Is it possible to combine all my college loans, even from different lenders, into one monthly payment?
iMack asked:
I have college loans from about 5 different lenders, and I want to combined them into one payment, is it possible? Is it normal to borrow from different lenders?
I have college loans from about 5 different lenders, and I want to combined them into one payment, is it possible? Is it normal to borrow from different lenders?
Tags: College Loans, Lenders
August 26th, 2009 at 5:59 pm
You can apply for a bill consolidation loan or join the military and have them pay it off for you!
August 27th, 2009 at 4:19 am
You can only combine them into to one once you are done with school and have to start paying on them. I asked my lender the same question and that was their answer.
August 27th, 2009 at 6:32 am
Maybe you can try below website to get the information you need. It’s about student loan consolidation articles for your second opinion.
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August 30th, 2009 at 12:32 pm
Yes you can absolutely do that. The process is called student loan consolidation, and it combines all your loans into one monthly payment plan. You can read about loan consolidation here:
Here’s an article that lists the best student loan consolidation companies:
Good luck!
September 2nd, 2009 at 2:10 pm
When it comes to student loan consolidation programs, there is only one consolidation program. The Federal Student Loan Consolidation Program offers a fixed interest rate on your loans with multiple payment options to help meet your budget.
When you are choosing between student loan consolidation companies, the differences come down to customer service. All offer effectively the same borrower benefits including:
.25% - auto debit option, standard with all loans.
1% - rate discount for ontime payments (standard with all loans)
1-2% - cash back, (instead of a rate discount that will cost you more in the long run)
The customer service is key in insuring your loans are structured for the discount or cash back that can benefit you most as well as answering all your questions now and in the future. Look for a company who will assign you a loan advisor vs. a mass call center as they typically will take more time with you to work through your situation.
Be aware that the FFELP Consolidation Program is strictly for your Federal Loans. Some companies will want you to consolidate your private and federal loans together vs. separately. This is a big concern to the Department of Education as students have been losing their Federal Benefits.
For more about the Federal Cosolidation Program, check out the source below, or message us at studentaidlending.
Good luck, I hope this helps!
September 3rd, 2009 at 1:21 am
Yes you can. Start by calling the lenders you have your loans with and ask questions. ALL the interest rates will be the same. Its a weighted average. You need to look at your borrower benefits. Everyone will offer you the .25% at repayment for auto debit. Look for the best reduction with the least amount of on time payments. Stick with the big boys in the game and DO NOT go with someone that will consolidate federal with private loans. The federal consolidation plan in NOT a good one. Also try to pay it off in ten years, no more than that. Good luck.