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Private Student Loan Consolidation Rates
Private student loan consolidation interest rates are based on either the LIBOR or Prime index, plus a margin for borrower / cosigner credit. The only way to determine what the interest rate on your private consolidation loan will be is to contact your lender.
Origination fees range between 0% and 8% depending upon your individual credit or the credit of a co-signer. In some cases fees are due at loan closing and are capitalized (added to the loan), which increases the amount borrowed but avoids any out-of-pocket expenses at loan closing.
View interest rate information for graduate private loan consolidation.
Undergraduate Private Consolidation Program Description:
| Rates | LIBOR + 5% - 8.5% |
|---|---|
| APR1 | 7.90% - 11.93% |
| Fees2 | 1% - 5% |
| Max Term | 25 years |
| Max Balance | $150,000 |
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View interest rate example for graduate private loan consolidation.
Benefits of Private Student Loan Consolidation:
- Lower Monthly Payments: Most borrowers can reduce their monthly payment by extending the repayment term of their private student loan debt.
- Conditional pre-approval decision within minutes online or by phone.
- Reduced Interest Rates: Borrowers with improved credit may often lower their interest rate. Existing loan holders will not reduce your interest rate if your credit has improved.
- Rate Reductions: Borrowers may apply on their own or with a credit-worthy co-signer. Borrower and Co-signers with superior credit may receive lower APR loans.
- Internship/Residency & Military Deferment: A 48 month deferment for medical/dental residents and a 36 month deferment for all active-duty military personnel.
- Up to 25 Year Repayment Term: Borrowers may receive up to a 25 year repayment term which offers the lowest possible monthly payment.
- No Prepayment Penalties: All payments in excess of scheduled payments go directly to principal.
Still in School? Consider Private Student Loans to pay Tuition, Room and Board.
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Student Loan Network recommends you consider all financial aid alternatives including grants, scholarships, and federal student loans (Stafford, PLUS, and Grad PLUS) prior to applying for private student loans.
