Consolidation Companies For Student Loans

Higher Education Loan Consolidration

A higher education loan consolidation company helps student borrowers reduce their payments and ease the burden of managing several loans at once. When consolidating your debt, you may not know exactly how much money you will save or how long it will take until you pay off your loans. You should do some research before deciding whether or not to consolidate your loans. There are many factors to consider, including the amount of interest you will save each month, how long it takes to pay off your principal, and what kind of service you receive from the lender.

Federal Direct Consolidation Loans

The federal direct consolidation loan program offers low-cost loans to eligible students. These loans have fixed rates and fixed monthly payments over the lifetime of your loan. You can get a consolidated loan if you already have federal student loans and want them to be paid together. You may also qualify for a consolidated loan if you have private student loans and don’t want to continue paying those loans separately. Remember, federal consolidation programs aren’t the only option out there, though they offer great benefits. You may also choose to apply for a consolidation loan with a private lender.

Private Student Loan Consolidation Programs

Private student loan consolidation companies work similarly to federal student loan consolidation programs, offering low-interest loans to eligible borrowers. However, private lenders often charge higher fees than federal lenders do. If you decide to use a private loan consolidation firm, make sure that they have enough experience doing business with colleges and universities before they start working with you.

Income Based Repayment (IBR)

Income based repayment plans help student borrowers repay their loans while still maintaining some semblance of a normal social life. By reducing your payment amount, IBR can lower your total loan balance faster than traditional repayment options. Since IBR doesn’t require you to completely eliminate payments, it can be a good way to keep your credit score high. To learn more about income-based repayment, visit our website today!

Home Affordable Modification Program (HAMP)

If you are having trouble repaying your student loans, you could try modifying your current mortgage under the HAMP program. Under HAMP, banks will modify your existing mortgage with a government-backed loan modification that lowers your monthly payment amount. This means you won’t need to sell your house or give up any equity. Your interest rate may also change. Visit our website now to find out more information!

Paying Off Debt

While many people dream about the day when they won’t owe anyone else any money, it isn’t always possible. In fact, you might be lucky enough to actually accomplish this goal. If you are struggling to pay back a particular loan, it might be time to consider using some of your assets to cover the difference. Selling items you no longer need, cutting down on spending, or asking family members for help could all serve as viable solutions. Even though these steps aren’t ideal, they can be a necessary part of getting out of debt. Once you’ve done everything you can to pay off a particular loan, you’ll be able to breathe a sigh of relief knowing your financial situation is finally on the right track again.

Bankruptcy

Bankruptcy can be a useful tool for clearing your debts. While bankruptcy can result in some negative consequences, it can also open up opportunities for future success. Most states allow individuals to file for Chapter 13 bankruptcy, and you may be able to discharge your student loans if you successfully complete your plan. You will need to consult with an attorney about this option, however, since you will likely lose certain protections during your case. Another option is to file for Chapter 7 bankruptcy. A chapter 7 proceeding discharges all of your consumer debts, except for secured home mortgages and car loans. Be aware that filing for Chapter 7 bankruptcy can affect your credit rating, so don’t pursue this option unless you absolutely cannot afford to avoid bankruptcy altogether.

Consolidation Companies For Student Loans

Webinar Date: December 10th 2016 @ 11am EST

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In today’s webinar we’ll be talking about consolidation companies for student loans. You may know the idea behind consolidation if you’ve already had a school loan default before or if you’re currently going through a bankruptcy, foreclosure, or wage garnishment. If you aren’t, then here is a little bit of information on what consolidation is. When people have a lot of debt they often times take out extra credit cards or even get a second mortgage. Sometimes these people ask their original lender to consolidate some of the debt they owe. That means consolidating their various debts into just one. You might be wondering why someone would do that; well let me tell you why! In order to get approved for a home or auto loan, banks look at many different things. One of those things are debts owed. Having bad debts can make you ineligible for a lot of money as well as credit card approval. By combining all of these bad debts together you can avoid this problem. So how does someone find a good company? Well, I’m glad you asked! In today’s video we will cover a few companies that are great for getting rid of debt fast and saving a ton of money. We will discuss costs, fees, and repayment options.

The first company was Debtors Anonymous and they are located in California. These guys are a non profit group and if you go to them they will give you a free consultation and help sort out your bills. If that doesn’t work out for you, they have a service where you pay a fee for their services. They will consolidate your student loans and any other type of debt for just $69 per month. The only downside to their program is that if your income drops below $100 you will not qualify for a lower rate. However, if you are able to keep making payments regularly, they should still offer you a low interest rate. Their program lasts for 10 years and you won’t need to worry about paying off the debt early.

Another option is called Consolidated Bankruptcy Services. They are located in Washington State and they specialize in helping people with student loans. What makes them unique is that they specialize solely in student loan consolidation. As soon as you sign up with them, they will review your finances and determine whether or not you can afford to pay off your debts without losing everything. They will then set up an affordable payment plan and send you prequalifying letters. When you receive these letters, you are officially prequalified for a loan modification. Now you can apply for a modification online or you can call the number on the letter and talk to somebody who will walk you through the application. Most importantly, you don’t have to wait around to hear back. Once the application is submitted, they will contact you immediately with a decision. If you are denied, they will inform you immediately. Another benefit to using Consolidated Bankruptcy is that they will file your paperwork for you. They will handle the entire process including the filing of the court documents. All you will need to do is send them your case files and some forms. After that, you will never hear from them again until your debt is paid off!

Last, but certainly not least, is Creditors Education & Solutions. They are based out of New Jersey and they offer a similar service to Consolidated Bankruptcy. They will also help you with credit repair and credit counseling. They offer an 8 hour credit counseling course that teaches you how to manage your finances and understand your credit score. Also, they provide free monthly financial coaching. They offer a special introductory package where they will consolidate up to 6 types of debts for just $59.95. This includes federal private student loan consolidation, federal parent PLUS consolidation, federal Stafford Loan consolidation, private student loan consolidation, car loan consolidation, and personal consolidation. They also offer a special for military members. If you are having trouble repaying your student loans, they will allow you to transfer your loans to a government direct lending account. In addition, they will waive their fees for the first year.

So, hopefully this gives you a good overview of three awesome companies that you can use to consolidate your student loans. Remember, before choosing a company to consolidate your debts with, make sure that you do your research to ensure that they can actually help you. Many scammers out there claim that they can help you when they cannot.

Consolidation Companies For Student Loans

Student loans have been around for decades now. With the rise of technology, student loan consolidation companies have grown in popularity over the years. Consolidation companies help students take out a single payment instead of making monthly payments toward their student loans. These companies allow borrowers to combine different types of federal and private loans, including government-backed Stafford loans, PLUS loans, Perkins loans, direct subsidized loans and FFELP loans. In order to qualify for a consolidation loan, borrowers must first consolidate their loans using a company that specializes in the service. Students who are eligible for consolidation loans should choose a reputable company to ensure they receive quality customer service throughout the entire repayment process. There are many factors to consider when choosing a loan consolidation company, including reputation, licensing requirements, interest rates, fees, processing time, and the amount of customer support offered. As long as a borrower chooses the right company for them, they stand to benefit from lower monthly payments while earning better credit scores along the way. Here are some questions to ask yourself before selecting a loan consolidation company.

How Much Does the Company Charge?

There are many things to think about when comparing loan consolidation companies, but one of the biggest deciding factors should be how much money they charge for their services. Borrowers often end up paying several hundred dollars for their services if they go directly to lenders themselves. However, if they find a company that charges less than $100 per month, it’s likely they will save hundreds of dollars each year. Unfortunately, the majority of loan consolidation companies offer extremely high prices, which means borrowers will spend thousands of dollars every year simply to pay off their student loans. While this may not seem like a huge deal at the moment, it could lead to financial troubles down the road.

Do You Have Any Experience?

Borrower experience is another major factor to look at when choosing a loan consolidation provider. Do they work with clients frequently? How do they respond to client inquiries? Are they licensed and insured? These are just a few of the questions a borrower should ask themselves when researching loan consolidation companies.

Are the Rates Low Enough?

Another important thing to keep in mind when comparing loan consolidation companies is whether the rate they give is low enough. If a borrower finds a lender offering low rates, it might be worth considering since they will end up saving a significant amount of money over the course of their loan term. On the other hand, if they find a lender charging higher rates, they might want to look elsewhere or opt for another method of payment to make sure they get the best possible rate.

Does the Company Offer Extra Services?

Last, borrowers need to consider what additional services loan consolidation companies offer. When looking at the different options available for consolidating student loans, borrowers may notice that some providers offer extra perks along with their services. For example, some companies may provide assistance when filing taxes or offer free consultations when the borrower calls or emails. If the borrower finds a company that offers these additional perks, they may feel like they’re getting their money’s worth by choosing that particular company. However, these features are only offered by a select number of loan consolidation companies, so make sure you compare offerings carefully before picking a company.

Consolidation Companies For Student Loans

The student loan industry is a $1 trillion market. Consolidation companies have been providing services for many years, helping students get loans at lower rates.

Consolidation companies have been popping up across the country over the last few years. In fact, they’re doing so well that now some people question if these businesses are actually legal.

Consolidation Companies work with lenders to help consolidate private student loans into one low rate. Instead of paying interest on two different loans, consolidation companies take care of the paperwork and make it easier for borrowers to pay off their debt faster.

A good example of how consolidation works would be someone who currently has a federal loan and a federally insured private loan from Sallie Mae. A consolidation company could negotiate the best possible rate with both the government and private lender and then offer the borrower a single monthly payment.

There are different types of student loans which vary in length and terms. Federal loans tend to be longer term than private loans while private loans might not be guaranteed by the federal government.

Most consolidation companies don’t make loans directly to customers. Instead, they partner with banks, credit unions, and other lending groups. These institutions then sell student loans to consolidation companies for resale.

Consolidation Company Business Models

Some consolidation companies charge a fee upfront, while others ask for a flat-rate monthly fee. Either way, if you sign up for a service, you’ll need to start making payments immediately.

While it’s true that consolidation companies do provide valuable services to consumers, there are some concerns about just how legitimate these businesses are.

For starters, they often operate outside of state regulations. As a result, some states have banned them outright.

And because these businesses are unregulated, it’s hard to know what kind of financial safeguards they use to protect customer information.

In this video we answer the following questions:

What are consolidation companies?

Consolidation Companies For Student Loans

SoFi

SoFi is a peer-to-peer lending company based out of San Francisco, California. SoFi offers student loans to those who are seeking funding for college education. Students apply online, and if approved, receive funds ranging from $100 to $3500. SoFi offers competitive interest rates (starting at 1%). SoFi currently operates in three states (California, Texas, and Florida). However, they have plans to expand nationally and internationally.

Prosper Marketplace

Prosper Marketplace was founded in 2012 and is a peer-to -peer lending platform. As a marketplace lender, Prosper focuses on providing low-cost capital to businesses and individuals looking to start or grow their business. In order to become listed on the site, applicants need to complete a comprehensive application and submit documents verifying their personal and corporate credit history. Once accepted into the program, borrowers then list themselves as secured creditors on their own terms. If their loan is paid back on time and according to the agreed terms, they earn a profit of 2–7% annually. In December 2014, Prosper had a total balance of $1.75 billion outstanding.

ZestFinance

ZestFinance is a peer-to peer lending network offering small dollar loans. ZestFinance works by providing cash to qualified users via the mobile app. Users are able to borrow money starting at $50 and are charged yearly interests between 10% – 13%. Like Prosper, the user lists his/her assets as collateral, however, this does not guarantee 100% approval. In fact, only about 26% of applications are approved. Once a loan is funded, borrowers can use the money for any purpose including paying down debt, establishing credit, saving money for retirement, or buying a home.

LendingClub

Lending Club originated as a “banker” alternative. Founded in 2005, Lending club connects consumers that have good or bad credit with investors willing to lend for various amounts. There are many different types of loans offered, such as commercial real estate loans, auto loans, equipment financing, and even startup loans. Lenders may offer fixed or variable rates. Lending Club holds private label notes on its own portfolio of loans, meaning that it purchases loans directly from lenders at a discount and then sells them to investors. Investors can choose how long they wish to invest. On average, note holders hold their investment for four years, although some investments can last upwards to ten years. While it is true that Lending club requires no credit check, both the borrower and investor do undergo a thorough verification process.

Credit Sesame

Credit Sesame is a peer-to –peer lending web service. It was established in 2008 and is headquartered in New York City. Credit sesame offers short term loans to people with unsecure credit histories, and has expanded to offer small business loans and line of credits. Their loans range from $500-$5000. Interest rates begin at 14%, but can go as high as 30%. In addition to standard repayment options, Credit Sesame also offers payment holidays. Due to the popularity of Credit Sesame, many banks have begun to partner with them to provide additional credit products.

Simple Loan Network

Simple Loan Network is a peer-to–peer lending network. It started in 2004, and is headquartered in Chicago, Illinois. Unlike other lending platforms, it is primarily focused on small business owners. To qualify for a Small Business Loan, companies should be located in Illinois, and employ fewer than 500 employees. Simple Loan Network provides loans ranging from $5000-$400000. Applicants are required to fill out a simple online application, where they input basic information regarding their business. Afterward, the applicant receives either a decision immediately or is redirected to a customized portal to review details further. Approval decisions are provided within 24 hours. Simple Loan Network charges a 5% origination fee on each loan. This is a flat rate, regardless of amount borrowed. Simple Loan Network also offers 1 year, 4 year, and 6 month balloon payments. Loans are issued directly to bank accounts, so borrowers do not need to purchase their own direct debits with their own money. They can instead write checks against their personal bank account balances.

Funding Circle

Funding Circle is a British financial technology company that enables people to raise money from friends, family members, and existing customers for almost any reason. Based in London, England, Funding Circle is regulated by the Financial Conduct Authority. Its product is used around the world, with over 50,000 active finance circles in 190 countries. A person can join a circle simply by sharing a link to a fundraising page on Facebook and Twitter. Funding Circle then finds potential donors who share similar values. Donors can give whatever they want, whether it’s $10, $100, $1000 or more. After receiving donations, fundraisers transfer the money to the nonprofit organization. When the fundraiser reaches her goal, she gets paid within 48 hours. The minimum payout is $20, and the max is $3000.

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