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A way to consolidate virtually all non-federal education borrowing.
With a private consolidation loan, you can consolidate your
education-related debt and credit cards. By consolidating, you'll write
fewer checks and may have a lower monthly payment.
Were you looking for a NEW private student loan?
Should I consolidate my Federal Loans with my Private Loans?
No, we recommend you consolidate all your Federal Student Loans first
and seperately. If you have other loans (Private / Alternative
Loans), you can consolidate those at a later date into a separate loan.
Why consolidate federal loans first?
Your monthly debt to income ratio will improve and your total number of
loans outstanding loans will be lowered - both help your credit
score. Private student loan consolidation is credit-based - if you
consolidate your federal loans first, you will be able to
secure a more favorable interest rate in your Private Student Loan
Consolidation due to the improved credit score !
If you don't qualify for Federal Student Loan Consolidation Programs, consider the Private Student Loan Consolidation Plan:
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 8/22/2005): 6.5%
The margin will initially be between 1% and 8.90%, but may be adjusted based upon changes in the Margin Adjustment Index.
Who is eligible for a Private Consolidation Loan?
Anyone
with outstanding non-federal education-related expenses is eligible to
apply for a Private Consolidation Loan. Borrowers must be either U.S.
citizens or permanent residents, and it is strongly recommended that
federal student loan consolidation be performed first.
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.
Note: While
Private can consolidate federal student loans, you may want to consider
a federal consolidation loan as it is subsidized by the government and
offers a lower interest rate.
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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