Best Student Loan Consolidation deals
For Ohio students/residents: .25% immediate interest rate reduction for auto debit
1.5% interest rate reduction that is PERMANENT after 36 months
or
6% principal reduction immediately that is permanent after 36 months
For non-Ohio students/residents:
.25% immediate interest rate reduction for auto debit
1% interest rate reduction that is PERMANENT after 36 months
or
3.33% principal reduction that is PERMANENT after 30 months
ELC
**not currently offering any incentives 10/10/07**
.5% immediate interest rate reduction for auto debit.
1.25% interest rate reduction after 24 monthly payments (reduction continues so long as all payments are made on time). If you miss a payment beyond 14 days of due date, you could lose this incentive permanently. However, their website says something about reinstatement.
$15k minimum, may NOT take in-school consolidation
Service: Great Lakes.
They stamp the side of the promissory note with: "ELC Guaranteed Benefits Package: 1.25% Interest rate reduction after making the first 24 on time payments & .5% interest rate reduction for using Auto-debit"; and they will send a side letter confirming guarantee of benefits.
Alternate package: .25% auto debit, 2.25% after 48 payments (minimum $30k).
Next Student
.25% immediate interest rate reduction for auto debit.
They offer three different plans in addition to the .25% auto debit:
1: 1% reduction after 36 months of on time payments is locked in unless you miss 6 payments-in that case gone forever. OR:
2: .375% reduction after 6 timely payments. Plus after 36 months of timely payments an additional 1%. Not locked in: one default and gone forever. OR:
3: 2% reduction after 48 timely payments Not locked in.
The Loanster
theLOANSTER Consolidation Loan:
10/11/07 update:
.25% auto debit and-
.50% Permanent rate reduction after 36 on-time payments (within 14 days past due-Do not need to be consecutive so deferment/forbearance is ok)
ScholarPoint
.5% immediate interest rate reduction for auto debit
1% interest rate reduction after 24 monthly payments. This incentive lost for ever if you miss single payment within 14 days of dou date.
Minimum Consolidation Amount: $10,000 (per Craig, 12/9/06)
Not locked in.
College PayWay
.25% immediate interest rate reduction for auto debit
1% interest rate reduction after 30 monthly payments (forfeited if you ever miss a payment by 15 days)
OR
.25% immediate interest rate reduction for auto debit
1.5% cash rebate on loans from $20k to $39,999
2.5% cash rebate on loans from $40k to $59,999
3.5% cash rebate on loans $60k and up
Education Services Foundation
Mississippi connection needed.
- up to 1% cash rebate on loans from $6,500 to $40,000*
- up to 2% cash rebate on loans over $40,000*
- interest rate reduction of as much as 1.75% on loans of $10,000 or more**
*The cash rebate is paid after the equivalent amount is paid in interest during the first 12 months of the loan.
**On loans of $10,000 ore more, receive a 0.5% interest rate reduction for payments automatically debited from a bank account and receive a 1.25% interest rate reduction after 24 months of on-time payments.
CollegeInvest.org. CollegeInvest: part of Colorado Government Student Loan program:800-448-2424:
.25% auto debit,
1% off interest after 24 months of timely payments,
1% off the top of principal of the loan immediately.
Guaranty that they never sell off your loan.
Loans serviced by Iowa Student Loan Liquidity Corporation (probable, might be NelNet for in-school)
NelNet
.25% immediate interest rate reduction for auto debit
3.33% principal balance (NB: not interest rate) reduction after 30 monthly payments--NOT PERMANENT
(or 1% interest rate reduction after 36 monthly payments)
NB: In Sept. 2006 an Inspector General report found that NelNet used a scheme to claim illegal government subsidies of > $250 million.
T.H.E. (aka Northstar)
.75% immediate annualized monthly credit, roughly equivalent (see below) to a .75% interest rate reduction ***SUSPENDED***
no further reduction for anything else, ever
ISL
Iowa Student Loan
for non-Iowa connected people
.25% immediate interest rate reduction for auto debit
1.1% interest rate reduction after 36 monthly payments
ISL
Iowa Student Loan
for Iowa Connected people:
.25% immediate interest rate reduction for auto debit
.75% interest rate reduction after 6 monthly payments
1.5% Principal Reduction after 6 monthly payments.
College Foundation of North Carolina
North Carolina connection needed.
.25% immediate interest rate reduction for auto debit
2% interest rate reduction after 48 monthly payments
North Texas HEA
Need a TX connection? Spoke to CSR and specified you don't need Texas connection (chimera451)
.25% immediate reduction for auto debit
1% reduction after 36 payments
Forgives the last $600
Cash Back program:
Consolidate $5500-$9999 and get $295 cash
Consolidate $10k-$15k and get $595 cash
Consolidate $15k+ and get $595 cash + a $595 principal reduction after 12, 24, & 36 months
Note: If you do not hold a loan through NTHEA you are not eligible for cash rebate, however,
you are still eligible for the $595 principal reductions (basically applies to those without
a Texas connection)
OSLA
1% immediate interest rate reduction for auto debit
1% principal reduction after 6 payments
AllStudent
.25% immediate reduction for auto debit
1.25% reduction after 24 payments for California residents/ or people who went to school in CA
OR
No Interest for 1st year (Interest credited back after 12 months) and .25 auto debit reduction.
Graduate Leverage
.25% immediate reduction for auto debit
1% reduction after 30 payments (for first consolidation) or 17 payments (for subsequent consolidations)
9-month forbearance at graduation (only for some?)
Offers custom loan assessments to optimize consolidation, but you can always take their suggestion and consolidate elsewhere.
====
Most others (including CFS, Access Group, Student Loan Xpress & AES/Keystone)
.25% immediate interest rate reduction for auto debit
1% interest rate reduction after 36 monthly payments
Note that (nearly?) all lenders give .6% reduction when you consolidate during a grace period
SL Loan Servicers: it is also important to know or try to figure out who is going to actually service your loan.
1.5% interest rate reduction that is PERMANENT after 36 months
or
6% principal reduction immediately that is permanent after 36 months
For non-Ohio students/residents:
.25% immediate interest rate reduction for auto debit
1% interest rate reduction that is PERMANENT after 36 months
or
3.33% principal reduction that is PERMANENT after 30 months
ELC
**not currently offering any incentives 10/10/07**
.5% immediate interest rate reduction for auto debit.
1.25% interest rate reduction after 24 monthly payments (reduction continues so long as all payments are made on time). If you miss a payment beyond 14 days of due date, you could lose this incentive permanently. However, their website says something about reinstatement.
$15k minimum, may NOT take in-school consolidation
Service: Great Lakes.
They stamp the side of the promissory note with: "ELC Guaranteed Benefits Package: 1.25% Interest rate reduction after making the first 24 on time payments & .5% interest rate reduction for using Auto-debit"; and they will send a side letter confirming guarantee of benefits.
Alternate package: .25% auto debit, 2.25% after 48 payments (minimum $30k).
Next Student
.25% immediate interest rate reduction for auto debit.
They offer three different plans in addition to the .25% auto debit:
1: 1% reduction after 36 months of on time payments is locked in unless you miss 6 payments-in that case gone forever. OR:
2: .375% reduction after 6 timely payments. Plus after 36 months of timely payments an additional 1%. Not locked in: one default and gone forever. OR:
3: 2% reduction after 48 timely payments Not locked in.
The Loanster
theLOANSTER Consolidation Loan:
10/11/07 update:
.25% auto debit and-
.50% Permanent rate reduction after 36 on-time payments (within 14 days past due-Do not need to be consecutive so deferment/forbearance is ok)
ScholarPoint
.5% immediate interest rate reduction for auto debit
1% interest rate reduction after 24 monthly payments. This incentive lost for ever if you miss single payment within 14 days of dou date.
Minimum Consolidation Amount: $10,000 (per Craig, 12/9/06)
Not locked in.
College PayWay
.25% immediate interest rate reduction for auto debit
1% interest rate reduction after 30 monthly payments (forfeited if you ever miss a payment by 15 days)
OR
.25% immediate interest rate reduction for auto debit
1.5% cash rebate on loans from $20k to $39,999
2.5% cash rebate on loans from $40k to $59,999
3.5% cash rebate on loans $60k and up
Education Services Foundation
Mississippi connection needed.
- up to 1% cash rebate on loans from $6,500 to $40,000*
- up to 2% cash rebate on loans over $40,000*
- interest rate reduction of as much as 1.75% on loans of $10,000 or more**
*The cash rebate is paid after the equivalent amount is paid in interest during the first 12 months of the loan.
**On loans of $10,000 ore more, receive a 0.5% interest rate reduction for payments automatically debited from a bank account and receive a 1.25% interest rate reduction after 24 months of on-time payments.
CollegeInvest.org. CollegeInvest: part of Colorado Government Student Loan program:800-448-2424:
.25% auto debit,
1% off interest after 24 months of timely payments,
1% off the top of principal of the loan immediately.
Guaranty that they never sell off your loan.
Loans serviced by Iowa Student Loan Liquidity Corporation (probable, might be NelNet for in-school)
NelNet
.25% immediate interest rate reduction for auto debit
3.33% principal balance (NB: not interest rate) reduction after 30 monthly payments--NOT PERMANENT
(or 1% interest rate reduction after 36 monthly payments)
NB: In Sept. 2006 an Inspector General report found that NelNet used a scheme to claim illegal government subsidies of > $250 million.
T.H.E. (aka Northstar)
.75% immediate annualized monthly credit, roughly equivalent (see below) to a .75% interest rate reduction ***SUSPENDED***
no further reduction for anything else, ever
ISL
Iowa Student Loan
for non-Iowa connected people
.25% immediate interest rate reduction for auto debit
1.1% interest rate reduction after 36 monthly payments
ISL
Iowa Student Loan
for Iowa Connected people:
.25% immediate interest rate reduction for auto debit
.75% interest rate reduction after 6 monthly payments
1.5% Principal Reduction after 6 monthly payments.
College Foundation of North Carolina
North Carolina connection needed.
.25% immediate interest rate reduction for auto debit
2% interest rate reduction after 48 monthly payments
North Texas HEA
Need a TX connection? Spoke to CSR and specified you don't need Texas connection (chimera451)
.25% immediate reduction for auto debit
1% reduction after 36 payments
Forgives the last $600
Cash Back program:
Consolidate $5500-$9999 and get $295 cash
Consolidate $10k-$15k and get $595 cash
Consolidate $15k+ and get $595 cash + a $595 principal reduction after 12, 24, & 36 months
Note: If you do not hold a loan through NTHEA you are not eligible for cash rebate, however,
you are still eligible for the $595 principal reductions (basically applies to those without
a Texas connection)
OSLA
1% immediate interest rate reduction for auto debit
1% principal reduction after 6 payments
AllStudent
.25% immediate reduction for auto debit
1.25% reduction after 24 payments for California residents/ or people who went to school in CA
OR
No Interest for 1st year (Interest credited back after 12 months) and .25 auto debit reduction.
Graduate Leverage
.25% immediate reduction for auto debit
1% reduction after 30 payments (for first consolidation) or 17 payments (for subsequent consolidations)
9-month forbearance at graduation (only for some?)
Offers custom loan assessments to optimize consolidation, but you can always take their suggestion and consolidate elsewhere.
====
Most others (including CFS, Access Group, Student Loan Xpress & AES/Keystone)
.25% immediate interest rate reduction for auto debit
1% interest rate reduction after 36 monthly payments
Note that (nearly?) all lenders give .6% reduction when you consolidate during a grace period
SL Loan Servicers: it is also important to know or try to figure out who is going to actually service your loan.
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