Federal and Private Student Loan Consolidation
The cuGrad Student Loan Consolidation provides college graduates an easy and effective way to consolidate their student loan debt. Graduates who use the cuGrad Student Loan Consolidation often lower their interest rate and monthly payments, allowing more control over their finances after graduation.
- Simplify Your Finances
with one easy monthly payment
- .25% Interest Rate Reduction
when you sign up for automatic ACH payments (subject to 3.75% floor rate)1
- No Origination Fee
- Cosigner Release Available
for creditworthy borrowers after 12 consecutive on-time full principal and interest payments2
- Interest-Only Repayment Option
up to 4 years for eligible borrowers followed by 11 years of standard repayment
You can better understand your potential savings and whether or not consolidation is right for you by using our loan consolidation calculator. The calculator uses your remaining loan balance and existing monthly payments to determine the impact of a consolidation loan on your monthly finances
More about federal and private student loans consolidation:
A federal and private student loan consolidation provides a simple financial solution for college graduates. Federal and private student loan consolidation allows for students to combine any outstanding federal and private student loans into one manageable application. Many students that have recently completed college are familiar with private student loans and may have used several during their academic career. A variety of different lenders have offered private student loans in the past. As a result, some recent degree recipients have outstanding federal and private student loans with so many different lenders that repayment has become annoying and inconvenient. Additionally, managing all of the debts with different interest rates makes it challenging to plan for debt freedom. College graduates with federal and private student loans just want a better way to become debt free. Federal and private student loan consolidation offers a viable option to create that debt freedom.
When considering a federal and private student loan consolidation, pay attention to how much money can be saved over the course of loan repayment. It is staggering how much is saved on interest payments after securing a low rate consolidation. That is because the rates on individual outstanding federal and private loans taken out just a few years ago may still be carrying very high interest rates. Compare the interest rates of outstanding balances to the rates available today and the advantages are obvious.
A federal and private student loan consolidation is great for simplification purposes as well. Managing separate payments to several different lenders is an unnecessary task when all the debts can be consolidated into one loan. This single payment can be easily organized as part of a larger monthly budget and predictably managed until the balance is paid in full.
Cash management is another important consideration. If all outstanding federal and private loan payments require a monthly payment larger than what can be currently afforded, a consolidation can help restructure the loan balance to decrease the required payment. This frees up cash on a monthly budget to handle living expenses while honoring the commitment of loan repayment.
When applying for a federal and private student loan consolidation, there is a process similar to any other loan request. There is a review of the applicant’s credit to confirm a decision about eligibility. If the applicant’s credit is insufficient for approval on a stand-alone basis, a federal and private student loan consolidation can include a cosigner to facilitate approval. This allows graduates to gain access to a superior loan repayment option even if they have had struggles with debt before.
A successful application will require that the student have completed their degree(s) as well. Borrowers that used federal and private student loans for college but did not graduate can have a hard time getting a consolidation as they pose repayment risk to lenders. There are a limited number of lenders that actively consolidate student loans, leaving few options for qualifying. However, this should not discourage college graduates from examining available opportunities.
Getting started on a federal and private student loan consolidation is easy. A simple online application is designed to help you determine eligibility as quickly as possible. If you have outstanding federal and private student loans, take a look at our consolidation program and secure a smarter option.
1 Requires continued enrollment of automatic payments. If the automatic payment is cancelled at any time after enrollment, the rate reduction will discontinue until automatic payment is reinstated. May be suspended during periods of forbearance and deferment.
2 Subject to lender approval. Borrower must meet lender’s credit and income requirements.
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