When you consolidate your student loans, you combine several student loans with different interest rates into a single loan with a single interest rate. Sounds nice, right? Not only can you save on interest, you’ll also simplify your student loan payments. That means no more calendar reminders for all those different lenders!
To qualify for this loan you must have been employed with your current employer for a minimum of 2 years and you or your cosigner have an income of at least $40,000 per year
Student loan interest may be tax deductible. Consult your tax advisor.
If you still have multiple years left, consolidating your loans may be the right choice for you. The longer you have until they're paid off, the more you may be able to save.
An Alliant Consolidation Loan will enable you to combine multiple student loans, with multiple interest rates, into one easy-to-manage, affordable loan.
When you consolidate your federal and private student loans, you'll likely wind up with an interest rate that's lower than your current rate(s).
A consolidation loan with a longer term can lower your monthly payments. Choose from a variety of repayment terms (up to 25 years!1), depending on your loan amount.
One of the benefits of consolidating your student loans with a non-governmental lender is the ability to lower your overall interest rate. Sure, you can consolidate your federal student loans with the government – but you won’t necessarily receive a lower interest rate. Instead, you’ll receive a longer repayment term and a fixed interest rate that is based on the weighted average of the interest rates of all the loans you’re consolidating.
Consolidating your federal and personal loans with Alliant will likely result in a lower interest rate, and you can choose from a variety of repayment terms (up to 25 years1, depending on the amount of your loans).
However, it’s important to remember that consolidating your federal loans with a private lender means giving up some federal student loan benefits, such as Pay-As-You Earn and Income-Based repayment programs (repayment programs that are based on your income and family size), as well as loan forgiveness under programs like the Public Service Loan Forgiveness Program (which forgives your loans after you’ve made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.)
|1. Complete the easy online application (this takes about 15 minutes, plus some additional time for a cosigner, if necessary)|
|2. Alliant’s review of your application and lender verification (this takes about 2 business days)|
|3. Approval of the Truth in Lending Disclosure (you must return this to Alliant within 30 days)|
|4. Completion of the Final Truth in Lending Disclosure and Right of Recession Period (this takes 7 business days)|
Give us a call at 800-328-1935. We’d be happy to talk you through any student loan questions you have.
Check back monthly to read new blog articles on everything from The Pros and Cons of Consolidating your Student Loans to The True Cost of a College Education.
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