Private Student Loan Consolidation Rates

Interest Rate As Low As 7.52%

The Student Loan Consolidator Private Consolidation Loan offers borrowers the benefit of a first year introductory interest rate equal to 1-Month LIBOR (London Interbank Offered Rate) plus 2.50%. Current LIBOR rate = 5.02%. Which means your first year rate could be as low as 7.52%!

On the first anniversary of disbursement, the interest rate converts to a quarterly variable 1-Month LIBOR plus a margin ranging from 6.00% to 6.50% depending upon your individual credit or the credit of your co-signer, if you have one.

Origination fees range between 2.00% and 5.00% depending upon your individual credit or the credit of a co-signer. 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.

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The following example shows current APRs (3/3/2008) and an example for the rates and fees associated with a Private Consolidation Loan.

Interest Rates and Origination Fees Example

Recently, the Annual Percentage Rate (APR) based upon a 30-year repayment period would be between 9.58% and 10.90% for The Private Consolidation Loan. The repayment example below assumes a $35,000 Private Consolidation Loan.

Private Consolidation Loan Repayment Example¹

THE REPAYMENT EXAMPLE ABOVE IS FOR ILLUSTRATION PURPOSES ONLY. THE ACTUAL AMOUNT OF THE LOAN, ORIGINATION FEE, DEFERMENT PERIOD, ANNUAL PERCENTAGE RATE AND TOTAL FINANCE CHARGES WILL VARY DEPENDING ON THE BORROWER.

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¹This repayment example provides financial values assuming the borrower elects to make Interest-only payments in the first two years of repayment. The above repayment example assumes that the variable introductory interest rate for the first year of repayment for The Private Consolidation Loan is equal to the 1-Month LIBOR Index plus a margin of 2.75%. The interest rate used in this example and in effect as of 3/3/08 is 7.77%.

The variable introductory interest rate for the first year of repayment for The Private Consolidation loan varies from 1-Month LIBOR plus a margin of between 2.50% and 3.00%. Based on the 1-Month LIBOR rate in effect as of 3/3/08, the first year variable introductory interest rate would range from 7.52% to 8.02%.

The repayment example above assumes the interest rate in years 2 through 30 is equal to the 1-Month LIBOR Index plus a margin of 6.25%. The interest rate used in this example and in effect 3/3/08 is 11.27%. LIBOR means London Interbank Offered Rate. The 1-Month LIBOR Index is equal to the average of the one-month London Interbank Offered Rate as made available by the British Banker's Association 11:00 am London Daily Posting on the first business day of each of the calendar months immediately preceding each quarterly adjustment date. The LIBOR index may change quarterly. The loan terms described here are subject to change.

The variable interest rate for years 2 through 30 of repayment for The Private Consolidation loan varies from 1-Month LIBOR plus a margin of between 6.00% and 6.50%. Based on the 1-Month LIBOR rate in effect as of 3/3/08, this interest rate would range from 11.02% to 11.52%.

²The repayment example above assumes an origination fee of 4.0%. The origination fees for The Private Consolidation Loan vary from 2.0% to 5.0% of the total loan amount depending on the creditworthiness of the borrower or co-signer, if any. The origination fee, if any, will be added to and financed with the requested loan amount at disbursement.

³Monthly payments of interest-only or of principal and interest will be computed based on the interest rate applicable at the time repayment begins. Monthly payments of interest or of principal and interest may change quarterly, based on changes in the LIBOR rate. The minimum payment amount per account will be $50.00 per month. All loans must be amortized within the maximum repayment term per the promissory note.

⁴Annual Percentage Rate (APR) is a measure of what a loan will cost. It takes into account the rate, fees, repayment length of the loan and the timing of all payments. The APR will increase if the LIBOR index increases.

⁵Finance charge is interest paid over the life of the loan, plus the origination fee, if any.