Washington, D.C. (PRWEB) June 26, 2013
iHELP Private Student Loans, offered through community banks, announced the launch of two private student loan consolidation products. These consolidation loans were designed to provide college graduates with repayment options and to help them save money. Graduates of qualifying schools may consolidate all of their private student loans into one iHELP consolidation loan, with either a fixed rate or variable rate. In so doing, borrowers can simplify their repayment and take greater control over their financial planning.
iHELP is the Preferred Service Provider of the Independent Community Bankers of America (ICBA) for private student loans, and is serviced by Student Loan Finance Corporation (SLFC) of Aberdeen, South Dakota. The addition of these new products to iHELP’s private student loan program will help community banks serve those customers who have been paying down their student loans for years, or who have recently graduated and just joined the job market. In addition, iHELP and its network of community banks can provide support for students by helping them simplify the repayment process of multiple loans.
Norg Sanderson, President of SLFC, said, ”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.”
Dan Clancy, Executive Vice President of Services of ICBA, stated, “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.”
Borrowers must have graduated from a qualifying school, meet certain credit history and income levels, or have a cosigner that qualifies. Upon request and if approved, the cosigner can be released from the loan after 24 months of on-time payments. There is no penalty if the loan is paid ahead of schedule. Criteria and school eligibility for consolidating loans through iHELP can be found at iHELPloan.com or by calling an SLFC Loan consolidation specialist at 1-800-645-7404.
About iHELP Private Student Loans from Community Banks
The iHELP Private Student Loan Program is provided through more than 5,000 community minded member banks of the Independent Community Bankers of America (ICBA). iHELP and its lending partners are committed to helping students and their families make informed decisions about their plans for higher education, providing current resources on school costs, estimated salaries for various careers, and providing free access to more than 17,000 available scholarships. The Student Loan Finance Corporation administers iHELP for its banks and has more than 30 years of experience in the student loan business. http://www.iHELPloan.com.