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Private Student Loan Consolidation Rates

Private student loan consolidation interest rates are based on either the London Interbank Offering Rate (LIBOR) or Prime Interest Rate index, plus a margin based on 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 Student Loan Rate information for various student loan programs.

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
Based upon a $45,000 principal balance, a 300 month term and a LIBOR rate of 2.8%; the Annual Percentage Rate (APR) would be 7.9% for a borrower with excellent credit who received a rate of LIBOR plus 5% and was assessed a fee of 1% of the loan amount. Rates vary so apply to get the best rate now.

Apply Now for Private Student Loan Consolidation »

Graduate Private Loan Consolidation Interest Rate example for graduate students.

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.

Apply Now for Private Student Loan Consolidation »