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Private Student Loan Consolidation FAQs
Why should I consider private student loan consolidation at Student Loan Consolidator?
Student Loan Consolidator has designed a private consolidation loan to help you effectively manage your monthly payments following graduation. By lowering your monthly private student loan payments, you can afford the other expenses associated with starting a career and life after college.
Is a co-signer required?
Yes, a co-signer is required if consolidating only undergraduate student loans. However, borrowers with a graduate degree can consolidate their loans (both undergraduate and graduate loans) without a co-signer. We recommend that graduate degree holders apply with a qualified co-signer, as it will greatly increase their chance for approval and could provide a lower interest rate.
Which types of loans are eligible to be consolidated?
Any existing nationally-marketed private student loans.
What information will I need to complete the application form?
You will need to have the following information available for you and your co-signer (if applicable):
- Name, address and social security number
- Names, addresses and telephone numbers of two personal references
- Monthly Income and expense information
- For Each of the loans to be consolidated:
- Loan Account Number
- Name, address and telephone number of each loan servicer (on your monthly billing statement)
- Outstanding loan balance/expected payoff amount
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How long will it take for my loan to be consolidated?
Generally speaking, you should expect the entire private loan consolidation process to be completed in less than 45 days. This is of course dependent upon your ability to provide the required documentation regarding your income, expenses and underlying private student loans.
Where do I find out how much I owe on my current private student loans?
By reviewing your most recent monthly statement from the student loans servicer(s) who are currently handling your loan(s). In addition, your servicer is likely to provide on-line access to your account balances. Please check your monthly statements online.
Is there a minimum loan amount?
Yes, the minimum loan amount is $10,000.
Is there a maximum loan amount?
Yes, the maximum loan amount is $150,000 for undergraduates and $250,000 for graduate students, depending on program.
Does my school need to be involved?
No, school participation is not required.
If you are still in school, we would caution you to wait until after graduation or when your current deferment has ended. Of course, if you're in a position to make payments in advance of those two events, we would urge you to begin the process now to simplify repayment and pay down your student loans early.
Do I have to keep making payments on my existing loans while I'm consolidating?
Yes, we recommend that while in the process of applying for the consolidation loan that you continue making your on-time monthly payments. This will assure that your credit remains in good standing.
Still in School? Consider Private Student Loans to pay Tuition, Room and Board.
