How to Find the Best Company to Consolidate Federal Student Loans

After graduation is an exciting time in your life. With a new degree, seemingly endless job possibilities, and a new chapter waiting to be written, you may not be sure how to take care of the past issues — such as your federal student loans. Is there a way to pay them off faster or for a lowered amount? How do you decide which company to use for federal student loan consolidation? Here are some easy ways to distinguish the good companies from the bad ones and keep moving forward with your new life.

1. Check their availability. Can you talk with their staff throughout the week? Do they respond to calls and emails? If you can never reach the loan consolidation company, you won’t be able to modify your payments, find out the final payoff amounts, or even just get information regarding your account. This can be frustrating and can create unnecessary stress when you try to consolidate federal student loans.

2. Avoid tons of fees. You already have loans to pay off; you don’t need a company to charge you an arm and a leg for their services only to be told they can’t help you. Find and work with a company that will provide you with a loan consolidation analysis and know the facts, not guesswork about your student loan consolidation. There may be fees but they should be clearly-explained and be affordable to your individual situation.

3. Easy application process. When a company makes their site easy-to-use and employs a knowledgeable staff to answer your call, you have found a great company. They are there to serve you and when a company works hard to provide excellent customer service, you can rest assured they have your best interest in mind. A federal student loan consolidation is something that can affect your future if not completed correctly, so working with a reputable company with a successful history can give you a positive start on the repayment process.

4. Confidentiality and payment safety. With all the hacking and security breaches you can experience with an online company, you don’t need any more problems in that area. Every time you give out your personal information, you are taking the risk that it will be compromised, so find a company with the proper security settings and confidentiality agreements in place. Your information is private and the debt you owe should be as well.

Not every company can guarantee you these items so take the time to properly vet the student loan consolidators you are considering. By going through this simple checklist, you can eliminate several businesses in one comparison and find one that will suit your needs, help you pay off federal student loans and even lower your monthly payments.