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Anyone with multiple student loans that would
like to consolidate and save up to 60%. |
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Our Private Student Loan
product is for anyone needing a loan to pay
for school regardless of credit. |
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Our lending partners are nationwide! |
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"It only took about 6 hours and I suddenly
had the money for this upcoming semester.
thanks! " - Mandy, TX |
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"I'm glad I finally got my loans all
put into one. I was paying $550 a month and
no I pay only $200 per month." - Jamie,
OH |
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Private Student Loans | Student Loan Consolidation
Private Student Loans
Private Student Loans are also referred to as Alternative Education Loans. These types of loans help to bridge the gap that people have between the actual cost of education and the amount of money the government allows you to borrow for federally qualified educational programs.
One of the main differences with government and Private Student Loans is how loans from a private lender do not require that you complete any federal forms. In general, eligibility for Private Student Loans depends on credit score. Many times when people seek out these types of education loans, it's because they require more flexibility in regards to repayment or they don't have enough money from federal student loans.
One of the downsides of Private Student Loans is how they cost more than loans offered by the federal government. However, they are cheaper than debt from credit cards. Generally, Private Loans have a variable interest rate according to an index. Usually, this index is the LIBOR or PRIME, in addition to a margin.
Furthermore, Private lenders provide these types of loans according to the student's level of study. In any case, it is always better to exhaust all other options before seeking funding from Private Student Loans.
Student Loan Consolidation
Student Loan Consolidation involves combining several student or parent loans into one larger loan from a single lender. As the loans are combined into one, the balances are paid on the other balances from other lenders. Essentially, consolidating student loans is much like refinancing a mortgage on a person's home.
Student Loan Consolidation is usually available for most types of federal loans. In some cases, private lenders offer consolidation loans for private loans as well. Although, many FFELP lenders do not offer consolidation loans, it is still possible to consolidate loans with the U.S. Department of Education, regardless of whether your college participates. The interest rates with Student Loan Consolidation are based on the average rate of the loans.
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