FAQs about Student Loan Consolidation
Here are the answers to the most commonly asked questions about simple student loan consolidation.
What is simple student loan consolidation?
Simple student loan consolidation bundles your eligible student loans into one consolidation loan, on which you make one monthly payment to one creditor. Federal simple student loan consolidation is a free government program distributed through private lenders. Private simple student loan consolidation is a non-government loan issued by private lenders. Simple student loan consolidation can help you reduce the hassle of multiple loans and save you money on payments and interest.
How do I apply for simple student loan consolidation?
You can apply for simple student loan consolidation by clicking “apply now” on our website. This will take you to our short, free application for simple student loan consolidation. We will ask you only for some basic contact information, so you don’t have to worry about finding the details of your loan portfolio right now. If you apply during our regular business hours (8 AM-10 PM EST), one of our loan representatives will contact within 15 minutes to complete the process. With our system, you can complete the entire simple student loan consolidation process online and via telephone, thanks to our electronic signature technology.
Do I need good credit to qualify for simple student loan consolidation?
For federal simple student loan consolidation, the loan is not credit-based, so no credit check is involved. Almost anyone with federal student loans can qualify for a federal consolidation loan. With private simple student loan consolidation, on the other hand, the loan does involve a credit check. If you are not creditworthy for a private consolidation loan, you can always recruit a co-signer. We even offer an option whereby you may release your co-signer from the agreement after you make so many payments on time.
How much will simple student loan consolidation cost me?
Unlike those many of the other consolidation sites, our application is completely free. Federal simple student loan consolidation is also a free program sponsored by the federal government, so you will have no out-of-pocket costs. With private simple student loan consolidation, you can apply for free, but there may be other fees associated with the loan. You will also pay higher interest rates that will likely be variable.
Why should I consider simple student loan consolidation?
The reasons to choose simple student loan consolidation abound. For one, you can simplify your life by reducing the hassle of having to make dozens of different student loan payments each month. Simple student loan consolidation lets you bundle your loans, so you’re only making one, easy payment per month. Secondly, simple student loan consolidation will save you money. You can reduce your interest rates, lock in a fixed interest rate, and slash your monthly payments.
What Rights Do I Have When Consolidating?
You have rights that are accustomed to all loan situations. To learn more about them check out our borrower rights and responsibilities page.