Private Student Loan Consolidation

Consolidating Private Student Loans can be Quick and Easy but it needs to be examined before making the decision if it's right for you.

Due to rising education costs, many former students like you borrowed non-federal (or private/alternative) loans in addition to federal loans to pay for their education. If you are repaying both federal and non-federal education loans, you may find repayment to be even more complex. For this reason, we offer Private Student Loan Consolidation information, partners, lenders and other related resources that may assist you in becomeing informed, before you apply.

Benefits of Private Student Loan Consolidation

You could enjoy some benefits when you consolidate private student loans

• Managing bills can be easier when you have only one consolidated private student loan to pay rather than many.
• Potentially reduce your interest rate when you choose auto-debit payments.
• Your repayment most often begins after your private student consolidation loan is funded.
• Choose repayment options.
• With some Lenders, Qualified borrowers can defer payments up to 12 months with forbearance option.

Private Consolidation Loan Eligibility

To save yourself valuable time, check to see that you meet the eligibility requirements for private student loan consolidation.

• Consolidate $10,000 to $150,000 in eligible private student loans.
• Be the age of majority (usually 18) in your state of residence.
• Be a U.S. citizen or U.S. Permanent Resident.
• Be a graduate or currently enrolled in the final term of a degree program at an approved postsecondary institution.
• Have at least satisfactory credit and a minimum income of $18,000 or apply with a credit worthy co-signer.

Examples of Rates and Fees

The actual rates and fees applicable to your loan may vary from these examples, depending on the school you attend, credit history, and repayment plan selected. For all APR examples, Origination Fees are sometimes added to the loan amount, but companies vary and ruls are changing. The APR can be a variable rate and may increase or decrease based on changes to the one-month LIBOR rate. The addition of a co-signer may lower the rates and fees associated with your loan.

Private Consolidation with Co-Signer:

Assumptions:
A $25,000 loan amount with a 25-year term (300 monthly payments) and a constant one-month LIBOR rate of 3.11%.   Principal and interest payments begin immediately after disbursement.