Get Help Paying Off Your Private Student Loans Faster with Consolidation.

What Are Private Loans?

Private student loans are not federal loans and do not have any government backing. Instead, private lenders offer these types of loans to people who need money for educational purposes. These loans often carry high interest rates, and borrowers are expected to pay them off over long periods of time.

How Do You Get Out Of Debt Using A Loan?

There are many ways you can use a loan to help get out of debt. One option is to consolidate your private student loans. When you consolidate your private student loans, you combine several smaller individual loans into one larger loan. By combining a number of small debts into one big debt, you reduce how much you owe. Then, you only make one payment per month instead of making payments for each separate student loan. However, consolidating your loans does mean that you may qualify for less money. If you are wondering whether or not to consolidate your loans, here are some things to consider first.

Does Consolidating Make Sense?

If you are thinking about consolidating your private student loans, ask yourself if it makes sense. For example, there are many advantages to consolidating your private student loan. You could save money by making just one monthly payment rather than several. Also, consolidation lets you simplify your financial situation by cutting down on paperwork. However, there are disadvantages to consolidating as well. For instance, you might lose access to certain repayment options. Another issue is that you might lower your credit score by being added to a collection agency’s list.

Should You Consider Other Options First?

Before deciding whether or not to consolidate private student loans, you should think about other ways to get out of debt. For example, you could refinance your current student loans. Refinancing your existing student loans means renegotiating your rate and terms. This can give you extra cash to put towards consolidating your private student debt. Or, you could take advantage of income-based repayment plans. Income-based repayment plans let you repay your private student loans at a lower rate while still taking advantage of certain perks.

How Can I Find Out More About My Options?

You can learn more about your options by visiting websites or speaking with a company representative. Most companies offer free consultation services, so call today to find out what you’re eligible for!

Get Help Paying Off Your Private Student Loans Faster with Consolidation.

APR 6%, Term 5 years, Monthly Payment $0.00, Interest Rate 2%, Loan Type: Private Student Loan

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If you have questions about paying off your private student loans faster, use our free debt consolidation calculator to determine if consolidating your private student loans may benefit you instead. There are many different factors that go into determining whether or not consolidation might work for you. Let us do the hard work for you. Remember, at Loan Tracker, we want to help you repay your loans faster.

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Get Help Paying Off Your Private Student Loans Faster with Consolidation.

Consolidate your private student loans with Sallie Mae and get help paying off your loans faster! You’ll need decent credit and some money saved up before applying, however. You should apply as soon as possible after getting financial aid if you want to have a chance at getting approved. Here’s how to do that.

Make sure you’ve got enough cash saved up.

You’re going to need to pay about 10 percent of your total loan amount in application fees alone. If you don’t have any extra cash set aside, try using a personal savings account (if it isn’t locked). Get $10-20 from each friend you know who has applied recently, then pay them back once you’ve consolidated.

Check your credit score.

Before you apply for consolidation, make sure you have a credit score of at least 680. A good score is around 750, so you might want to put off applying until you’ve got a few points higher than that.

Open a current checking or savings account.

If you haven’t already done so, open a bank account where you can keep money specifically for consolidating your loans. Once you have your own place to keep your money, go ahead and apply online.

Apply online

The application should only take about 30 minutes, plus the processing time. You’ll need to prove that you have enough cash saved up, your credit score, and have opened an account just for the purpose of consolidating loans. After you submit everything, you’ll get an approval or denial within 5 days.

Get Help Paying Off Your Private Student Loans Faster with Consolidation.

Consolidating private student loans can save borrowers money over time. But don’t expect consolidation companies to lower your interest rate — they make their money by charging fees to borrow more money than you need.

Borrowers who consolidate pay at least two types of fees:

Upfront fees These are one-time charges paid when a borrower first applies to get loan consolidation.

Annual renewal fees. These are charged annually after your loan is consolidated.

You’ll have to decide if the upfront charges outweigh the savings that consolidating your loans may provide. You might consider going to a different company if they charge lower up-front fees, especially if you’re looking to refinance your loans.

If you decide to go with a company that charges upfront fees, shop around. Be sure to ask about how much you’d save in total monthly payments. If you find a company that’s willing to give you a good deal, you may want to stick with them. But if the upfront costs aren’t worth the savings, you could end up paying more in the long run.

You should also check out whether any upfront costs are covered by tax credits or grants. If these types of programs exist, you could qualify for a discount on upfront fees. Find out what type of tax credit you qualify for.

Before you apply for consolidation, read the fine print on your loan documents to understand what you’ll be agreeing to. Make sure you know exactly what you’ll owe once your loan is consolidated. Compare your options before deciding where to apply for consolidation.

Consolidate your student loans with a reputable company that offers low fixed rates. Check lenders’ ratings online or call the Better Business Bureau for information on complaints filed against each lender. And make sure you understand the terms of repayment, including applicable penalties and late fees, before you sign anything.

The Bottom Line

When you apply for student loan consolidation, look for a company that’s willing and able to offer low upfront fees and competitively priced annual renewal fees. If you plan to repay your loans via income-based repayment (IBR) or income-contingent repayment (ICR), choose a lender that uses IBR/ICR plans. These plans allow you to reduce your payments and save on interest while still making progress toward student loan debt relief.

Get Help Paying Off Your Private Student Loans Faster with Consolidation.

What Are Private Student Loan Consolidations?

Private student loan consolidation loans are unsecured personal debt solutions that help consolidate private student loans into one loan while still maintaining a separate account number and payment date. These types of loans offer borrowers a way to pay off their credit card debt and other bills while making only one monthly payment instead of several.

Why Should You Consider a Private Loan Consolidation?

When compared to government-backed student loans, private student loan consolidations have some distinct advantages. The first advantage is that they allow students to get rid of any existing balances before applying for a new consolidation. Secondly, they make it easier to qualify for federal financial aid programs. Finally, they provide borrowers with flexibility in choosing how much money they borrow. If you’re looking at ways to pay off your private student loans faster, consider private student loan consolidation options.

How Does Private Student Loan Consolidation Work?

Private student loan consolidations work on the same principle as conventional bank accounts. In order for them to be successful, borrowers need to set aside enough money each month to cover both the interest payments and principal repayment (if applicable). If you start by making a $100/month deposit toward your loan balance, your total outstanding amount will drop by $100 every month. When the remaining loan balance reaches around 10% of what you originally borrowed, your lender may be willing to accept less than 10% as a down payment. After this point, lenders take a higher percentage of the remaining loan balance as collateral.

What Is My Monthly Payment On A Loan?

The amount of your monthly payment is based on two factors: the length of time you plan to repay your loan and how much you owe. Both of these variables determine the monthly payment amount. If you decide to settle for a 10-year loan, you will likely have a lower monthly payment than someone who took out a 20-year loan. Also, if you borrow more money, your monthly payment will increase.

How Do I Choose the Right Loan Company?

Choosing the right loan company can be a tricky business. Here are three things to look for in a good private student loan consolidator:

Reputable Companies: Look for companies that are well known by reputable credit reporting agencies.

Responsible Companies – Ask yourself whether the company offers flexible loan terms, competitive rates, and customer service.

Reliable Companies – Look for companies whose reputation is built on solid foundations, rather than flashy marketing campaigns.

How Much Can I Save By Consolidating?

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