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LOCK IN YOUR LOW RATE!
Consolidate your student loans with industry leading borrower benefits.
Rates as low as 1.5%
Loan terms up to 30 years depending on balance.
No pre-payment penalties for early payment.
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Private Loan Consolidation Options
Many people get a private college student loan to pay for school, especially when they cannot pay for their tuition and bills with financial aid from the government. A private college student loan may not have the same perks as government funding programs, however, such as guaranteed low interest rates for consolidated payment programs. But this does not mean that private loan consolidation is not beneficial. It's almost always better to consolidate debts with a reputable financial institution than to pay all the different loans separately. Since private loan consolidation is so much different from the federal programs, borrowers should always consolidate separately.
By combining private college student loan accounts with federal ones, borrowers miss out on many of the benefits of their federal loans. This includes the ability to place the loan into deferment or forbearance status, and the low federal interest rates. Private loan consolidation interest rates aren't regulated like those for federal loan consolidation. When students and grads apply for private loan consolidation, their interest rate will be based on an index plus a percentage determined by their credit score. It may be possible to obtain a lower private college student loan interest rate with a cosigner or guarantor on the loan, though.
Many borrowers also choose to consolidate their private college student loan accounts through a home equity refinance. For those with variable interest rates, getting private loan consolidation through a home equity refinance can offer a fixed percentage rate and extended repayment terms. Anyone who is worried about their debts piling up as they reach graduation should consider their consolidation options, whether they have private or federal loans.
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