College Life

Considering Consolidation? Get yourself organized first.

If you’ve already done your research on student loan consolidation and determined it’s right for you, there’s a few things you can do to make the application process quicker and easier. We’ll walk you through what to expect in an application and what you’ll need to complete it.

Get the full picture of your student loan situation.

You’ll want to know how much you’ve acquired in student loan debt, the interest rates and who is servicing those loans. Your original paperwork is the first place you should look, however, if it can’t be found, there are other places to find your information. For federal loans, you can visit the National Student Loan Data System which is managed by the Department of Education. There you’ll be able to find how much you owe on each loan and the interest rates. For private student loans, it’s best to ask the original lenders. If you’re having trouble finding your loan information, your college financial aid office should also be able to help. Once you track down both your federal and private loans, you’ll have what you need to ensure your consolidation loan terms make good financial sense.

Speed up your application by having a few things on hand.

Applying for an iHELP student consolidation loan is much like applying for a mortgage or auto loan in that we need to gather personal and financial information to confirm you meet our eligibility requirements. Rest assured, any personal information provided is protected; we take your privacy very seriously. Here’s what you’ll need while completing the application.

  • Loan information. To determine the rates you qualify for when you consolidate, you’ll need to indicate how much you currently owe and what the interest rates are.
  • Personal information. You’ll need to provide your address and social security number as well as the loan amount you’re requesting. Your SSN gives us access to your credit score and helps us determine your interest rate.
  • References. We’ll ask for the basic contact information for two references who live at a different address than you. This is required so that if we have problems contacting you, we can find out how to get back in touch with you.

If you apply on your own and don’t qualify, you should consider applying with a cosigner. We’ll use their credit to determine whether you qualify so it may also help you lock down a lower interest rate.

There’s a few final steps.

Once your consolidation application is approved, we’ll reach out to you to get these:

  • Income documents. To show that your income meets the eligibility requirements, you’ll need to provide a W-2 form or tax return. The borrower or cosigner must have an annual income of $24,000 or greater for the past 2 years. An applicant must also have a qualifying debt-to-income ratio.
  • Address Verification Document. For compliance reasons, we’ll ask you to provide a document verifying your address. This is as simple as providing your utility bill or something similar that lists your name and address.
  • Payoff amount. Before you’re able to consolidate, we’ll need a payoff statement from your current lender or lenders. This includes the name of the company, address, payoff date, payoff balance and interest rate.

Our goal is to make the application as easy as possible. If you have questions along the way, we’re always here to help.

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