Millions of Americans are worried about what to do about their burden of student loans. With outstanding student loan debt now surpassing $1 trillion, there’s a fever pitch of activity around the issue. What many folks may not realize is that student loan consolidation is worth looking into.
There are multiple private lending institutions that provide private student loan consolidation. Even credit unions entered the private student loan consolidation market in late 2010.
e-Student-Loans.com (http://www.e-Student-Loans.com), which offers one loan with common underwriting and pricing, launched its offering nationwide February of last year.
Credit unions are not-for-profit financial institutions, so sometimes they offer better rates than other private institutions, such as traditional banks, that need to turn a profit. e-Student-Loans.com is likely able to refinance your private student loans at lower rates, possibly saving thousands of dollars per year in total interest and payment expenses. Another option is to extend the term from your existing loans for even lower payments.
While private student loans from traditional banks, especially between 2008 and 2012, left some borrowers with interest rates of up to 14% on their student loans. Currently e-Student-Loans.com offers private student loan consolidation at rates generally between 4.75% to 7.25%, which can make a huge difference not only in terms of monthly payments, but total interest paid during the life of the loan.
For example, if you had over $100,000 in student debt with interest rates of up to 14.13%, then getting a 4.75% consolidation loan will save you $8,400 a year in payments!
There’s another big plus when it comes to student loan consolidation. If you have a co-signer, not only may you get a lower interest rate, but some institutions, including many credit unions, often allow the cosigner to be released from their obligation if the borrower has made all payments in a timely manner for 12 straight months.
For all those drowning in student debt, a student consolidation loan might be your lifeboat regardless of whether you need a federal student consolidation loan or a private student consolidation loan.
Apply Now at http://www.e-Student-Loans.com or Call (949) 444-2394 for a Free Consultation and Free Pre-Approval!
Is Student Loan Consolidation Your Savior From Student Loan