Frequently Asked Questions
Regarding Consolidation:
Why do they ask for my Social Security Number?
What advantages are there to consolidating my loans?
What are the fees?
Are there any credit checks?
How much lower will my payments be?
What will my new interest rate be?
Why should I consolidate while in grace?
What payment options do I have?
How long will I have to pay back my loan?
Can I pre pay the loan?
Why should I use Student Aid Lending vs. my current lender?
Why do they ask for my Social Security Number? (back to top)
To confirm your identity and ensure your loan information is not shared with anyone but yourself, Student Aid Advisors are required to ask to confirm your identity. This information will include, Name, Address, Social Security Number and Date of Birth. Read further about fraud.
What advantages are there by consolidating my loan? (back to top)
Most federal loans come with a variable rate of interest. The Dept. of Education allows you to fix this rate and protect it from increasing by consolidating all your loans into one. One Low Payment and a Fixed Interest Rate.
Loan consolidation is a free service, offered under the Higher Education Act, there are no fees.
Are there any credit checks? (back to top)
Consolidation requires no credit checks. Your loan information is verified through the government's NSLDS (National Student Loan Data System) as well as with your lenders directly. This system requires your name, date of birth and social security number to find your data and access is limited by the Dept. of Education to select companies.
How much lower are my payments? (back to top)
Your payments will vary based on your loan term and average rate. To find out what your options are contact a loan counselor or use our online calculator here.
What will my new interest rate be? (back to top)
Your interest rate will be the weighted average of your current rates rounded up to the nearest 1/8th of a percent. You may also qualify for a lower rate depending on your situation.
Why should I consolidate while in grace? (back to top)
Not only can your rates be fixed in and protected form rate increases but you will retain the even further reduced rate available with some loans.
What payment plans are there? (back to top)
Plans vary but include both equal payments over the life of the loan as well as programs that start lower than equal payments and gradually increase over 2 or 5 years to help you adjust to making payments.
How long a loan term is available? (back to top)
Loan terms range from 10 to 30 years and is determined by a federal guideline of your overall loan amount.
All loans come with no penalty for prepayment. You choose when and if you want to pay your loan off early.
We pride ourselves on the ability to work with our customers to find the very best solution for their student loan needs. Every student's situation is evaluated to ensure the lowest possible rate and that it achieves the greatest savings.
Our experience in assisting your financial needs shows through our knowledgeable staff that will focus on helping you understand the financial aid. Added to this, our investments in technology make receiving and managing your student loans easy. Our state of the art online electronic signature process reduces the amount of time and paper spent in processing your loan.
We know you have a choice in student loans; at Student Aid Lending we truly appreciate your business!
Call us today Toll Free: (800) 964-0642
|
