There are several benefits to consolidating your student loans. It will give the borrower one monthly payment which is usually a lower total than having several payments on several loans. Student loan consolidation offers fixed interest rates, no fees or credit checks, no prepayment penalties and flexible repayment terms.
School District #14, Adams County
(303) 289-3940
4720 East 69th Avenue
Commerce City, CO
CHASE BANK - REMINGTON, LITTLETON
303244-5010
9855 W Remington Pl
Littleton, CO
COLORADO STATE BANK & TRUST-17TH ST
303391-1111
740-17th St.
Denver, CO
KEY BANK - WILLOW, ENGLEWOOD
303721-5532
5950 S. Willow Dr
Englewood, CO
WELLS FARGO BANK - FEDERAL, ENGLEWOOD
303861-8811
5050 S. Federal Blvd.
Englewood, CO
Everest College
(303) 457-2757
9065 Grant Street
Thornton, CO
University of Phoenix
(303) 815-4425
8700 Turnpike Drive Suite 100
Westminster, CO
CITYWIDE BANKS/DTC
303365-4080
8101 E. Belleview Ave.
Denver, CO
COMPASS BANK - SOUTH BROADWAY BRANCH
303761-8300
4600 S. Broadway
Englewood, CO
WELLS FARGO BANK - BROADWAY, DENVER
303863-6030
1740 Broadway
Denver, CO
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Steps
- Call or email a student loan consolidation company. There are many online if you check the search engines.
- Fill out the consolidation loan application as provided by the Loan Company. Make sure you do not leave out any information as this could delay your application being approved. Make sure you have the following information available to fill out your application. You will need: your current address, social security number, names, address and phone number of two personal references, monthly housing expense information, monthly income and expense information, estimated loan amount to be consolidated, loan account numbers on the loans to be considered for consolidation, names and addresses of loan servicers (can be found on your monthly billing statement) and the outstanding loan balance/expected payoff amount.
- Wait for approval of your consolidation loan. Make sure you continue to pay your old loan payments until you receive a confirmation letter from your loan consolidation company verifying that all old loans have been paid in full.
Tips
- Many companies will reduce their interest rate by a small amount if you sign up for automatic payments from your checking account.
- Interest paid on student loans may be deductible at tax time. Check with your tax professional.
Warnings
- Federal and privately funded student loans may not be consolidated. You may consolidate several federal or several private. They cannot be commingled.
- Some loan consolidation companies may have a minimum or maximum amount of loans that you may consolidate.
- Make sure you continue paying your old loans until you have received confirmation from the loan consolidation company that the loans have been paid in full. If you miss a payment, it could adversely affect your credit.
Sources and Citations
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