Consolidate Private Student Loans
and You Can Lower Your Monthly Payments
to Fit Your Budget

When you consolidate private student loans, you consolidate any non-federal loans and borrowings into one easy to manage loan. This can include credit card debt that is education related. With credit card interest rates much higher than consolidation loan rates - this means significant savings for you.

Because of the special features of federal student loans, you cannot include private student loans in your federal student loan consolidation.

*** Special Note ***

Consolidate your federal student loans first.

This will improve your credit score. How?

The interest rate you receive on your private student consolidation loan is based on your credit rating.

By consolidating your federal student loan first, you pay off your federal student loans with your federal student consolidation loan. Since you have loans that are paid in full, your credit rating improves. Also, you will have a fewer number of outstanding loans which also improves your credit rating.

Then you save on your private student consolidation loan.

Federal Student Loans can be included in a Private Student Loan Consolidation. BUT, Federal Student Consolidation Loans are subsidized and usually carry a lower interest rate. That doesn't mean you shouldn't look at the possibility of consolidating all of your student loans under a private student consolidation loan, it just means you should not blindly consider it.

The most advantageous route for you to save money is to have both a federal student consolidation loan (for your federal student loans) and a private student consolidation loan (for private student debt).

What are the benefits when you consolidate private student loans?

You save money
When you consolidate private student loans you create an opportunity to get a lower interest rate. Low interest rates can save you thousands of dollars over the long run, especially for those who need 10, 20 or 30 years to pay off your student loans.

It's more convenient
Your private student loan consolidation simplifies your finances by making only one payment each month. You deal with only one lender which means less paperwork and you only have one monthly due date to manage.

Lowers your monthly payments
When you consolidate private student loans, the single monthly payment is usually far less than the total monthly payments of separate student loans. This greatly benefits you since you recently finished school and don't necessarily have the income to deal with large loan payments.

Besides, now is the time when you need your money the most - for rent, furniture, perhaps buying a car or house, getting married, starting a family...

Improves your credit score
Your new private student loan consolidation is a single loan that replaces the many outstanding student loans. Since your old student loans are paid in full by the new loan, your credit rating improves for having completed payment on outstanding loans.

Also, because you will have fewer outstanding loans, you will further improve your credit rating. And improving your credit rating will help you obtain beneficial terms on future loans such as a mortgage.

Improves your ability to get a mortgage
In some cases, it may be necessary to consolidate private student loans in order to get a mortgage.

Why? Mortgage lenders look at how much a person can afford to pay each month. If you have multiple student loans with total monthly payments greater than 8% of your income, your chances of getting the mortgage you want are limited.

When you consolidate private student loans, you can choose a lower monthly payment (less than 8% of your income) and take longer to pay off the loan - up to 30 years if needed. The lower monthly expenses help you qualify for the mortgage you want and still be able to manage financially.

Do you qualify for a student loan consolidation?

If you want to consolidate private student loans, we have a free, no obligation application form. We will be more than happy to let you know if you qualify.

What other things do you need to consider?

When you apply to consolidate private student loans, please look for:

• The lowest interest rate.
• Further discounts to your interest rate.
• No fees.
• Flexible payment terms and schedule.
• No penalties for early repayment.
• Consolidate your federal student loans first. This will improve your credit score. Then consolidate your private debt.
• Private student consolidation loans typically require a minimum of $5,000 to $10,000 of outstanding private student debts. They usually allow maximum borrowing limits from $120,000 to $250,000.
• Repayment plans typically vary from 10 years to 30 years. Some lenders do charge penalties for early repayment.
• Origination fees can range from 0 to 10% of the loan amount for private student loan consolidation.
• Many lenders require co-signers for private student loan consolidation. Typically there are co-signer release clauses for making a certain number of sequential on-time monthly payments.  

How do you apply?

A well established, nationally recognized lender can show you the best terms for you - simply apply. We will work with you to develop a suitable plan for your student loan consolidation.  

There's no obligation for applying, just apply and find out what terms and benefits you can receive. 

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Find Out How Much You Can Save!

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