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Consolidate Private Student Loans
Consolidating your private student loans may enable you to reduce your monthly payments by either extending the payment terms (i.e. lengthening the payback period), lowering your interest rate or both. The interest rate on private consolidation loans is based on the applicant's credit score and history.
Another reason to consolidate private student loans is the credit benefit. Did you know that performing a consolidation effectively pays off your current loans and opens a new master one? That means that two or more long-term debts vanish from your credit report and you reap the benefits of a cleaner credit history.
Consolidate Your Private Loans »
This is a sample chart to help estimate your potential savings with private student loan consolidation. Simply match up your loan balance and see the difference!
| Loan Amount | Assumed Current Payment 1 | Initial Monthly Payment 2 | Monthly Savings | Annual Savings |
|---|---|---|---|---|
| $10,000.00 | $88.77 | $69.41 | $19.36 | $232.32 |
| $30,000.00 | $269.00 | $208.22 | $60.78 | $729.36 |
| $50,000.00 | $448.33 | $347.20 | $101.13 | $1,213.51 |
| $75,000.00 | $672.49 | $520.55 | $151.94 | $1,823.28 |
| $100,000.00 | $896.65 | $694.07 | $202.58 | $2,430.96 |
1 Assuming a 15 year loan term, with an original rate of 6.8%
2 Assuming extended term of 25 years at same rate of 6.8%
Note: Interest rate and the resulting monthly payment(s) contingent upon borrower and/or co-signer credit
Visit the interest rates section on PrivateStudentLoans.com for additional details.
Apply for Private Student Loan Consolidation »
Private Loan Consolidation Eligibility
In order to consolidate private student loans, your existing loans must be in good standing with your respective lender(s). This means they cannot be currently delinquent or in default. You can perform consolidations while the loans are in deferment or forbearance status.
Free Non-Student Loan Debt Consultation
Do you have more debt outside of student loans? Request a free debt consultation today and learn how to trim down your payments! Get Started Now »
Interest Rate for Private Consolidation
The interest rate for a private consolidation loan is based on you and/or your co-signer's credit score and history. At this time, most major private lenders are assigning variable interest rates to their new consolidation loans based on either the LIBOR or Prime Interest Rate.
To get a better idea of where your consolidation interest rate will likely fall, we recommend that you check your credit and learn more about your credit score.
