Class Advantage, LLC - The Loan Process for Refinancing and Consolidating your Student Loans
How Student Loan Consolidation Works
Congress established the Federal Consolidation Loan program as part of the
Higher Education Act to help make the repayment of student loan debt easier.
A Federal Consolidation Loan allows you to combine all
of your variable interest rate loans into one loan with a low, fixed interest
rate and flexible repayment options. There are no fees or credit checks to take advantage
of our program. We simply contact each of your existing loan holders and verify
your current loan balances and interest rates. Once your file has been processed,
College Loan Financial will transmit the information to our lender for
funding, and within 15 business days you will receive your new repayment schedule
from your new servicer.
Depending on the total amount of student loan debt, you can
choose one of several repayment plans with loan terms up to 360 months. The interest rate on your Federal Consolidation Loan will be the weighted
average of the current interest rates on your eligible student loans rounded
up to the nearest 1/8%, or 8.25%, whichever is less. The interest rates on your
Federally Guaranteed Student Loans are based on the Treasury Bill and are adjusted
each year on July 1st. This means that currently you have the opportunity to
lock in some of the lowest interest rates in the history of the student loan
program. Lower them an additional 1.25% to 1.50% through our new Advantage Rewards incentive program.
Applying for a Federal Consolidation Loan is fast and easy. You can complete
the application on-line or over the phone and we'll take care of the rest for
you!
To apply over the phone call us toll free at 800-440-8664 and we'll send a
completed application package to you. To complete the application on-line:
Fill in the information on our online application.
Print out the completed application, or we will print it
and send it to you if a printer is not available.
Review and sign the completed application.
Mail your completed application to: College Loan Financial 6317 Heritage Dr. San Diego, CA 92009
Normal processing time takes less than 30 days, so apply for your Federal Consolidation
Loan today!
