Consolodating private student loans

Still, some companies, like So Fi and Lend Key, have found a way to offer students a competitive rate and a variety of repayment conditions.

These are private loans where credit score and other conditions are weighed in.

The market for consolidating and refinancing student loan debt has exploded over the last five years.

Online lenders So Fi and Lend Key have jumped to the front of the line among newcomers who are becoming big players in a business that traditionally was dominated by banks and credit unions.

To contact your student loan servicer log into your federal student aid account and look for contact information.student loan refinancing programs available in the private sector.When you consolidate student loans through private lenders, you essentially are refinancing your loans.Combining several student loans, whether federal or private, only makes sense if you are going to receive a lower interest rate and reduced monthly payment terms.Before you consolidate, consider the following pros and cons: Note: Just remember, you must continue making payments after submitting your application until you receive notice from your servicer that underlying loans have been paid off.You have the option to select the servicer of your choice (of which, Nelnet is an option) After your new Direct Consolidation Loan is complete, you may still add more eligible loans to your existing consolidation.

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