Main menu

Call 800-639-3043 or Apply Now for FREE CONSULT and FREE PRE-APPROVAL

Interest Rates: Private Student Loan Consolidation

Private Student Loan Consolidation Rates

Most private consolidation loans are variable-rate loans, with interest rates varying by lender. Your interest rate may adjust monthly, quarterly, annually, or at some other interval as designated by your lender.

The interest rate on a private consolidation loan is generally determined by adding a variable index (such as LIBOR or T-bill) to a fixed margin. The margin used to determine your private consolidation loan interest rate can vary depending on your creditworthiness. Borrowers who are deemed more creditworthy typically qualify for lower margins and thus lower interest rates.

Fees, like interest rates, will also vary by lender. The types of fees assessed, as well as the amounts charged, will depend on the lender and may also depend on your creditworthiness.

Here are some common lender fees you may run into, but keep in mind that not all lenders will charge all these fees:

  • Application Fees: Fee charged in order for you to apply for a private consolidation loan. Paying an application fee doesn’t guarantee approval of your application.
  • Origination Fees: Fee charged in order for a lender to issue you (“originate”) your private consolidation loan. Origination fees are often added into your loan amount. The origination fee you pay may vary depending on your creditworthiness — borrowers with stronger credit may pay lower origination fees than those borrowers with weaker credit.
  • Repayment Fees: Depending on your creditworthiness, some lenders may assess a repayment finance charge at the time that your private consolidation loan goes into repayment.

APPLY NOW or CALL 800-639-3043 for a FREE CONSULTATION and FREE PRE-APPROVAL!

e-Student Loans: Private Loan Consolidation Programs

Private Student Loan Consolidation Features:

  • Private Consolidation loans from $7,500.00-$125,000.00 for undergraduate.
  • Private Consolidation loans from $7,500.00-$175,000.00 for graduate.
  • Variable rates ranging from 3-Month Libor + 4.25%-6.75%.
  • Choose an interest only repayment option for the first 4 years of repayment or a 15 year fully amortized repayment term.
  • No prepayment penalties.
  • Fast Pre-Approval.

Consolidation Benefits:

  • Consolidate all private student loans into one affordable payment.
  • Lower your payments, interest rate, and extend your repayment term.
  • Choose an interest only repayment option for the first 4 years of repayment or a 15 year fully amortized repayment term.
  • Cosigner Release:  Upon 24 consecutive on-time principal and interest payments, credit worthy borrowers can apply to have the co-signer released.
  • Interest paid on loans may be tax deductible.  Please consult a tax advisor.

APPLY NOW or CALL 800-639-3043 for a FREE CONSULTATION and FREE PRE-APPROVAL!

Eligibility Requirements:

Eligibility for private student loan consolidation is based on the following criteria:

  • Be at least 21 years old at the time of application
  • Have a minimum of $7,500 - $125,000 in US issued undergraduate loans or $7,500.00-$175,000.00 in US issued graduate loans.
  • Steady income of at least $2,000 gross per month
  • Are in repayment status of private education loans at the time of application
  • Verifiable annual income equal to or greater than  the amount of the loan (Applying with a cosigner is highly recommended)
  • Have good credit standing
  • Graduated from an eligible school.
  • Are a US citizen or permanent resident (eligible non US citizen)

Applying with a cosigner is highly recommended to ensure the lowest qualifying rates!

Supporting Documentation:

  • Identification: Government issued ID (passport, drivers license, or state issued ID card)
  • Proof of Graduation: Copy of Diploma (issued from attending school)
  • Proof of Income: Two recent pay stubs within 60 days for both borrowers and cosigners.
  • Existing loan balances: Estimated final loan payoff amounts.