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.
ITT Technical Institute
(303) 288-4488
500 E. 84th Ave.
Thornton, CO
St. John's Early Learning Center
(303) 920-2142
11040 Colorado Blvd.
Thornton, CO
The Tutoring Center
(303) 404-3880
10343 Federal Blvd., Unit F
Westminster, CO
CITYWIDE BANKS/COLFAX
303365-3600
10660 E. Colfax Avenue
Aurora, CO
KEY BANK - 1675 BROADWAY, DENVER
303298-1234
1675 Broadway, #500
Denver, CO
Colorado Christian University, College of Adult Graduate Studies
(303) 963-3320
10190 Bannock Street, Suite 200
Northglenn, CO
School District #14, Adams County
(303) 289-3940
4720 East 69th Avenue
Commerce City, CO
University of Phoenix
(303) 815-4425
8700 Turnpike Drive Suite 100
Westminster, CO
Tutoring Club
(303) 410-8440
4750 W 120th Avenue Suite 300
Westminster, CO
CITYWIDE BANKS/DOWNTOWN
303365-3800
1801 Broadway, Ste. 100
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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