Loan Consolidation For Private Student Loans

If you have multiple student loans you may be able to combine them into one loan with a fixed interest rate based on the average of the interest rates on the loans being consolidated.

Loan consolidation for private student loans. 5 000 to not disclosed. A consolidation loan allows you to refinance one or more loans into one new loan with a new interest rate and or payment term. Private student loan consolidation or refinancing means replacing multiple student loans private federal or a combination of the two with a single new private loan. By consolidating your federal loans with your private you will lose many of these benefits.

What is private student loan consolidation. 0 25 autopay discount is available. Many federal loans offer benefits such as student loan forgiveness and income based payments that are not offered with private loans. Education loan finance is a nationwide student loan debt consolidation and refinancing program offered by tennessee based southeast bank.

Offering among the lowest rates in the industry coupled with award winning customer service it is designed to assist borrowers through consolidating and refinancing education loans to lower your cost of education and or makes repayment very simple. Only about 6 of all student loan borrowers have at least one private student loan. Private student loan consolidation. A private student loan is financing that you get through a bank credit union or other private lender.

Consolidating your federal and or private student loans with wells fargo may help you take control of your finances by creating a single private loan with a new interest rate one monthly payment and a new repayment term of your choice. Private student loans cannot in general be consolidated with federal student loans the low interest rates on federal consolidation loans are not available to private education loans. Private student loan consolidation requires a good credit score and will often have better rates than the federal student loan. A private consolidation loan is a private student loan that combines and refinances multiple education loans into one new loan with a new interest rate repayment term and monthly payment amount.

Private student loan consolidation is available through various banks we work with to combine all your student loans into one new loan. How to consolidate private student loans so you can pay them off faster. To qualify for a private consolidation loan you also need to be creditworthy and able to make your payments. A direct consolidation loan allows you to consolidate multiple federal education loans into one loan at no cost to you.

5 to 15 years for private student loans 5 to 20 years for student loan refinance. Nevertheless there are several options for refinancing private education loans. Application or origination fees.