Education is one of the most important things because it cannot be ignored. Education is one way to enrich science and help us to achieve our dreams. To be what we want to be in the future. But often the cost of education is expensive so we are required to seek funds to pay for more education. And maybe one of the ways you can do with it is debt. Maybe bringing student debt can also affect your ability to save retirement later, and also have income that must be discarded or qualify for other loans. Then you must have a strategy that is consolidation or refinancing student loans which is a popular option at the moment. Here are some companies that offer student loan consolidation and refinancing:
- Earnest
The first company to receive consolidation and also refinance student loans is Earnest. Earnest is a company founded in 2013 and not an ordinary company because Earnest has funded more than $ 4.5 billion in financing student loans to more than 50,000 client. Earnest is one company that already has accreditation and has also proven safe and secure in making loans. If you want to debt, your loan can be approved with your debt and income ratio up to 65%. It’s a big percentage right?
Before you owe or make a loan to Earnest, this time we will tell you some information so you can have an overview of this Earnest company. The company has several types of loans for undergraduate, graduate, MBA, law, dentistry, medical, refinancing, and refinancing for parents. And the old loan terms usually range from 5 to 15 years. For the loan amount it reaches $ 5,000 for attendance fees certified by the school and if you want to make a loan where there is no registration fee. And Earnest has received a BBB rating, is A + so that it is safe and secure. Are you interested in consolidating loans with Earnest?
- Discover
After discussing the Earnest company, this time we will discuss other consolidation and refinancing loans companies, Discover. Unlike Earnest, the Discover company offers several traditional bank methods such as checking accounts and credit cards. And for this type of loan company Discover is made for private students including undergraduate, graduate, MBA, dental, health care, and also law. For the loan period, Discover is longer or longer than Earnest because the loan terms on Discover can reach 15 to 20 years. The size of the loan on Discover is much smaller than Earnest, which is only $ 1,000 for the total cost of attendance minus other financial assistance.
One of the advantages of Discover is that they do not target costs for the organization or the cost of delay. Is there a discount if we register with this company? Will be given to students cash prizes in the form of autopay if they get a minimum 3.0 GPA value. Just like the Earnest company above, Discover already has accreditation and has a BBB rating of A + so it can be said that this company has been trusted and guaranteed its security. So it doesn’t matter if you want to join this company.
- Laurel Road
There are so many companies that you can use to consolidate student education loans. Besides Earnest and Discover, another company that can be used to conduct education loan consolidation is Laurel Road. This company called Laurel Road is part of a division of KeyBank that has an online loan model. Laurel Road was founded in 2013 and is one of the loan consolidation companies that is liked by many people because it is one of the companies where borrowers can complete all their loan processes online. So for those of you who want to be facilitated when making a loan process, it never hurts to try a loan on Laurel Road.
So that you know Laurel Road then this time we will provide you with information about a consolidated loan on Laurel Road. For loans at the Laurel Roads, this might be different from loans in Earnest and Discover, which both companies focus more on student financing. If Laurel Road offers this type of loan to graduates, residents, parents, and fellows. The loan terms are quite long, until 20 years. The loan amount from Laurel Road is $ 5,000 to the maximum. In addition, another advantage of Laurel Road is that there are no registration fees. BBB rank owned by Laurel Road is A + so that it is trusted and safe.
- SoFi
The next company for consolidating education loans and you can choose to make a loan back or consolidate loan is the SoFi. SoFi is a company that focuses on consolidating educational loans that have been established since 2011. For those of you who want to consolidate loans, there is no harm in trying to join SoFi because SoFi has served more than 250,000 borrowers and is increasing every year. More than $ 18 billion in lending back to students. In addition, you can also apply for refinancing loans online with SoFi and get a quick decision that is suitable for those who need it fast.
Almost like other companies, SoFi offers various types of loans for undergraduate, graduate, MBA, dental, medical, parent, law, and others. For loan terms reaching 5 to 20 years. And the size of the loan is the same as the loan from Laurel Road, which reached $ 5,000. SoFi is arguably one of the most trusted companies because it has a pretty high BBB rating, A +, so there is no doubt about it.
- Education Loan Finance
The fifth company that you can trust if you want to borrow for an education fund is Education Loan Finance. The company has been offering consolidation and refinancing loans since 2015 to students who are processing. This Education Loan Finance Company is one of the divisions of SouthEast Bank that has had a management team for 30 years in dealing with student loan problems. Just like other companies, Education Loan Finance provides a loan period of 5 to 20 years.
For those of you who want to make a loan at Education Loan Finance, we will give you of some important information so that you can find out information about this Education Loan Finance company. The number of loans from Education Loan Finance is greater than other companies’ loan cost offerings. If they usually offer around $ 5,000 only, this Education Loan Finance company offers a consolidated loan starting at $ 15,000 and can be higher than that. However, this Education Loan Finance company does not provide discounts, and just like other companies that this Education Loan Finance has a BBB A + rating so that security is guaranteed.
- Splash Financial
How to consolidate student loans for education? Then you can use some of the companies that we mentioned because these companies help us to consolidate loans for education. The next company that gives us consolidated loans for education costs is Splash Financial. This Splash Financial can be said to be bigger than the 5 companies we mentioned earlier because Splash Financial already has branches everywhere. Splash Financial is one of the lending companies refinancing student loans operating in more than 50 countries in the world. However, the refinancing program is only applied to students who have educated doctors who want to complete their residency or their scholarship.
Additional information about Splash Financial is that this company has the same average loan terms with other companies, namely 5 to 15 years. But the advantage of this company is that Splash Financial provides loans of up to $ 75,000 to $ 300,000, which is a big enough lift for a loan compared to other companies. Splash Financial does not require application fees and also does not provide discounts for registrants. Similar to the other companies we have mentioned above, this BBB rating from Splash Financial is A +.
Advantage of Student Loan Consolidation for Private Student
After telling you all the information about several companies that offer a consolidation for student program, this time we will also provide you with another important information. The information this time we will give you is some of the advantages of student loan consolidation for private students so you can find out. No need to wait long, this is the information for you:
- Save money
The first advantage that you can get through a student loan consolidation is that you might be able to save your money. Why you can save money? You can feel this because usually, student loan consolidation has lower interest rates and in the long run. If you want to do student loan consolidation and want to save on your finances, then the way you can do is to reduce interest rates so that this can also help you to pay off your loan faster and not too long.
- Transfer debt obligations
The second advantage that you will get is that you can move your debt obligations. As you know, some parents take PLUS parent loans for the education of their children, with the agreement that the children will pay for the loan after they graduate. But legally, the debt still belongs to their parents. Maybe parents can consolidate the PLUS loan, but children cannot consolidate loans PLUS with their names. When using student loan refinancing, later you as a child have the possibility to refinance a parent loan PLUS with your name.
- Release a co-signer
The next advantage or advantage is that it can release a co-signer. In general, students often do not have income or have a sufficient credit history so they are usually not yet eligible to make a loan. Therefore it is usually permissible to sign with parents, and when it is felt that the borrower has fulfilled the conditions when they already have income and also has a credit history, the co-signer can be released and he can pay the loan himself.
That was some information that we can give you about how to consolidate student education loans. The company that we said above was a number of companies engaged in the field of student education loans that were experienced and engaged internationally. In addition, they also have A + accreditation so they are trusted. Hope that article that we gave this time can be useful and also useful for you all!
