principal and interest at different times. Your monthly payment is calculated on a percentage of your outstanding balance. The minimum payment is currently $30. If you decide to consolidate your student loans, remember to shop around and compare rates. Remember, the best deals aren’t always the cheapest ones. Also, keep in mind that you could actually end up saving money by choosing to consolidate. When it comes to finances, you should never make a decision without comparison shopping. Take advantage of these tips and make the right choice for yourself!

Consolidate Student Loans Private

Consolidate student loans private

When people go to college they want to focus on their education not worry about paying back their school loans. But if you don’t pay them off over time then it becomes a burden that weighs on your shoulders. If you’re interested in consolidating your student loan payments, we’ve outlined some reasons below for why this is a good idea.

Paying Off Your Debt Early

One of the best things that you can do for yourself is to graduate from school without having any debt. Even though you may be able to secure jobs right after you finish high school, you still have debt and that’s not something you want. By getting rid of those debts early will allow you to start saving money and put it towards other things of importance instead of being forced to buy things just because you have to.

Lower Monthly Payments

There are different types of loan programs out there that you could apply for. You might be eligible for a fixed rate loan where you’ll always pay a set amount each month, regardless of how much your balance goes up. Another type of program you could get is called an income based repayment plan. Under these plans, you make monthly payments based on what your yearly income is. So say you make $50k per year, you’d pay around $250-$300 per month.

Pay Less Interest

By refinancing your student loans, you can lower the interest rates that you pay and save thousands of dollars in interest fees over the course of your loan. And since you’re making extra payments to reduce the total amount outstanding, you’ll end up paying less in interest overall.

Reduce the Term of Your Loan

If you have a lot of debt, you should look at taking out a longer term loan rather than a shorter one. A longer term loan means that you’ll pay off the entire loan earlier, but you’ll also have to pay a higher interest rate. However, a short term loan means that you won’t have to pay as much interest, but you’ll have to pay off the entire loan way later. In general, a 6-10 year term loan is ideal and will give you the best of both worlds.

Get Out Of Debt More Quickly

Another benefit of consolidation is that you’ll be able to pay off your debt faster. Instead of repaying several smaller debts throughout the years, you’ll only need to repay your consolidated loan once. That’s a great thing because if you aren’t careful, you could find yourself going deeper in debt because you were unable to keep track of your finances.

Avoid Collection Calls

It doesn’t matter if you consolidate now or later, eventually your balances will increase enough that you could be hit with collection calls. These calls will be annoying and it’ll probably scare you, but if you know ahead of time that you’re going to be stuck with a big bill, you can take preemptive measures to avoid this problem. One of the best ways to avoid collection calls is to make sure that you never miss a payment. If you miss even one payment, the lender can report you as delinquent, which will result in a collection call.

Consolidate Student Loans Private

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Consolidate Student Loans Private

Consolidating Student Loans

If you have student loan debt, then chances are you want to consolidate them before they snowball out of control. You may have heard about federal consolidation programs and how much money they save you, but what if the program isn’t right for you? In addition, many people find themselves not eligible for certain programs due to their current income level.

Federal Loan Consolidation Programs

Federal loan consolidation programs do exist and can help you reduce interest rates and fees. However, these programs are only for federal loans (Stafford, Perkins, PLUS, etc.). If you don’t qualify based on your current income, then consolidation is not the best option for you. Unfortunately, private loan companies have no incentive to extend lower interest rates to low-income families who need financial assistance the most. Therefore, it’s often impossible to get a good rate on a private loan.

Federal vs. Private School Loans

You should choose federal school loans (Stafford, PLUS, etc.) over private school loans (Sallie Mae, Navient) if possible. A lot of private school lenders offer lower interest rates than federal school loans; however, you won’t always receive the lowest interest rate. When you use a private lender, you’re at the mercy of whatever terms the lender offers.

What Are My Options?

There are some options out there for those who wish to consolidate their student loans privately. There are also alternatives that are better suited for students with bad credit, but we’ll discuss those later. First, let’s look into the pros and cons of each type of loan.

Pros and Cons of Federal Loans

Pros:

No prepayment penalties

Access to government forgiveness programs

Better repayment plans

More flexible payment terms

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