Best rates on consolidating student loans
In addition to refinancing student loans and parent PLUS loans, the company offers undergraduate and graduate school loans.It partners with Pencils of Promise, an education nonprofit, to fund the education of a child in the developing world each time it funds a new student loan in the U. Best Features: Common Bond allows qualified borrowers to release a co-signer, and children can refinance parent PLUS loans into their name.If you’re using the paper application, you’ll mail the application to the servicer of your choice. You could also choose the Income-Based Repayment Plan, the Pay As You Earn Repayment Plan or Revised Pay As You Earn Repayment Plan as long as your consolidated loan doesn’t include a parent PLUS Loan.With ICR, IBR, PAYE and REPAYE, your monthly payment will be 10 to 20 percent of your annual discretionary income, the difference between your actual income and 100 to 150 percent of the federal poverty guideline for your family size and state.When you refinance your loan, you can choose a five-, seven-, 10-, 15- or 20-year term.Common Bond will match your federal loan deferment period if you graduated the same year you apply and your loans are currently in grace period deferment.If the servicer delays processing, you won’t have to make your first payment until the end of your loan’s grace period. You can submit it online or mail the completed paper application to one of the servicers that manages Direct Consolidation Loans.The servicer you choose for your consolidated loan will inform you when it pays off the existing loans, at which point you can stop making those payments and start repaying your Direct Consolidation Loan.
The lender issues a new loan based on your creditworthiness.By contrast, federal loan consolidation won’t change how much interest accrues, and eligibility doesn’t depend on your creditworthiness. You can consolidate your federal student loans and refinance your private loans, or consolidate some of your federal loans and refinance others.Or, you may research your options and determine you shouldn’t use either.You have the option of listing loans that you don’t want to consolidate but that you want factored into your total loan balance. You can choose among Great Lakes Higher Education Corporation & Affiliates, Navient, Nelnet or Fed Loan Servicing.Your total loan balance will impact your Direct Consolidation Loan’s repayment period and monthly payment. If you plan to use the Public Service Loan Forgiveness program, you have to choose Fed Loan Servicing, as it manages the program. When you consolidate your loans, you may be able to choose the Standard Repayment Plan, Graduated Repayment Plan, Extended Repayment Plan or Income-Contingent Repayment Plan.
Some debt relief companies offer to consolidate your loans for a fee, but this isn’t necessary. You’ll have to submit your name, address, Social Security number, driver’s license state and number, contact information and two references who’ve known you for at least three years. This information should be on your monthly billing statement.