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Tag Archive: student loan refinancing

  1. How to consolidate Student Loans

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    Student loans help the student pay for tuition fees among other aspects. The availability of payday loans has made it easy for students to find a loan solution that will help them consolidate all the previous loans and deal with only one loan. In essence, loan consolidation combines several smaller loans into one. Students have been looking for ways to consolidate loans, and we connect lenders to borrowers who will fund their loans

    What to Consider Before Consolidating Student Loans

    Consolidating Student Loans

    Consolidating Student Loans

    Before you choose to consolidate, your student loans have a look at the current interest rate and the rate that your lender is giving you. You can use online calculator to determine if the loan that you will repay will be more than what you are paying currently. Financial experts recommend that you should have a criteria on how to deal with your loans, these include

    1.      Amount owed- as a borrower, you should understand the loan that you owe your creditors. This is essential because it will help you find a good interest loan that you can repay all your debts. Depending on the repayment schedule and balance, your monthly interest rate and payment will vary considerably. The total number of loans that you owe determines the interest rate charged by your lender. You should look for a lender who will give you affordable interest rate.
    2.      Think short term and long term. If you recently graduated, you should not base your decision to consolidate the loan on current financial situation. If you are looking forward to a better paying job then an income based repayment plan is the perfect option. However, the reverse is true as well and you should research properly before making a decision.
    3.      Interest rate: interest rates will vary from one lender to the next and we connect you to hundreds of lenders in our network who will evaluate your loan request and give you the terms and conditions of the loan. Look at the interest rate and the modalities of your loan repayment.

    When you have several student loans, it is imperative that you consider consolidating them. There are numerous benefits in consolidating loans as a student. These include:

    Easier Loan Management

    We connect borrowers to lenders who will fund their loan request. You should choose a lender who is experienced and will help you get the best interest rate. Managing one loan is easier than managing several small loans with high interest rates.

    Consolidating the loan with a low rate could be the best option

    •  low rate could be the best option

      low rate could be the best option

      In this category, you can consolidate all your loans into one and request your lender to pay the loan on your behalf and pay your lender in advance. If you do not have assets to put forth as collateral, you should not be worried because we will connect you to lenders in our network who will finance your loan. The idea of borrowing is that your lender will pay off all your debt and you will repay the loan with your income.

    • Consolidating student loans is to reduce the overall debt and make things more manageable for you to repay easily.

    Consolidation loans combine several student loans into a one bigger loan. Consolidation plans are available and you should make a wise decision when choosing one. You should consider the following when choosing a consolidation loan:

    1. Interest Rate

    The interest rate of the consolidation loan is a weighted average of the interest on the loans which are being consolidated, and it is rounded up to the nearest 0.125%. Once you have filled out the simple loan application form on our website, we will connect you to lenders in our network. When you choose to consolidate the loans, make sure that you understand all the terms and conditions as well as the repayment process. Do not be fooled by lenders who promise low interest rates and then increase the rate gradually, making the repayment process difficult. More importantly, look at the interest that you will pay over time.

              2.  Cost Of Consolidating

     Cost Of Consolidating

    Cost Of Consolidating

    Apart from a small decrease in the interest rate of the consolidation, you should look out for any additional costs that are involved. We connect you to lenders in our network who do not charge any cost for consolidating the loan. Under no circumstance should you pay for a loan request or connection to a reputable lender who will finance your loan. We strive to give clear and straightforward terms and conditions. We do not charge any upfront fees. If you want to know more, please check out our frequently asked questions as well as contact our customer care representatives.

    Who can consolidate student loans?

    The parents and the student can consolidate their education loan. You can also contact your lender to give you further information on your eligibility.

    • You can consolidate your private loans into one loan and talk to your lender on the best way to deal with the loan. In order for you to consolidate your student loan, you should add previous existing loans into the current one and merge these loans together. However, it is important to note that you cannot consolidate just one loan. Essentially, you need to merge several loans to qualify for loan consolidation.
    1.  Repayment plans

     Repayment plans

    Repayment plans

    Student loan consolidation gives access to alternative repayment plans that allows the borrower to get a good loan deal on the overall cost of the loan.

    • Consolidating student loan will reduce the interest rate, monthly repayment amount, and the total loan to be repaid. In most cases, small loans are associated with high interest rates that often increase the total amount of the loan to be repaid over time. It is important that you negotiate for a lower interest with your lender to allow you to get a good deal.
    • It is recommended that you stick to a plan that is beneficial and will work for you financially. We link you to reputable lenders and when you know how student loan consolidation works, you will be in a position to get the best deal.
  2. Student Loan Consolidation Rates

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    Student Loan Consolidation Rates

    Student Loan Consolidation Rates

    Nowadays, the rates offered for student loans have become very attractive as a business. As a student, you will be able to find rates from the government, private and individual agencies. With the wide range of choices, you are tasked with finding the best rate. It is clear that paying for college education is a costly endeavor. Therefore, you will most likely consider getting a student loan to meet your financial needs. At times, one loan cannot satisfy your needs and therefore, you can go for two or three. The loans you take have different terms and only consolidation can help you to pay them easily. Consolidation will mean you pull all your loans together to form a single, larger loan.

    Choosing the Right Consolidation Rates

    • Choosing the Right Consolidation Rates

      Choosing the Right Consolidation Rates

      Finding a suitable consolidation product can be very challenging. This is because there are so many of them available in the market. All of them with rates that you cannot shy away from in any way. Most of them have tempting products and services that are so attractive. With us, you will be able to find a genuine and legal agency.

    • We provide you with a list of reputable companies. The companies working with us have advisory teams that will ensure that you only settle for a loan consolidation rate that is most suitable for your situation. You will also be able to go through reviews and recommendations given by other students who have used the consolidation services. This will help you to confirm the legitimacy of the various agencies or lenders. We ensure that you get the appropriate information about your lender of choice prior to accepting any terms.
    • You should note that when settling for any of the agencies, you have to be certain of the student loan consolidation rates provided. Always keep in mind that the lending business is very competitive. Even though all the agencies have good rates, it is important that you take your time to search through. Doing a broad search will help you choose an appropriate agency and at affordable rates.
    • When choosing a good program, you need to be aware of the interest rates. You should be ready to pay for the high interests. Actually, interest rates play a significant role in any loan.

    Consolidation Companies

    • Consolidation Companies

      Consolidation Companies

      It is important to understand that there are several consolidation agencies available and you have to choose carefully. We have done our part to ensure that you make the best choice out of the good choices lined up for you. The companies in our network offer flexible rates that will save you money. This is because they know that you are a student who needs to have accommodative rates. They have made the whole process simple and fast.

    • The agencies have a guarantee of the minimum legal interest rate. This comes in handy in the long run. All the agencies you will find have been in the industry for a long time with many users.
    • Reputable companies offer minimum student loan consolidation rates and all you are required to do is fill out simple forms. In addition, some of the agencies will not ask for sign up charges or even conduct a credit check. The main benefit is that the agency you choose will strive towards charging you the least interest possible.
    • There are some companies that will be able to reduce your loan by a significant percentage. You will also be able to consult them before you start the process. In addition, the agencies have the capacity to handle all types of loans. Even if your loans are completely different, the agency of your choice will consolidate them and create a new plan for you.
    • Even if you have never consolidated your loans before, you can still find suitable student loan consolidation rates services. If you are already out of college or are almost graduating, it is important to inform your agency. The agency will then offer you a regular payment plan that fits your current status.

    Ways to keep check of consolidated student loans

    1. Student loan

      Ways to keep check of consolidated student loans

      An effective way to minimize the chance of needing a student loan or even consolidate loans is by reducing your expenditure. For instance, you can choose to move to a place with a cheaper way of lifestyle.

    2. Today, many people including students have credit cards. However, having a credit card while you are still a student can be a source of continuous cash problems. The first thing is that credit cards are subject to high interest rates. That small but regular payment that you just added to your credit card could be costing much higher after adding the interest rate.
    3. You can get through your situation even without seeking out a student loan. This is achievable when you spend prudently. Avoid spending money when you can’t afford to. When you cultivate this habit, you will be able to save a lot of money by saving on interest.
    4. You can also avoid ending up in a student loan fix by looking back at your savings. At times you may not know that you have some money saved in the bank in the form of bonds and stocks. You can decide to use your savings and handle your pressing financial matters without seeking out a loan. This will make you accountable to yourself.
    5. Consolidation is a way of reducing your high monthly repayment amounts. You are required to find the appropriate lender with best rates. In order to be certain of reduced payment, you have to choose carefully. Ensure that you check the terms, interest rate and charges.

      Loan consolidation can be one of the most effective methods of ensuring that you maintain a good credit history.


  3. Student loans consolidation

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    When talking about student loan consolidation, there are two main types that you should be aware of – private student loan consolidation and federal student loan consolidation. Both processes are often being mixed up. They are in fact quite different.

    • Private student loan consolidation, also known as student loan refinancing, is a financial process that you take on by using the services of a private lender. If you have a good credit score, you may be able to qualify for better loan terms and save a significant amount of money with a lower interest rate student loan.
    • Federal student loan consolidation is when you take out a student loan through the Department of Education. In order to be eligible for certain federal loan repayment programs, you may need to consolidate, h. However, federal consolidation will not save you any money or in any way lower the interest rate that you are paying.

    The basics of private student loan consolidation (student loan refinancing)

    Student loans consolidation

    Student loans consolidation

    Private student loan consolidation (or student refinancing) is a replacement of several student loans (federal, private or a combination of both) with a new, single private loan. By doing that, if you manage to get a lower interest rate and fees on your brand new private student loan, you will be able to save a significant amount of money. What will ultimately determine your private student loan terms is the state for your credit score, job history, monthly income and educational background. All these factors will determine the interest rate of your private student loan. What you usually need to qualify for a private student loan is a credit score that is in the mid 600s.

    The interest rate that you would be able to get with such credit score will vary between 2% and 9%. It is very important to understand that if you decide to refinance your federal loans into a new private loan, you will automatically lose the privileges that federal student loans have. Such federal student loan privileges include interest-free deferment, access to various federal loan forgiveness programs as well as income-driven repayment. If you have made up your mind and you are ready to begin the procedure for your private student loan consolidation, make sure you compare what different private loan lenders are offering you so that you can choose the one that offers you the best loan terms with the lowest interest rate.

    Basics of federal student loan consolidation

    Basics of federal student loan consolidation

    Basics of federal student loan consolidation

    If you decide to consolidate federal loans, they will be repaid by the government and then the will be replaced by a single consolidation loan. Normally, you are eligible for a federal consolidation loan once you have graduated, left school or if you have dropped below half-time enrollment. To consolidate your federal loans through the Department of Education will not cost you a thing, which is a big advantage compared to private companies that will charge you a certain fee to consolidate your loans.

    When consolidating federal loans, the new fixed interest rate that you will get is going to be the weighted average of all your previous rates, all of them rounded up to the next an eighth of 1%. For example, if the average of your previous rates is 6.05%, your new interest rate is going to be 6.15%. You will also get a brand new loan term with a duration of between 10 and 30 years. Normally, your repayment term will start within 2 months from the date your consolidation loan was first disbursed and will then be based on your overall federal student loan balance.

    Consolidating federal student loans

    According to the website of the Federal Student Aid, it takes up to 30 minutes to apply for a federal student loan consolidation for most borrowers. As part of the application process, you will be required to provide some details about the federal student loans you currently have, and also choose a federal loan repayment plan and services for your new federal consolidation loan. You will need to complete the application process for a federal student loan in just one session, so it would be for the best to do some research prior to starting the federal loan application process. Once you are ready to apply, you can follow these steps:

    • Consolidating federal student loans

      Consolidating federal student loans

      Visit website and log in using your Federal Student Aid ID. By clicking the ‘Complete a Consolidation Loan Application Note’ under the consolidation and repayment tab, you will find the application. 

    • After that, you will need to select the federal loans that you would like to consolidate. You may choose to consolidate a specific loan or choose to consolidate all of them.
    • Then you will need to choose a student loan provider. Federal loan providers are private companies that manage federal loans for the Department of Education. You will be able to choose one of four providers for your brand new direct consolidation loan. You will also be able to state with the loan servicer that you have used for your previous federal loans.
    • Choose a repayment plan for your brand new federal consolidation loan. With a  standard federal loan consolidation repayment plan, depending on your overall federal student loan balance, you will be making equal payments each month for the next 10 to 30 years. You can also choose another repayment plan as you have an option of 6 more repayment plans to choose from, including 4 income-driven repayment plans.Before you start with your federal loan application process,  you can try the Federal Student Aid’s repayment estimator in order to choose the best repayment plan for yourself. By using this tool, you will get an idea of the amount of money that you are going to have to pay each month with the different repayment plans. If you have chosen an income-driven repayment plan, you will be required to provide some information regarding your income.
    • After you have chosen a repayment plan, complete and submit your federal consolidation loan application.


"Thanks and I have enjoyed my association with you and your company. I would have never been able to do this on my own. Again, thanks for your help." Sandy P.

"My first student loan payment out of many loans was coming up and it was going to put a huge dent in my pocket. But luckily for me I found Apple Debt Care; they really helped me consolidate all my loans and now I only have to make one low payment that I can actually afford." - Eddy A.

"Thank you so much, I appreciate working with you and AppleDebtCare; You have already helped me so much and are continuing to help me get back on my feet and to manage my debt better." Demetrice M.