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Home » Financial Aid
» In-School Consolidation: Multiple Lenders
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Types of Aid
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In-School Consolidation: Multiple Lenders I have more than one lender for my federalloan. How do I choose a lender?Since in-school consolidation is new and there is a possibility for errors that may require intervention, the Financial Aid Office STRONGLY encourages you to utilize one of the Law Center’s recommended lenders. Basically, the decision comes down to the repayment incentives offered by the lender. As discussed during the in-person in-school consolidation sessions, most lenders offer benefits for on-time repayment. The benefits will reduce the total cost of the loan. Below you will find a brief description of the offerings of our major consolidation choices. NorthStar / T.H.E . - .75% annualized benefit earned while in repayment (beginning immediately upon entering repayment) and less than 60 days delinquent. If borrower goes beyond 60 days delinquent, the benefit is suspended until borrower is less than 60 days delinquent. Currently, approximately 98% of Law Center graduates in repayment are receiving this benefit. I am interested in the NorthStar/T.H.E. consolidation option.
Access Group - .25% for selecting direct debit payment from your checking account. An additional 1% is earned by making your first 36 consecutive payments on-time. Using a deferrment or forbearance will cause the 36 consecutive on-time payment clock to reset to zero. I am interested in the Access Group consolidation option.
Revised Feb. 22, 2006 |
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