iHELP, the Independent Community Bankers of America’s preferred service provider for private student loans, announced last week the launch of two new private student loan consolidation products designed to assist college graduates with repayment.
“The launch of iHELP’s Private Student Loan Consolidation products is yet another way for community banks to build relationships with younger customers and support their financial future,” Dan Clancy, the executive vice president of services at the ICBA, said.
Graduates of qualifying institutions may be able to consolidate all of their private student loans into one iHELP consolidation loan with either a fixed or variable rate, which could allow borrowers to simplify their repayment and save money.
”We’ve been servicing student loans since 1978. Our mission has always been to be customer focused. Recognizing the financial challenges current students and graduates are facing, we feel it’s the right time and the right reason for the consolidation program,” Norg Sanderson, the president of the Student Loan Finance Corp., which services iHELP, said.
In order to qualify for the loan consolidation, the borrower must have graduated from a participating school, meet certain credit history and income requirements or have a co-signer that meets the requirements. If approved, the cosigner can be released from the loan after two years of on-time payments, and no penalties are issued if the loan is paid ahead of schedule.