Shopping Around for Stafford Loan Consolidation? 3 Things You Should Know!
We understand that every penny counts, especially when you're just out of college and you're just getting started. There's no better time to consolidate your student loans, and it's certainly a great idea to compare consolidation plans to see which best fits your needs. There are differences when it comes to consolidation companies - here's 4 important things you should know - and should ask - when you're shopping around?
#1: Everyone starts with the same consolidation rates.
Federal student loan consolidation rates are based on the weighted average of your federal student loan rates. These rates are set by Congress every year and are based on the 91 day Treasury Bill rate at the last auction in May. Want to know what the latest rates are?
That said, no consolidation company can start you off with a lower rate than another - we (consolidation companies) are all required to start with the same federal rates.
#2: Conditions are in the details - make sure you know the details!
Example - what constitutes an on-time payment? For us, we offer a payment grace period of 15 days - that is, your bill is due on (for example) June 5. You have until June 20 to pay it without it being considered late. There are companies which offer astonishing sounding benefits like 3% off your balance but have a grace period of 3 days, so if your payment is delayed in the mail or there's an error with your bank's electronic check clearing software, you will lose your benefits. Just like a casino, statistically, they know the odds of you taking full advantage of their discounts are very low.
#3: Customer service matters.
Just for fun, we took an hour one afternoon and called around to five of our "best" competitors. What we found was astonishing - in some cases, loan counselors were unable to answer even basic questions about consolidation. When you call our toll-free number ( 877-328-1565 ) we guarantee that you will speak with honest, direct, and educated loan counselors who will answer your questions without hedging or making things up. You will get the answers you need to make the best decision possible - even if that decision is not consolidating with us.
We take your financial situation very seriously and want to help you make the best decisions possible when it comes to your student loans. Request a free information packet and application today by using our online form or calling us toll-free at 877-328-1565.
Have questions about federal student loan consolidation?
For Private Student Loan Consolidation>>
