candice accola dating the fray - Consolidating private student loans with wells fargo

by  |  01-May-2016 06:03

Product Offerings Wells Fargo student loan consolidation only offers 15- and 20-year loans, but there is no penalty if you pay off your student loan early.

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Even if your rates seem high, t he Department of Education puts a cap on consolidation loan rates at 8.25 percent.

One major advantage of federal consolidation loans is that borrowers don't need a stellar credit score to qualify, they can apply any time (even if their loan is in default) at Loan gov, and they'll always get a fixed interest rate.

Instead of making multiple payments to multiple lenders, the borrower only has to pay off the new consolidation loan, says Michelle Pezzulli, vice president of operations for Credit Union Student Choice, a student lending service provider in Washington, D.

C."That new loan will have its own interest rate; it will have its own repayment terms; it will have its own terms and conditions," she says.

Consolidation provides grads with the ability to combine their student loans into one megaloan, but it comes with drawbacks.

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