The Best Student Loan Consolidation Companies for Any Situation

Your monthly payments and interest rates are too high. You need relief and you need it now. You’re working a decent paying job but it’s not enough to make serious inroads with your student debt. That’s where student loan consolidation companies can help.

They are a great option for reducing interest rates and making your monthly payments more affordable. They also relieve some of the tension that goes with student loan debt.

But you’re probably wary of having to work with one of those big banks that are known for predatory lending practices and gouging there customers. Like many others, you’re probably worried that you’ll become their next victim and make your situation even worse.

You’re not alone. Thousands of college grads are going through the same thing. And that’s why we created this quick and simple guide to student debt.

It shows you who the best companies are to refinance student loans and how the loan consolidation process works. And it also shows you how to do it with or without the big banks.

So how does student loan consolidation work?

  1. When you consolidate your loans, you are basically combining multiple loans into one loan. This makes your debt better organized and easier to manage. You don’t have to juggle more than one loan.
  2. When you refinance student debt, you are getting a new loan from another lender with lower interest rates and better loan terms. Your new lender then pays off your old loan, and you’re left with the more beneficial new loan.

It’s that simple. With the first option, you’re just putting all of your different loans together to form one monthly payment. With the refinance option, you’re actually getting better rates on your existing debt.

And now that you know how these loans work, you can start your search for…

The Best Student Loan Consolidation and Refinance Companies

Best student loan consolidation companies for every situation.Finding the right companies to consolidate student loans can put you on the fast track to financial independence.

The key is knowing where to start your search.

Once you know where to start, the whole process becomes a lot easier. That’s the part we’re about to show you.

And always remember, you are never under any obligation to sign up with a company just because you applied with them.

There’s no law that says you do and the companies mentioned below don’t apply any high pressure sales tactics. So take your time and make sure you feel comfortable with the option you choose.

#1 LendKey Loan Refinancing – if you’re afraid of getting into a loan arrangement with the bigger, more traditional banks and lenders, then LendKey is a great option. Instead of partnering with those big lenders that have a terrible reputation when it comes to accommodating their borrowers, LendKey partners with community banks and credit unions to help you refinance at lower rates. These types of institutions have a better history of working with their customers compared to the big banks.

That’s what makes LendKey a good fit for anyone struggling with their student loans.

Here are some of the important features…

  • You can refinance or consolidate private and federal student loans
  • You can see your potential rate before you even apply
  • Fixed rates start at an APR of 3.25%
  • Variable interest rates start at 2.22%
  • No application fees or early payment penalties

LendKey isn’t a lender themselves. Instead, they match you up with the best company for your situation. You only have to apply once and they take care of the rest. In fact, you can watch their simple explainer video to see how the process works. Go to their site now…

#2 CommonBond – offers to refinance both federal and private student loans as long as you are a graduate or undergraduate of a university.

Here a some of the main features of their program:

  • There fixed rate APR starts at 3.5% if you make automatic payments
  • There variable rate APR starts at 2.2% with automatic payments
  • The loan term can be between 5 – 20 years
  • They don’t charge you for applying
  • They don’t penalize you for paying off the loan early
  • Simple and intuitive online process

One of the other really great benefits of using CommonBond is that they will actually freeze your account if you lose your job. And they even help you look for a new job. If only every lender and bank were like that this world would be a much better place.

#3 College Ave Student Loans – Another good option for student loan consolidation to make your payments more affordable. Here’s the key points…

  • Works with private and federal loans
  • Fixed APR rates start at 4.15%
  • Variable rates start at 2.63% APR
  • They don’t charge application/origination fees
  • Quick online application process

The unique thing with this company is that you can choose to pay off just the interest for the first two years of your agreement. So if you need a break from the large monthly payments, this is worth looking into.

Those are our top refinance and student loan consolidation companies. They have already helped thousands of college grads make their payments more affordable. But you won’t know if they can help you unless you apply and see what kind of deal they can give you. Applying is free and you’re never under any obligation whatsoever to sign a deal with the firms listed.

You could accept your current loan company’s high interest rates, or you can use one of the firms above to get much better rates. The choice is yours.

The unique thing with this company is that you can choose to pay off just the interest for the first two years of your agreement. So if you need a break from the large monthly payments, this is worth looking into.

Direct Student Loan Consolidation from the Government

If you qualify, the U.S. Department of Education lets you to take out a direct consolidation loan with them that combines all of your federal student loans into one easier to manage loan. You can use this type of government consolidation once you graduate or are no longer in school.

You can even used if you’re now attending school at less than part-time.

Keep in mind that you can’t use this program for private student loans. For those, you will need to consolidate with one of the companies mentioned above.

You can find all the info you need for the government loan program at the Department of Education. On that site, you’ll find out what loans qualify for this program and other critical information you will need.

There are a few different loans the U.S. Department of Education can give you to help with your situation such as a Direct Loan, Direct Plus loan, and a few others. You should take full advantage of these programs. They can save you a considerable amount of money.

Now here are some other ways you could speed up the process of becoming debt-free.

Using a hustle to accumulate extra money.

You don’t have to get a traditional second job to still put away money that can help with your student loan consolidation. Some people find a hustle they actually enjoy.

Are you a good writer? You might write a few freelance articles every month for one of the many writing sites online, challenging yourself to put whatever money you make toward your loan. It will make a difference, chopping a month or two off of your total loan obligation.

Assigning birthday and Christmas gifts to your student loan debt.

Have you grown tired of getting something for Christmas you’ll never use? Some people with student loan debt have asked their families to contribute cash toward their student loans instead.

If you have family members who want to get you something but have no idea where to start, float the idea of contributing to your student loan fund.

They’ll be doing something valuable for you while relieving some of your long-term burden. Wedding gifts can eliminate a chunk of your debt.

Most people use the money they get for their wedding to take a trip, to stock their home, or to save for a down payment on their first house. But when you refinance student loans, you can use that wedding money to help with your new loan.

You’ll be glad you did in a few months when the wedding euphoria has subsided and you’re staring at letter from a lender in the face.

Negotiating with employers for student loan debt relief.

If you have a strong skill set and are an asset to an employer, you might use your student loans as leverage in negotiations. Some companies will offer to help with your student loan consolidation. They help you pay down your loans over time or providing a signing bonus to help with the debt. It’s a win-win situation.

Check whether this is an option with your would-be employer, and float this idea if they are trying to come up with an attractive compensation package to pull you from another firm.

You have nothing to lose and everything to gain. Many companies are aware of what graduates are going through as far as student debt is concerned. Some are willing to help wherever they can

Take the government options seriously.

If you have federal student loans, you have options for getting rid of the loans more quickly.

For instance, public service loan forgiveness programs exist to encourage people like you to go into government or non-profit work. If you end up working for a non-profit organization or log time as a government employee, you may be able to get rid of your loans in as few as ten years.

This is the ideal scenario, too, because you won’t even have to pay back the full amount of the loan. The government will forgive all remaining payments after ten years of service, taking a huge weight off your back.

When combined with the government’s income-based repayment plan, you could end up paying only a small amount toward those loans before seeing them go away.

Smart savers today know that they don’t just have to take the lender’s word for how to get rid of loans. Instead, they can take their own measures to eliminate debt, sometimes with the help of a student loan consolidation company. Try to get creative and think about various ways to put away a little extra money at a time to pay toward the debt.

Use all of the resources at your disposal, as well. If a consolidation program or a government loan forgiveness program will help, inquire about what it takes to get involved in that sort of program. You’ll be glad you did when you’re finally freed up to invest and build a future.

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