School Loan Consolidation
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Private School Loan Consolidation

If you have private school loans, you also can take advantage of the cost savings of school loan consolidation. Learn what you need to qualify and how consolidation can benefit you here.

Qualifying for Private School Loan Consolidation

For any student loans that do not qualify for federal school loan consolidation, you can still consolidate them with a private consolidation loan. Private education loans are basically any student loans issued by private lenders and not sponsored by the federal government. Parents often take advantage of private education loans and can also consolidate such loans with private school loan consolidation. You may qualify for private school loan consolidation if:

  • You are in repayment on the private loans you wish to consolidate
  • You are not in default on your loans
  • You're creditworthy or have recruited a co-signer with a good credit history

About Private School Loan Consolidation

Private school loan consolidation loans are much like any other loan you would receive from a private lender. They are contingent upon a credit check and usually have certain fees associated with them. Typically, private school loan consolidation offers a low, fixed interest rate for an initial period (usually a year), followed by an interest rate that varies according to the market rate. The fluctuating interest rate is usually tied to LIBOR, or the London Interbank Offered Rate.

Benefits of Private School Loan Consolidation

  • Get rates at historic lows for the first year of your loan
  • Reduce your monthly payment by as much as 45% in the first year
  • Release your co-signer from the agreement after making first 48 payments on time
  • Opt to make interest-only payments for the first two years of the loan
  • Sign up for automatic debit from your bank account & get a 0.25% rate reduction
  • Enjoy repayment period of up to 30 years
  • Make one, easy payment to one creditor each month
  • Use savings to pay off credit cards or to invest in your future
  • Easy, online application can be completed in two minutes

If you have any questions, please visit our Frequently Asked Questions page.