Consolidation College Loan

Many times, you don't have sufficient money to pay for school and the cost of living by only using federal student loans. Private student loans supplement the income you receive from federal student loans and can be deferred while you attend school. Private student loan lenders encourage students to use all federal student loan options before turning to the private market. Private college loans are an effective way to pay for school while you are attending classes and consolidate your student debt after graduation. We recommend using SoFi, Citizens Bankand Wells Fargo for your private student loan lender. We also have articles about student loans to provide you with further information.

There have been many changes in the student loan industry over the past few years. In the past, when you would start the federal student loan process, you would approach your school, fill out a FAFSA and indicate what institution you wished to house your federal student debt. Now the government has decided to house Stafford, Plus and Direct loans within the U.S. Department of Education. The government then contracted out the service of these federal student loans to different private companies.

Whenever you are taking on debt, it is important to find the best borrowing programs. When you are determining what lender to use as your private student loan lender, we recommend you research what loan types they offer, features that the lender provides, how the repayment of your college loans works, and what help and support the companies provide you.

Loan Types
With the changes in the student loan industry, you should be looking for a private student loan lender that offers a wide variety of loan options. Most student lenders will offer personal loans for college students that are obtaining their undergraduate or post-graduate degrees. The loan limits for graduate programs are different depending on what degree you are trying to obtain. You should also look for a lender that provides consolidation student loans. These student consolidation loans are an excellent way of combining private and federal student loans into a singular loan amount with a lower monthly payment and interest rate.

Features
You should be looking for a student loan company that offers both fixed-rate and variable-rate loans. Fixed-rate college loans are excellent if you prefer to know your payment amount long-term and don't want to risk an escalation in interest rates. Variable-rate student loans are currently more competitive, with most base APRs being half of what fixed-rate private student loans charge. If you decide to go the variable-rate student loan route, then investigate the APR cap for those loans that tell you the maximum APR lenders can charge you.

Try to find a student loan lender that offers rate reductions, as that will save you money over the life of your borrowing. Most reputable private student loan companies don’t charge application, origination or early termination fees. If your lender provides a cost calculator, then take advantage of it to help you budget your resources better and avoid excessive student debt.

Repayment
Most student loan companies offer a six-month grace period after you graduate. Interest will continue to accrue on your loan, but you shouldn't have to start making monthly payments during that period. Look for a student loan lender that offers a variety of terms so that you can more effectively repay your student debt with the least amount of interest payments. You should be looking for a private college loan lender that offers automatic payments and provides you with some kind of rate-reduction offer when you establish automatic monthly debits to your account.

Help & Support
Many technical questions arise when you are considering your student loan options. Finding a private student loan lender that offers a variety of support options will make things easier for you. Most companies offer phone support and a FAQs section on their website. Better private college loan companies have email support and educational information for you on their website. The best college loan companies provide live chat to quickly answer questions while you are looking at the information on the company's website.

You should try to find a student loan lender that saves you money and makes repayment a simple process. Remember, if you have good credit and a steady income, you shouldn't settle for anything less than the best private student loan program.

*All APR rates are based upon the time that the site was published.

Our picks for student loan refinancing:

1) SoFi – Social Finance

• Refinancing and consolidation for private and federal student loans
• Must have completed an eligible undergraduate or graduate degree program
• 1.92% APR to 5.17% APR (with autopay) variable rates, capped at 8.95% to 9.95% APR
• 3.50% APR to 7.24% APR (with autopay) fixed rates
• 5, 10 or 15 year repayment terms
• No origination fees or prepayment penalties
• Available for undergraduate and graduate student loans
• Medium credit score, salary, and debt-to-income requirements
• Unemployment protection – loan payments are paused and they help find new job
• Career support – complimentary coaching for SoFi members
• Entrepreneur program – qualified applicants can receive loan deferrals and mentorship

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2) Darien Rowayton Bank (DRB)

• Refinancing and consolidation for graduate and undergraduate, private and federal student loans
• Must be an alumni of a bachelors or graduate degree program (e.g. MBA, Law, post-residency Medical/Dental, Physician Assistant, Advanced Degree Nursing, Pharmacist, Engineering, PhD, etc.) who meet the underwriting criteria
• DRB also offers parents of Bachelor degree holders the opportunity to refinance student loans they took out to finance their child’s education as long as their child has graduated and is working. Parents can refinance Parent PLUS loans in their own name or their child’s name.
• 1.92% – 3.98% variable rate student loan consolidations and refinancing options
• 3.50% – 6.25% fixed rate student loan consolidations and refinancing options
• 5, 10, 15, 20 year repayment terms
• Maximum variable rates capped at 9% for 5,10,15 year terms. For 20 year term, maximum rate cap is 18% APR
• Medium credit score, salary, and debt-to-income requirements
• No origination fee or prepayment penalty
• .25% Interest Rate Reduction with automatic payments via ACH

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3) Charter One Bank (aka Citizen’s Bank)

• Refinancing and consolidation for federal and private student loans with an Education Refinance Loan® from Charter One®¹
• Citizens Bank private student loan customers have saved an average of $127/month²
• Fixed rate student loan refinancing featuring an interest rate as low as 4.74% for eligible candidates³
• Variable interest rate as low as one-month LIBOR plus 2.30%³student loan refinancing for eligible applicants
• 15 or 20 year repayment term options
• Loyalty Discount: 0.25 percentage point interest rate reduction on a new Education Refinance Loan if you or your co-signer (if applicable) has a qualifying account in existence with us at the time of application.⁴
• Automatic Payment Discount: 0.25 percentage point interest rate reduction by authorizing our loan servicer to automatically deduct your payments each month from any bank account.⁴
• Co-signer Release: Co-signer may be released from loan responsibility after making 36 consecutive, on-time principal and interest payments.⁵
• No application, origination or disbursement fees
• Minimum Loan to Refinance: $10,000
• (See disclosure and repayment examples)

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4) CommonBond

• Refinancing and consolidation for private and federal student loans
• Must have an MBA, JD, MD (post-residency), or Engineering graduate degree program within the CommonBond school network. See if your school qualifies here.
• 2.66% – 5.66% APR variable rate financing (with autopay)
• 3.89% – 7.24% APR fixed rate financing (with autopay)
• 5, 10, 15, and 20 Year Repayment Terms
• 0.25% Interest Rate Reduction with automatic payments via ACH
• Must meet minimum lending requirements based on credit score, salary, debt-to-income and other criteria
• Unemployment protection – loan payments are paused and they help eligible graduates find new jobs and also hire them for short-term consulting projects
• Access to CommonBond Community – Borrowers are connected to events in their cities, networking opportunities, and lifestyle perks
• Social good – for every fully funded degree through CommonBond, they fund the education of a student in need abroad for a year through Pencils of Promise

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5) Education Success Loans

• Consolidate and Refinance Private Student Loans and Federal Student Loans
• 25 Year Repayment Term
• 1 Year Fixed 4.99%* then variable rate for the term of the loan
• 5 Year Fixed 5.99%* then variable rate for the term of the loan
• 10 Year Fixed 7.99%* then variable rate for the term of the loan
• *Denotes Auto-Pay: 0.25% Interest Rate Reduction with automatic payments via ACH
• No Origination Fees or Prepayment Penalties

Eligibility Requirements:

• Have received a bachelor’s degree or higher from a Title IV eligible school
• Have graduated at least 30 months prior to application date
• Meet our credit criteria, either individually or with a Co-Borrower
• Have a minimum of $5,000 ($15,001 if in Kentucky) in private student loans to consolidate
• Supply acceptable proof of income of at least $24,000 annually
• Be a US Citizen or Permanent Resident and continue to be a Permanent resident of DC or any state in the continental United States other than AZ, IA, IL or WI

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