Both private and federal student private loans require the banks that will buy your loans and then you start paying back to them. Many such banks have been hailed as the best student loan consolidation banks but this is not an easy journey. You will go through vigorous requirements, some which you may not qualify. If you need to find out how you fare, then the criteria used for the best student loan consolidation may as well be subjected to you here.
How is your credit score?
This is a fundament al question that any serious lender will ask. It is telling that the lender wants to ascertain that you will be able to take care of your loan repayments if for example you are dealing with SoFi, either as a graduate or undergraduate, you should expect to be asked this question. This bank s considered as one of the best student loan consolidation banks with both fixed and variable interest rates. The rates start from 2.13 to 7.49% unless they have changed over time.
What is your annual income?
You should have seen this coming. Of course any serious lender will be interested in finding out how much you have as your income every year. Earnest is one of the best student loan consolidating banks which will be interested to know if you make enough to sustain you loan repayments. The interest rate is the same on the lower side with that of SoFi but on the higher side, it is 7.19%, which is slightly lower by comparison.
Common Bond is yet another serious bank that you should consider. Your savings will however speak for you in this context. Ensure that you satisfy them that you have enough savings to cushion you in the event you are not able to pay your monthly repayments. Common Bond as a bank has the same interest rate as SoFi.
Citizens Bank is a good option for the best student loan consolidation. The interest rate ranges from 2.13% to 9.39% as per the last time we checked. The interest rates given do not fluctuate often so you would naturally expect it to be still the same up to date.
What is your degree type?
What most students don’t realize is that the interest you pay on your loan will largely depend on the education course and level that you are taking. Of course this is a pre-requirement since you must have at least a certificate that you are enrolled for as a prerequisite to be considered for the student loan.
Getting a consigner
It is not every one who meets most of the requirements as laid out by the best student private loan lender. This should however not disappoint you since a consigner can be appointed to help you access the loans that you are looking for.
The upshot of this is that you can always get the loan that you are looking for if you are serious enough.