How Student Debt Consolidation Works

Once you have decided to consolidate your student loans it is extremely easy to apply. Simply fill out the application and you will receive up to 4 quotes from various lenders who would like to help you. All information that you give will only be shared with financial institutions that could meet your needs. Once your consolidation loan application has been approved you may choose from several repayment methods.

• Standard Repayment Plan is the most consistent repayment option. This means that you would make fixed monthly payments over a predetermined amount of time until the amount owed with interest is paid back.
• Graduated Payments are payments that gradually increase over time. This would allow you to increase your payments as you earn a higher income. This method would help to pay back the loan in a shorter amount of time.
• Income Sensitive Payments means that your payments would be flexible based on your annual income. In other words if your income decreased for a year you would be able to have lower monthly payments. It also means that if your income increased you would be able to increase your payments which would help you pay back your loan more quickly.
• Extended Payments are for loans that total more than $30,000 and would be paid back over 25 years or loans that total more than $60,000 that would be paid back over 30 years.

Remember that any additional payments or overpayments made to your account will be applied to the balance of the loan. This means that you will not have to pay interest on that payment and that the full amount will pay the balance and not the interest. Apply today for your no obligation quote and see what we can do for you.