Educational Loan Consolidation Services and Sources
Programs and Products that Assist Borrowers with Debt Management
Student loan consolidation programs are available through a wide variety of sources. Most are included as an integral component of any comprehensive student loan suite of products. Popular sources for loan consolidation products and services include: Federal government, state governments, loan guarantors, student loan corporations, and private banking institutions.
Through any of these providers borrowers may access basic loan services, loan calculators, informative debt management resources, and online application and account management services.
Student Loan Consolidation Sources
Use this as a guide to the various types of consolidation loan sources and the loans and financial services each provides:
- The U.S. Department of Education is lender for the William D. Ford Federal Direct Loan Program. The Direct Consolidation Loan is an integral piece of the Direct Loan program and is accessible for borrowers that need assistance with responsible repayment of their direct federal loans. Services available to borrowers interested in consolidation include: current updates on federal consolidation legislation, current interest rate information, master promissory note, plus informational resources that outline loan eligibility, instructions for how to apply, applications, and account update information. **Find out much more about the Federal Direct Consolidation Loan program and how it might work for you.
- Some state guaranty agencies, such as USA Funds, provide information and access to the Federal Family Education Loan Program (FFELP), which includes the Federal Consolidation Loan component. Others, such as American Education Services (AES) offer both the consolidation loans. Online calculators, quick application processes and online e-signature capabilities make access to consolidation loans through state guarantors possible in just a matter of minutes. Some of these agencies may not offer consolidation loans directly through them, but instead provide links to partner lenders that instead provide the consolidation loan.
- Student loan providers are also a source for consolidation loans, however, drastic changes in the lending environment have forced many to eliminate or suspend consolidation lending. Check with your student loan provider for available federal and private consolidation loans. For general loan management most lenders offer online FAQs and checklists designed to target your debt management needs; useful online calculators that help you estimate consolidation interest rates and monthly payments; access to downloadable loan applications; real-time account manager chat capabilities and access to almost any other financial service offered.
- Private retail banking companies like Chase have traditionally been regarded as just another street corner bank, but they have now become major players in the student loan/consolidation arena just like everyone else. Some offer the Federal Consolidation Loan and others may additionally package their own private student consolidation loans. Financial lenders specialize in quick loan application processing and approval, as well as guiding borrowers who need help making the choice to consolidate. Student borrowers, get all the information you need on loans, private loan consolidation, and debt and wealth management: go straight to the student section of a lender’s website.
