Borrowers may prepay all or part of the unpaid balance
on any Student Loan Consolidation at any time…
Without an early repayment penalty.

If a borrower makes a payment that is more than the
required monthly payment, the prepayment will be applied

First - to any charges or collection costs,
Second - to outstanding interest
Third and last - to principal.

However, if a borrower’s account has no outstanding interest,
the prepayment is applied entirely to principal balance.
 
How long should it take to consolidate your loans
once you submit your application?

The consolidation process generally takes 30-45 days
once the completed application has been received.
Using an online application, you can reduce the amount of time
it takes to submit your request for consolidation.

This entry was posted on Friday, November 24th, 2006 at 8:08 pm and is filed under Student Loan Debt Consolidation. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.