In 2016, there are literally hundreds of companies offering to consolidate private student loans, but before you choose to consolidate your private student loan debt, make sure to take this important fact into account: many of the companies offering low interest consolidation programs are a total scam.This is especially true many of the smaller, mom and pop type companies you’ve never heard of, but who will contact you offering to refinance and consolidate your loans at a low interest rate, no matter how poor your credit score might be.The first rule in student loan consolidation is that if the offer sounds too good to be true, then it might be.
Fortunately, the good news is that trusted lenders are available to consolidate your loans and help you save literally thousands of dollars each year.
My favorite company in the industry is the Private Student Loan Relief Helpline, which is a group of student loan servicers focused entirely on private debt (not Federal or Government loans).
I like this company because they have ties to all of the major banks that operate in the industry and they can shop rates, compare offers, and find out exactly which program will save you the most money, and make it easiest for you to get out of debt quickly.
You can reach the Private Student Loan Relief Helpline by calling: 1-866-530-9946.
While this company does charge a fee for their service, talking to them over the phone is free, and you should be able to get at least some basic information from their experts without having to spend any money.
If you do choose to use them in the end, their average cost is not that high (a couple hundred dollars) and absolutely comparable to the rates you’d pay from other similar services, and I trust them to take good care of the people I send there.I have been working with this company for a long time and I would not direct visitors from my website anywhere else.Consolidation is the process that allows you to combine multiple student loans into a brand new loan, with a new interest rate, new repayment schedule and new monthly payment.The way it works is that the company who consolidates your loan pays off your old loans, then issues you a new one with entirely different terms.Consolidation programs are extremely popular because they are typically available without up-front costs, and oftentimes offer significantly smaller monthly payments than existing loans.Keep in mind though that some consolidation programs are better than others, and while some will save you some serious coin, others could end up costing you in the long run.