E-loan’s Student Loan Consolidation Program

Student loan consolidation is a process through which a borrower combines many student loans into a single loan in order to improve their financial situation. This can be done even if the borrower currently has loans with more than one lender and watch loan is of a different loan types. By consolidating student loans, the borrower benefits by a flexible repayment term and a low rate of interest rates for the life of their loan.E-Loan services can provide you with a student loan consolidation program. Their program is unique because it can provide the borrower the lowest possible interest rate. If E-loan finds the borrower to be eligible, the already low fixed interest rate offered by them can be further reduced by 1.25. When a borrower uses their automated debit program to repay your loan , they benefit by a 25 interest rate reduction and borrowers can see a 1.0 interest rate reduction if you make 36 consecutive, on-time, monthly payments. All information that is necessary for student loan consolidation will be provided by E-loan. They will assign a personal loan counselor who is responsible for assisting the borrower throughout the application process. They will be available to answer any queries and can be reached through phone, online, or via e-mail.The repayment term ranges from 12 to 30 years depending on the total amount of your student loans. If the repayment option is level repayment, the borrower will pay equal monthly payments over the term of your loan and this is the standard and most popular repayment option. If the borrower goes in for a Graduated Repayment Plan, the can benefit by a low, interest-only minimum payments for either the first 2 or 4 years of your repayment period after which a level repayment plan is use to calculated for the remainder of the repayment term. Going in for an income-sensitive repayment plan, will help the borrower by adjusting the amount of your monthly payment according to their gross monthly income. The borrower has to additionally provide necessary documentation to help E-Loan determine their monthly payment amount. In an extended repayment option the borrower can repay their consolidation loan over a 25-year period on a level or graduated payment plan if they have FFEL loans in excess of $30,000. If they have loans in excess of $60,000 and wish to repay over a 30-year period, they need to consider the other repayment options provided by e-loans.The repayment term ranges from 12 to 30 years depending on the total amount of your student loans. Going in E-loans for student consolidation program will defiantly improve a borrower’s financial situation and they can rest assure to get the best advice and service through r-loans.

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