Private student loan consolidation interest rates are based on either the London Interbank Offering Rate (LIBOR) or Prime Interest Rate index, plus a margin based on borrower / cosigner credit. The only way to determine what the interest rate on your private consolidation loan will be is to contact your lender.
Origination fees range between 0% and 8% depending upon your individual credit or the credit of a co-signer. In some cases fees are due at loan closing and are capitalized (added to the loan), which increases the amount borrowed but avoids any out-of-pocket expenses at loan closing.
Origination fees range between 0% and 8% depending upon your individual credit or the credit of a co-signer. In some cases fees are due at loan closing and are capitalized (added to the loan), which increases the amount borrowed but avoids any out-of-pocket expenses at loan closing.
Benefits of Private Student Loan Consolidation:
- Lower Monthly Payments: Most borrowers can reduce their monthly payment by extending the repayment term of their private student loan debt.
- Conditional pre-approval decision within minutes online or by phone.
- Reduced Interest Rates: Borrowers with improved credit may often lower their interest rate. Existing loan holders will not reduce your interest rate if your credit has improved.
- Rate Reductions: Borrowers may apply on their own or with a credit-worthy co-signer. Borrower and Co-signers with superior credit may receive lower APR loans.
- Internship/Residency & Military Deferment: A 48 month deferment for medical/dental residents and a 36 month deferment for all active-duty military personnel.
- Up to 25 Year Repayment Term: Borrowers may receive up to a 25 year repayment term which offers the lowest possible monthly payment.
- No Prepayment Penalties: All payments in excess of scheduled payments go directly to principal.
