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Private Student Loan Consolidation - Consolidate Alternative Loans
A way to consolidate virtually all private, non-federal education borrowing. Consolidating your private student loan debt will help simplify your monthly finances and lower your monthly student loan payments.
Notice: We recommend that you Consolidate all your Federal Student Loans first and separately.
Why consolidate federal loans first?
- Federal consolidation combines all loans into one and reflects a positive payment history
- Federal consolidation improves your credit score
- Private consolidation interest rates are credit-based - the better your credit, the better your rates
- Complete a federal consolidation first to improve your credit, then complete a private consolidation!
Consolidate your Federal Student Loans first
To Apply for Private Loan Consolidation by phone, Call: 866-532-7661
Why consolidate private loans? The Benefits:
- Combine all private student loan debt into one loan
- Reduce your monthly loan payments
- Private consolidation can improve your credit score
- Interest rate reductions for on-time and automatic payments
Private Student Loan Consolidation Overview
Who is it for?
Anyone with outstanding non-federal education-related expenses is eligible to apply for a Private Consolidation Loan. Borrowers for these loans are either U.S. citizens or permanent residents.
How much can I borrow?
- Minimum: greater than $10,000
- Maximum: $250,000
How long do I have to repay the loan?
- Consolidation loans that exceed $40,000 have longer repayment periods—up to 25 years.
- For loans less than $40,000, the repayment period is 20 years.
Complete an application and know if you are pre-approved within minutes.
What's the interest rate?
- The interest rate for a Private Consolidation Loan is the Prime Rate, adjusted monthly, plus a margin depending on your credit history.
- Prime Rate (as of 6/29/2006): 8.25%
- The margin will initially be between 0.00% and 3.50%, but may be adjusted based upon changes in the Margin Adjustment Index.
What kind of debt can be consolidated?
Private Consolidation Loans can be used to consolidate all education-related debt, including all private loans used for education-related expenses as well as any federal student loans.
WARNING: While your federal student loans can be included in a private consolidation, you may want to consider a federal consolidation loan as it is subsidized by the government. Federal consolidation loans generally have a lower interest rate and more benefits.
Can I consolidate loans for more than one student? Yes, parents can consolidate the loans of one or more children. Also, spouses can consolidate their loans into one Private Consolidation Loan. |
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