The Road to Consolidating Private Student Loans

There are many plusses to consolidating private student loans and very few minuses. The advantages are obvious. This will give the borrower some breathing room by allowing him or her to make just one monthly payment instead of several. Having one interest rate is an advantage too.

Student loan consolidation offers fixed interest rates as well as no fees or credit checks, no penalties for prepayment and easy to live with rates. It is a pretty sweet deal.

There are steps you must take to consolidate private student loans and we will discuss them here.

First you must call or email a student loan consolidation company and get an application from them. There are many such companies online and you will find them by doing a search.

Fill out the application form and be sure not to leave out any information that will in any way delay or hinder your loan. These are the things that are imperative that you include on that application: your current address, your social security number, names and contact information of two personal references, monthly expense information about your home, monthly income and expense information, the estimated loan amount you are requesting to be consolidated, the loan account numbers that are to be considered, the names and addresses of the loan account servicers, and the outstanding balance or the expected pay off.

After you have filled that in, be patient and whatever you do continue to make the payments on the loans you have. Never assume anything until you receive a confirmation letter from the company you applied to that the other loans were paid in full.

Some companies will knock some off their interest rate if you will agree to an auto payment plan.

There you have it. Consolidating your private student loans could not be easier. Just remember that you can’t consolidate private and Federal loans. Never comingle these as you will be turned down.