USAA is a reputable company who works with members of the military to provide them with various insurance, investment and banking options. To become a member, you must be serving or have served in the U.S. military, or are a dependent of a serviceman or woman. USAA offers membership to active military, former military, families and cadets or midshipmen. If you are eligible for USAA membership, you may want to consider applying. They have some great options for their members and they pride themselves on providing top-notch customer service.
USAA does not offer student loan consolidation or debt consolidation loans specifically, but they do offer personal loans. Although the loan is not geared specifically toward student loan debt, it may still be an option to consider if you can get a low interest rate. It will still allow you to combine your payments into one, which is much more convenient than making multiple payments on multiple student loans.
USAA Personal Loans
An USAA personal loan can be used for virtually anything: debt consolidation or home improvements, financial difficulties and many others. It is up to you to determine how you will use a personal loan, but there are still some eligibility requirements and other details to consider before you decide to use a personal loan to consolidate your student loan debt.
The USAA personal loan debt calculator is a tool available online so you can get an idea of how much you need to loan and what your estimated monthly payments will be. If you choose, you can also consolidate credit card debt, but you will need to consider the interest rate to determine if that is the best financial decision for your specific situation.
Applying for an USAA Personal Loan
USAA makes applying for a loan quick and easy, and typically you will receive an instant decision on your application. You can apply online and there is no application fee, and the funds are usually available within one business day.
If you are not sure if this is your best option, you may want to call to speak to a USAA representative. They are extremely helpful and can answer any questions you have about consolidating your student loans or other debts. While USAA is a great company to work with, there may be better options for consolidating federal student loan debt if you have a significant amount of this type of debt.