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Consolidating private student loans


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Private student loans cannot be consolidated with federal student loans. The low-interest rates on federal consolidation loans do not apply to private education loans. However, there are several options for refinancing private education loans.

As private education loans don’t compete on price, a consolidation loan merely replaces one or more private education loans with another. The main advantage of such a consolidation is paying one monthly payment. Furthermore, since consolidation resets the loan term, a smaller monthly payment may be achievable (at the cost of a higher overall interest payment over the loan’s life).

If your credit score has significantly improved since you first received the loan, you may be able to refinance your private student loan at a lower interest rate with a private consolidation loan. You could see a higher credit score if you graduate and get a good job, as well as build an impressive credit history. Depending on your credit score, you may be able to get a lower interest rate through consolidation with another lender if it has increased more than 50-100 points. Also, you can try negotiating with the current loan holder to lower the interest rate on your loans instead of losing them to someone else.

Loans for a home equity

Private student loans typically have an interest rate in the same ballpark as a home equity loan. If your private education loan has a variable interest rate, you might consider paying it off with a fixed rate home equity loan, effectively locking in the rate.

Lenders

Private consolidation programs are offered by the following education lenders, so the lender determines the interest rate, not the government. Initiating these loans may result in additional fees.

Federal consolidation loans offer superior benefits, such as lower interest rates and reduced repayment terms, over private consolidation loans. They should not be consolidated together with your private education loans.

When evaluating a private consolidation loan, find out if the interest rate is fixed or variable, if there are any fees, and if there are prepayment penalties.

Private Consolidation Providers

  CREDIBLE

It’s easy for borrowers to save on their student loans with Credible. Credible provides borrowers with access to vetted lenders’ competitive offers when they refinance. After completing a single form, users receive and compare customized offers from numerous lenders and select the offer that meets their specific financial needs.

They can then choose which best meets their individual financial needs. Credible prides itself on offering fair and unbiased student lending solutions.

CITIZENS

By refinancing your student loans, you will be able to keep more of your earnings each month. In under 2 minutes, you will find out your personalized rate and savings. Rates starting at 2.24 % APR. Refinancing Federal PLUS loans also enable parents to lower their rates by up to 3.89% by refinancing. Customers saved $2,628 on average.

Advantage Education Loan

Advantage Education Loan offers Advantage Refinance Loans to U.S. citizens and non-citizens with proof of residency cards. They also allow borrowers to release cosigners after a three-year period of paying their loans on time.

They also offer death and disability discharges, as well as standard and graduated repayment plans.

Brazos

Brazos offers to refinance to Texas residents. With Brazos, you can defer payments for up to 12 months over the life of the loan (up to three months per forbearance period).

College Ave

All residents of the United States and permanent residents, except those in Maine, can refinance at College Ave. The repayment terms are extremely flexible (totaling 15 months) to give you a wide range of options.

CommonBond

CommonBond refinances loans between $5,000 and $500,000 with terms ranging from five to 20 years. In addition, the company offers up to 24 months of forbearance over the term of the loan.

As part of CommonBond’s hybrid loan program, customers start off with a fixed rate and then switch to a variable rate halfway through the loan. This could be useful for customers looking to repay their loan early and avoid paying interest.

EDvestinU

Students with federal or private student loans, including PLUS loans for parents, have the option of refinancing with EDvestinU.

In addition, EDvestinU’s refinance program doesn’t restrict you from refinancing your student loans if you meet the company’s income requirements and credit coverage.

ELFI

ELFI is a student loan consolidation program offered by SouthEast Bank. The program offers up to 12 months of temporary forbearance for financial hardship cases.

Additionally, SouthEast Bank may grant forbearance to borrowers facing medical difficulties.

INvestEd

Students residing in Indiana and residents of the United States attending qualifying Indiana schools are generally eligible for INvestEd student loans; however, their refinancing program is available nationwide.

It also provides hardship forbearance up to three months at a time, with a maximum of 24 months cumulatively.

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