Got Student Loan Debt? Services

Got Student Loan Debt? offers two different services to meet the needs of our customers. Find out more about private and federal student loan consolidation here.

Got Student Loan Debt? for Federal Student Loans

If you have federal student loans, you can qualify for the federal Got Student Loan Debt? consolidation program. Federal student loan consolidation is a free program that is sponsored by the federal government, though the actual consolidation loan is still issued by a private lender. The federal loan Got Student Loan Debt? program does not require a credit check or a co-signer. Federal loan consolidation works by taking the weighted average of your existing loans’ interest rates and rounding it to the nearest one-eighth of a percentage. This average is your new interest rate and will remain fixed for the life of the loan. The interest rate limit for federal Got Student Loan Debt? consolidation loans is 8.25%. You must have federal student loans to qualify for federal consolidation. Here are some examples of qualifying loans:

• Health Education Assistance Loans
• PLUS loans and Grad PLUS loans
• Perkins Loans
• Stafford Loans
• Supplemental Loans for Students
• Federal direct loans
• Nursing Student Loans

Got Student Loan Debt? for Private Student Loans

Any loans you have that do not qualify for federal student loan consolidation can qualify for private Got Student Loan Debt? consolidation. To qualify for a private consolidation loan, you must have at least $7,500 in private student loans. A private consolidation loan is much like any other type of private loan, in that it requires a credit check and comes with certain processing fees. The interest rate on a private consolidation loan is tied to the market rate, so it will fluctuate with market conditions. However, most private consolidation loans come with a fixed initial rate for a limited period of time. Here are some of the benefits of a Got Student Loan Debt? private consolidation loan:

• No prepayment penalties
• Option to release co-signer from agreement after so many on-time payments
• Apply complete online
• Competitively low interest rates
• Get interest rate reductions for making payments on time and signing up for automatic withdrawal

If you have any questions, please visit our FAQ page.