For many students, loans may be the only way to afford a college education. Unfortunately, loans can total thousands of dollars and become a financial burden to students when they are finally starting their careers. While some students are able to pay off their loans, others need the services of student loan consolidation companies to help them with their debt. But as with most businesses, some companies are better than others. Based on their results working with students, the following programs have received some of the best student loan consolidation reviews.
1. National Debt Relief
While some students go to banks in an attempt to consolidate their loans, more and more students are turning instead to private debt consolidation companies such as National Debt Relief. The biggest advantage to working with a company such as this is they are in the sole business of providing debt consolidation, unlike banks which may have stricter requirements for obtaining a loan.
This company is noted for its high rating with the Better Business Bureau and its variety of consolidation options that are based on the person’s income. Unlike some consolidation companies, NDR does not charge upfront fees, is noted for excellent customer service and has a website that’s informative and easy to navigate.
2. Chase Loan Consolidation
For students who feel more secure in dealing with a bank, Chase has one of the industry’s best student loan consolidation programs. However, students who use Chase must have at least $7,500 in loans to be eligible for a federal student loan consolidation loan. Students who have used Chase have reported lowering their monthly payments by as much as 45%, offering the best results among major banks. To help reduce the amount of interest paid back, Chase offers students a .25% student loan consolidation rate over the life of the loan, making it a very attractive offer.
3. Federal Student Loan Consolidation
A program that can be done through most colleges and universities, FSLC allows students to consolidate their loans without any minimum or maximum amounts being required. Multiple repayment plans are available, and students can switch repayment plans whenever they like with no additional fees. This is a very beneficial tool for students since they can start with one plan and switch to another as their financial situation improves. The only drawback to this service is the information in the loan agreements can be complex and at times overwhelming, so it’s a good idea you make sure to understand all details of your consolidation plan before proceeding.
No matter whether students consolidate their loans through banks, schools, or private debt consolidation companies, it’s certain they will in most cases greatly improve their financial situation. By doing some research and asking questions, you should be able to find a debt consolidation program that will best suit your needs.
Photo: Thinkstock/mj0007Posted on February 15, 2017