Private Student Loan Consolidation

Learn about one more kind of loan consolidation. Compare its eligibility, characteristics and repayment with other kinds of student loans.

Getting an education is the best investment you can make. Are you dreaming about prestigious college and don’t have enough money? Your education dreams can come true. Learn useful information about college funding. Student loans can provide a variety of determent options and extended repayment terms. Consider the given material and make your study as easy as possible.

Loan limit
• If you want to qualify for the Private Consolidation Loan you must have total at least $5,000.
• If you have a creditworthy cosigner, there is no maximum loan amount for you.
• If you do not have a cosigner, there is a maximum loan total of $275,000.

Interest rate
Interest rates are changeable and reset monthly.

Fees
• A one-time disbursement fee is added to the loan amount at disbursement.
• There are no repayment fees.

Repayment
• The term of your repayment depend on your loan amount. You can repay during 30 years.
• You can pay regularly principal and interest through the life of your loan. You can also make interest-only payments for the first 12 months, and then make regular payments of principal and interest.
• Repayment starts 30–45 days following disbursement.
If you consolidate your loans you will lose eligibility for borrower advantages—including grace, postponement, and forbearance—that applied to the original loans.

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