School Loan Consolidation Facts
Here you'll find the important details of school loan consolidation. Learn more about rates, terms, and fees.
School Loan Consolidation Rates
For federal school loan consolidation, your new interest rate will be based on the weighted average of the interest rates (before lender discounts) of the
loans you're consolidating. This weighted average is then rounded up to the nearest one-eighth of a percentage, with a maximum of 8.25%. This rate is
fixed, meaning you will enjoy the same rate for the life of the loan. For private school loan consolidation, your initial interest rate will likely be a
low, fixed rate. After that, your rate will vary according to the LIBOR, which is a rate published in the Wall Street Journal.
School Loan Consolidation Fees
By law, lenders cannot charge any application or other fees for federal school loan consolidation. With our consolidation loans (private and federal), we
also do not charge any prepayment penalties, so you can pay your loan off early without any additional fees. For private school loan consolidation, the loan
is subject to the same fees that usually accompany private loans, such as application, origination, and processing fees.
School Loan Consolidation Terms
We offer repayment terms of up to 30 years on our school loan consolidation loans. However, your repayment period will depend on the outstanding balance of
your student loans. Keep in mind that, although extending your repayment period will lower your monthly payments, it will increase your total interest
expense over time. On the other hand, remember that we do not charge prepayment penalties in our school loan consolidation program, so you can always
accelerate your payment schedule without any extra costs. If you have $20,000-$39,999 in outstanding education debt, you can choose a repayment term of up
to 20 years. For $40,000-$59,999 in debt, you may have up to 25 years. For $60,000 or more in outstanding debt, you can extend your repayment period to up
to 30 years.