ICBA News Release
FOR IMMEDIATE RELEASE
ICBA Preferred Service Provider iHELP Announces Student Loan Consolidation Program
Washington, D.C. (June 27, 2013)—The Independent Community Bankers of America® (ICBA) and iHELP, an ICBA Preferred Service Provider, today announced that iHELP has expanded its services to extend student loan consolidation services to college graduates. Borrowers now have more options when it comes to paying their private student loans. They can simplify their repayment obligations and take greater control of their financial planning by consolidating multiple student loans into a single iHELP Consolidation Loan with a fixed or variable rate of interest.
"ICBA is pleased to see iHELP and community banks working together to serve new financial services consumers who are just entering the job market," said Dan Clancy, executive vice president of services for ICBA. "This resource will help recent graduates to actively manage their financial interests while maintaining and growing a relationship with their local community bank, a relationship lender who understands their unique financial needs."
For both the fixed rate and variable rate Private Student Loan Consolidation products, borrowers must have a qualifying credit history and income level, or have a qualifying cosigner. The cosigner may be released from the loan after 24 months of on-time payments, and there is no penalty for paying ahead of schedule. Both options require that the student has graduated from a qualifying school.
"We've been servicing student loans since 1978. Our mission has always been to be customer focused," said Norg Sanderson, president of SLFC. "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."
The Independent Community Bankers of America®, the nation’s voice for nearly 7,000 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit www.icba.org.
About iHELP private student loans
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. www.ihelploan.com.