Question
I have $60,000+ in combined school loans for my graduate and undergraduate education. I have two subsidized staffords, two unsubsidized staffords, and one previously consolidated loan. My grace period ends in March and I am looking for the best deal to consolidate. At a minimum, I am looking for vendors who: - do not charge a fee for applying or consolidating with them - offer interest discounts for direct debit payment and on-time payments - have no prepayment penalties - offer interest rates lower than 5.25% which is what I found at Citibank Do you have any leads?
I have $60,000+ in combined school loans for my graduate and undergraduate education. I have two subsidized staffords, two unsubsidized staffords, and one previously consolidated loan. My grace period ends in March and I am looking for the best deal to consolidate. At a minimum, I am looking for vendors who: - do not charge a fee for applying or consolidating with them - offer interest discounts for direct debit payment and on-time payments - have no prepayment penalties - offer interest rates lower than 5.25% which is what I found at Citibank Do you have any leads?
Answer
Sallie Mae is a leader in student loans and student loan consolidation.They meet all your above criteria......except maybe the interest rate. By law, lenders are required to use the same interest rate formula for consolidation loans. However, many lenders offer interest-rate reductions for paying on time or via direct debit. It is important to read the fine print and understand how you become qualified for or disqualified for a lender’s borrower benefits programs. Beyond savings, borrowers should consider customer service, flexible repayment options, online account access and applications, reputation and industry experience when selecting a lender. They have a lot of info on their website about consolidation, including a calculator that will let you plug in your loan amounts and see what your payments would be, based on which repayment option you choose. http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm
Sallie Mae is a leader in student loans and student loan consolidation.They meet all your above criteria......except maybe the interest rate. By law, lenders are required to use the same interest rate formula for consolidation loans. However, many lenders offer interest-rate reductions for paying on time or via direct debit. It is important to read the fine print and understand how you become qualified for or disqualified for a lender’s borrower benefits programs. Beyond savings, borrowers should consider customer service, flexible repayment options, online account access and applications, reputation and industry experience when selecting a lender. They have a lot of info on their website about consolidation, including a calculator that will let you plug in your loan amounts and see what your payments would be, based on which repayment option you choose. http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm
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