Use Your Alumni Status to Help Consolidate
It’s a Graduate Thing
There’s an alternative brand of student loan consolidation program among us: Alumni consolidation loans. You’ve likely heard of federal and private loan consolidation plans, but Alumni programs offer some graduates another option in the consolidation arena. It’s not until after graduation that you realize the impact of student loan repayment.
In fact the recent government legislation that reduced guaranteed student loan rates was supposedly done with the intent to make college more affordable, but critics argued the measure really had no direct effect on active college students, but instead with graduates.
How Alumni Programs Work
Valuable partnerships between student loan lenders and college and university alumni associations may provide affordable, even discounted, group rates on student loan consolidation products.
Alumni organizations are able to offer consolidation programs as an attractive perk to engage graduates in the association, offer them the benefits they well deserve and provide a reputable debt management resource. Check with your alumni association for available consolidation options.
Popular Alumni Consolidation Loan Programs
Alumni consolidation programs have grown in volume and interest among college grads has spiked as well. Unfortunately the student loan shakeup in mid-2007 forced many student loan lenders to cut ties with colleges, and alumni associations were caught in the middle. Coverage is spotty and your best bet is to contact your college’s alumni association directly for current information on any sponsored loans.
The Wisconsin Alumni Association of the University of Wisconsin-Madison has been partnered with Nelnet for a number of years. The organization heavily promotes its consolidation loan to its alumni members and features incentives such as reduced interest rates and fees for on-time and electronic payments. This is one of the only associations advertising a consolidation loan at this time.
Alumni associations no longer featuring customized alumni consolidation loans are often still directing members to affiliated lenders. Nelnet, Chase and Sallie Mae have been leading providers for alumni consolidation loans up until recent developments.
Clearing Up the Confusion Surrounding Alumni Consolidation
The student loan industry is in the throes of deep changes and no doubt there are many alterations still to come. What is clear is that prior to the industry shake-up alumni consolidation programs were on an upward trajectory and interest remains high.
