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Repayment Plans: Private Student Loan Consolidation

Private Student Loan Consolidation Repayment

Questions to ask when researching private consolidation loan options:

  • When does repayment begin?
  • Are there any prepayment penalties?
  • Are there any forbearance or deferment benefits?

Repaying Your Private Consolidation Loan

Most private consolidation loan programs require payments to be made within 60 days of existing loan payoff.  Some private consolidation loans allow you to make interest only payments while others require principal and interest payments. Typically borrowers will pay less interest by choosing a principal and interest payment rather than an interest only option.  Private consolidation loan terms will vary depending on the lender, and can range from 5 year terms up to 20 year terms.  In some cases lenders will offer terms up to 30 years.

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Prepayment Penalties

Most private consolidation loans do not carry prepayment penalties. A prepayment penalty is a fee assessed if you pay off your student loan early.  Be sure to ask the lender if a loan you are applying for carries a prepayment penalty.

Forbearance & Deferment

Forbearance and deferment benefits allow you to postpone making your student loan payments. Forbearance and deferment options will vary depending on each lender for private consolidation loans.  Be sure to ask the lender if a loan has any forbearance or deferment options, as well as the eligibility requirements.

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e-Student Loans: 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.

Student Loan 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!

Student Loan Consolidation Eligibility Requirements:

  • 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.