Private Loan Consolidation

The Private Loan Consolidation program is for borrowers who seek to combine multiple private student loans into one. Unlike federal loans, private loans may be consolidated multiple times to reduce your monthly payment or reduce your interest rate.

By consolidating your Private Student Loans:

1. Lower Your Monthly Payment by Extending Your Terms
2. Ease Cash Flow in the Early Years of Repayment
3. Take Advantage of a Possible Lower Interest Rate

Most applicants will need the help of a co-signer. Applying with a qualified co-signer is a great way to ensure eligibility requirements are met. An established co-signer, such as a parent or other creditworthy adult, makes you a stronger loan candidate. It increases your chances of approval and could even help you get a better interest rate

Eligibility:

1. Must have earned a degree from an approved higher education institution.
2. Persons applying to consolidate Undergraduate loans must have a cosigner to apply.
3. Persons with both an Undergraduate and Graduate degree may choose to apply without a cosigner.
4. Minimum loan amount of $10,000.
5. Maximum loan amount of $150,000 for Undergraduate and $250,000 for Graduate. Depending on program.

Benefits:

• Lower Monthly Payments: Most borrowers can reduce their monthly payment by extending the repayment term of their private student loan debt.
• Reduced Interest Rates: Borrowers with improved credit may often lower their interest rate.
• 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 is available through the Private Consolidation Loan Program.
• Repayment Term: Undergraduate borrowers may receive up to a 25 year repayment term which offers the lowest possible monthly payment, and graduate student borrowers may receive up to a 30 year repayment term.
• No Prepayment Penalties: All payments in excess of scheduled payments go directly to principal.

Ready to get started? Apply right now for your Private Loan Consolidation with our online electronic form.

 

If you prefer, download our application form below in Adobe PDF format, print and fill it out, then fax it back to us at (866) 798-1889.

 

    Private Student Loan Consolidation Application