Everything You Need to Know About Student Loan Consolidation

Tired of managing multiple federal student loan payments? If so, Maybe it’s time to consider loan consolidation.

Firstly, loan consolidation combines multiple federal student loans into one big loan with a fixed interest rate. The interest rate will also be the average of the interest rates of the loans that were consolidated.

Secondly, it’s an opportunity for an alternative repayment plan. So, repayment plans can extend beyond the 10-year repayment, extending from 12 to 30 years. That being said, you will only be required to pay one monthly fee after your loans have been consolidated.

Lastly, any federal education loan can be consolidated and you can even consolidate a single loan. You can only consolidate a loan once. In order to reconsolidate an existing consolidated loan, you must add loans that were not previously consolidated to the already consolidated loan

Top Student Loan Consolidation Options in 2020:

• Credible: Accepts credit scores from 630. 100% free pre-qualification. Accepts Federal, private, Parent PLUS. No origination fees.

• Earnest: Accepts credit scores from 650. Has unemployment protection. Accepts federal, private, Parent PLUS. No fees of any kind.

• Splash Financial: Accepts credit scores from 670. 95% customer satisfaction. Accepts federal, private, Parent PLUS.

• College Ave: Accepts credit scores from 680. Accepts private, federal, parent loans.

• LendKey: Accepts credit scores from 660. Accepts federal, private, Parent PLUS.

• Education Loan Finance: Accepts credit scores from 680. Earn $400 for referring a friend. Accepts federal, private, parents, consolidated.

• Laurel Road: Accepts credit scores from 660. Accepts federal, private, past consolidated.

• CommonBond: Accepts credit scores from 660. Accepts Federal, private, past consolidated.

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