Navient student loan consolidation is the best option for persons who have difficulties their loan repayment plan, interest rates. So whether you are unable to pay off your loan or meet up with demands of your Loan payment, we recommend Loan Consolidation.
What is Loan Consolidation | Navient.com loan refinance review
Loan Consolidation is a form of debt refinancing that entails taking out one loan to pay off many other loans. It occurs when someone pays off many other smaller loans with one bigger loan.
The consolidation procedures for Navient Student Loan Consolidation is quite the same and simple. It works by another new lender paying off your old student loans. That is is simply what it mean. This means that once the consolidation is complete, your old loans are paid in full and you now how to pay off a new loan with reasonably much better terms and rates.
What are the Ways to Consolidate Navient Student Loan.
Are you desirous of consolidation Navient student’s loan. Do you find it difficult repaying your loan or that your repayment plan is eating you up? If your answers to the questions are yes, then follow the guides below:
There are basically two steps or procedures to consolidate Navient loans. These process are:
- Federal Loan Consolidation
- Private Loan Consolidation
Furthermore, we advice you take care and follow the details in this article because there are notable differences between the two consolidation choices. This is because once you have an error with choosing a consolidation choice or process, its difficult to redo same.
Federal Loan Consolidation
The Federal loan consolidation option is very helpful for student who want to combine their eligible federal student loans into a single Direct Consolidation Loan. However, it is very important that you are aware of the pros and coins of Federal Loan Consolidation before you do it.
One of the merits of Federal Loan Consolidation process is that the consolidation helps retains all the perks and benefits that is associated with federal loans. Some of these perks and benefits ranges from income based repayment plans and student loan forgiveness. More so, federal loan consolidation process is available for every eligible persons. Lastly, there are no credit or income requirements before consolidating.
On the other hand, some of the disadvantages of consolidating your federal loans is that it doesn’t actually lower your interest rate. All it does is to combine your loans together. Another disadvantage is that you cannot get a new federal loan service to manage your loan consolidation.
Furthermore, if you choose the federal loan consolidation, you may lose borrower benefits that are associated with your current loans such as such as interest rate reduction, timely payment incentives, or some loan cancellation benefits.
Finally, if you want to understand the pros and the cons of federal loan consolidation, kindly follow this link.
Private Loan Consolidation
Unlike federal loan consolidation, there are several private student loan consolidation companies at your beck and call. This means that there are lots of them around with interest rates that can just be over 2%. Thus, reducing your interest rates and monthly payments that will help you off your loan as fast as possible.
The beauty of this process is that all types of loan is qualified for private loan consolidation, including federal Loans. But you should not consolidate your federal student loans together with your private education loans.
So if you thinking of consolidating your federal loans into a private loan, then be carefully. In fact, there is definitely a lot to think about if you are considering the private consolidation of federal loans.
What are the ways to Start the Student Loan Consolidation Process
Given the distinction between Federal and Private Loan Consolidation, you should also expect that the ways inwhich you can consolidate your loans are quite different. So it wouldn’t be surprising. Carefully follow the guides below to learn the different ways to start your student loan consolidation process.
How to Start the Federal Direct Student Loan Consolidation:
All federal student loan consolidation is handled by the Federal Student Aid. The federal student aid is an office of the U.S. Department of Education that is designed to take charge of Direct Consolidation Loan Application.
To start the consolidation process or request, all you need to do is to apply through the Department of Education Application Portal.
To complete the application or consolidation request, usually takes less than half an hour. However, to complete the entire process will normally take up to several weeks or even months.
Note that no application fee is required to begin the Direct Consolidation Loan Application. So you may be be approach by some private company requiring a fee to help you but such private company is on its own.
To begin the Navient Federal Direct Student Loan Consolidation, below are some of the necessary documents:
- Verified FSA ID
- Personal Information
- Financial Information
How to Start Private Student Loan Consolidation with a Private Lender:
The first thing to do before consolidating your private loan with a private lender is to pass through the Credit Check Test. This is a prerequisite to get approved. After the approval, the borrower will provides the new lender specific loan information about the old lender. This will held to pay off the old loans.
There are several private lender and consolidation companies around. So all you need to do is to search for the that best suits your Student Loan Consolidation. Once you find the company you want, you can begin the process of consolidation immediately on the companies web portal. To find some Private Lender Consolidation Company, kindly follow the link here
We are glad that you know that whether you are stuck with Navient Student Loan today, does not mean that you are you are helpless. The Consolidation Options makes it quite easy to pull back frustration and continue with happy living. So you can now pay up your debt in your own pace.
This is because Navient Student Loan Consolidation provides myriads of ways to get lower payments, lower interest rates, and pay off your loan faster.
Finally, Thank you so much for reading this article today on Navient Student Loan Consolidation. Hope it was helpful?
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