Consolidate Student Loan Debt Private: Easing Your Burden

How to consolidate student loan debt private might be something that you need right now to get funds for your education. Here are all the things you should know about consolidating student loans and the recommended lenders that you might choose.

Student Loan Consolidation

Student loan consolidation is a process where you combine multiple student loans into a single, new loan. The main purposes are to minimize your monthly expenses and reduce your monthly payments or achieve both. 

There are two main steps to consider. You have the option to combine several federal student loans into a single federal loan with the Department of Education. Alternatively, you can trade for a student loan refinance, which involves exchanging multiple federal or private loans for a new private loan.

Generally, Private student loans and federal student loans cannot be consolidated. The lower interest rate with federal loans is not eligible for private education loans. Nevertheless, you don’t have to worry because you’ve got many options for refinancing private education loans.

How to Consolidate Student Loan Debt Private?

Finding the best lenders to consolidate student loan debt private is like finding a four-clover leaf. It is really hard, but if you find it, you will get a fortune. The best lender is like a fortune. You just need to have deeper observations to choose. Therefore, here are a few steps that you need to follow.

1. Observing the Lenders that Meet Your Need

Each lender offers various programs and products to the beneficiary in a specific situation. You should understand your situation and decide which lenders you want finally. 

For instance, some lenders are open to refinancing international student loans. Also, some out there might consider a refinance even if you didn’t graduate. Therefore, ensure to do research thoroughly before deciding the one. 

2. Obtaining Multiple Interest Rate

You might have to provide some basic information to prequalify, but you don’t have to worry. Why so? Because it will not effect your credit score. Your purpose is to obtain the best competitive interest rate available. You must compare the interest rates and choose the best one that suits your budget and needs. 

3. Deciding the Lenders and Loan Terms

Make sure you understand your interest rate, whether it’s a fixed or variable one, and also need to pay attention to your repayment term. These are the most important factors directly impacting your monthly payments and the overall cost.

4. Finishing the Application

Once you’ve got the loan offer all figured out, and you agree with the terms and conditions, you’ll need to make it official by going through the application process. You have to prepare all the documents to make the process smoother.

The Best Providers to Consolidate Student Loan Debt Private

A consolidate student loan debt private will help you simplify your payments. Here are some lender recommendations that suit your needs and meet your interest criteria.

1. Consolidate Student Loan with Brazos

Brazos offers fixed rates of about 4.90% to 7.24% and variable rates of about 5.23% to 9.37%. They also offer loan amounts of about $10,000 to $400,000  with loan terms of 5, 7, 10, 15, and 20 years. 

Brazos is a non-profit lender that offers student loan refinancing to Texas residents at competitive rates and with flexible terms. If you’ve completed your degree and have a stable income and a good credit history, you might be eligible to refinance your student loan debt with Brazos.

So, Brazos is the best option if you live in Texas, finished your degree, and have good credit. 

2. Citizens

The fixed rate for Citizens is about 6.99% to 10.99%, while the variable rate is about 7.27% to 12.42%. The loan amount is about $10,000 to $750,000, depending on degree and loan type. You can also choose the loan terms for 5, 7, 10, 15, or 20 years.

Citizens offer private student loans and student loan refinancing for anyone across the United States. You will be directed to the website for Citizens One, the national lending division for Citizens, depending on where you live. This is the best lender for loan refinancing, even if you didn’t graduate.

3. Consolidate Student Loans with Education Loan Finance

It offers a fixed rate of about 5.48% to 8.94% and the variable rate is about 5.28% to 8.99%. The minimum is about $10,000 with the loan terms for students being 5, 7, 10, 15, and 20 years, while the parent loan terms are 5, 7, and 10 years.

Education Loan Finance (ELFI) is a student loan refinancing program provided by SouthEast Bank, based in Tennessee. It’s open to college graduates and parents all across the country.

4. EdvestinU

EdvestinU offers a fixed rate of about 6.00% to 9.37%, while the variable rate is about 8.04% to 9.79%. The loan amount is about $7,500 to $200,000 with loan terms of about 5, 10, 15, and 20 years. 

EdvestinU doesn’t offer as much debt refinancing as other lenders. However, it provides a wide range of loan term options, and you can choose between a fixed or variable interest rate. 

Moreover, EdvestinU doesn’t require you to have completed your degree. You can refinance your student loans with them as long as you meet their income and credit requirements.

5. INvestED

They offer fixed rates of 5.90% to 9.27%, while the variable rate is about 8.40% to 12.28%. The loan amount is about $5,000 to $250,000 with loan terms of about 5, 10, 15, and 20 years. 

Furthermore, INvestEd doesn’t require you to have a degree to refinance your debt. The best offer from this lender is that they offer various repayment options, allowing you to select a loan term that suits your budget perfectly.

Which Consolidate Student Loan Debt Private You Prefer?

Now, you know about how to consolidate student loan debt private to support your academic progress. Moreover, you also have a list of the best lenders of student loans that you can consider depending on your needs and conditions. Choose the best one, and get all the benefits!