Private Student Loan Consolidation
Due to legislative changes affecting student loans and turmoil in the financial markets,
ScholarPoint has suspended its Private Consolidation Loan program.
Please contact your financial aid office or current lender to apply for a consolidation loan.
Consolidating Your Private Student Loans is Quick and Easy with ScholarPoint
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 a Private
Student Loan Consolidation Program that features a competitive interest rate and
repayment term flexibility to make your payments more manageable.
Benefits of Private Student Loan Consolidation
You’ll enjoy numerous benefits when you consolidate private student loans through
ScholarPoint!
- Managing bills is so much easier when you have only one consolidated private
student loan to pay rather than many.
- Reduce your interest rate by .25% when you choose auto-debit payments.
- Your repayment begins a full 45 days after your private student consolidation
loan is funded.
- Choose to pay interest-only for one consecutive 12 month period.
- 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.
Helpful Hint
Private and federal loans have different eligibility requirements. Your
eligibility for ScholarPoint’s Private Consolidation Loan does not in any way
affect your eligibility for our federal consolidation program.
Check Eligibility for Federal
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 tables below each set forth three representative examples of rates and fees
for applicants with different credit profiles. The tables should allow you to
understand how much a loan might cost you. 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 added to the loan amount. The APR is 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.
Assumptions for Rate Calculations (in tables below):
• A $25,000 loan amount with a 25-year term (300 monthly payments).
• A constant interest rate of 0.00% (LIBOR rate as of ).
• Principal and interest payments begin immediately after disbursement.
Private Consolidation with Co-Signer:
| Margin |
Origination Fees |
Interest Rate |
APR* |
Payment |
Repayment (months) |
| LIBOR+2.95% |
1.00% |
2.95% |
3.04% |
$119.08 |
300 |
| LIBOR+4.20% |
1.75% |
4.20% |
4.37% |
$137.09 |
300 |
| LIBOR+6.20% |
2.75% |
6.20% |
6.49% |
$168.66 |
300 |
*APRs range from 3.04% to 8.01%
Private Consolidation without Co-Signer:
| Margin |
Origination Fees |
Interest Rate |
APR** |
Payment |
Repayment (months) |
| LIBOR+3.45% |
1.50% |
3.45% |
3.59% |
$126.35 |
300 |
| LIBOR+4.75% |
2.00% |
4.75% |
4.95% |
$145.38 |
300 |
| LIBOR+6.50% |
3.00% |
6.50% |
6.82% |
$173.87 |
300 |
**APRs range from 3.59% to 9.06%