Question by eyelash02: Who is the best LOAN CONSOLIDATOR – for student loans??
is this something that should be done with an investment firm?
or bank of america?
who did you use?
Best answer:
Answer by zayazayailes
It depends there are alot of options. If they are ffelp or ffel loans you have a very large selection.. It depends on what it is that you are looking for.
For example if you are looking for a company that will give you alot of time as far as placing the account on hold just in case u find urself in a position not being able to pay. Sallie mae is a good company to consolidate with because they will allow you 5 years=60 mo of forb time to place the accnt on hold. Interest rates are not the best though and customer service is not the best because they tend to outsource call centers. 1-888-272-5543
William d ford ( direct consolidation with the federal government) is also great to consolidate with because they give you a extra repayment plan when you consolidate with them. It is called a income contingent repayment plan where they base your payment off of your income and the family size your supporting and no other lender will do that. They also have standard repayment plan, extended, graduated, and income sensitive as other lenders do. Also they are the only lender that if you dont have a income you can have a payment of 0.00. (yeah its true) They also have good interest rates. 1-800-557-7392.
also wells fargo, citibank etc.
Give your answer to this question below!
William D. Ford Federal Direct Loan Program.
Excellent. It’s through the Department of Education. Really great customer service.
They are truly here to help out. They are the only program that can consolidate a defaulted student loan. They help out a lot of students who are trying to go back to school.
As far as interest rates go, you’ll have the same interest rate with whatever company you choose. Anyone who consolidates federally guaranteed loans, all work with the same weighted average formula. So, your rate for consolidation will be based off of the rates and loan amounts that you have at the time of consolidation.
The only differences would be any incentives they offer for repayment. I know that with Direct Loans they offer a quarter percent discount if you sign up for electronic debit of payments.
there have been a lot of changes in the industry, so the best would be direct loans as other have mentioned.
you can get an economic hardship deferment from any lender, because the government sets the rules.
dont go to sallie mae, their customer service is horrible (and in india).
honestly, with the credit market crisis, the only stable choice is the direct loans.
because they are the government, they arent affected by the changes.
i would recommend nelnet, but we stopped consolidating like a week ago…