Private Student Loan Consolidation FAQs
Can I consolidate my federal student loans together with my private student loans?
No, federal student loans are subject to unique terms and conditions and may not be combined with the Student Loan Consolidator Private Consolidation Loan. We recommend that you take advantage of a separate federal consolidation loan product for these loans.
Is a co-signer required?
A co-signer is not required but is highly recommended. Applicants who do not meet the credit eligibility requirements on their own may apply with co-signer. Applying with a co-signer that has great credit could help you get a lower interest rate on your consolidation loan. Additionally, we offer a co-signer release benefit. If you make 48 on-time payments we will release the co-signer from the debt obligation provided that the borrower can meet the credit requirements at the time of the co-signer release.
After the first year, what is the interest rate on my loan?
On the first anniversary of your loan closing, the interest rate on your loan changes to LIBOR plus 6.00% to 6.50%, depending on your credit history or that of your co-signer, if applicable.
How does Private Student Loan Consolidation work?
We offer a reduced interest rate in the first year of the loan which is between 3.65% and 4.00% less than your full loan interest rate (between 9.89% and 11.08% APR).* This allows you time to start your career and establish yourself while your loan accrues interest at a lower rate.
We allow you to make interest-only payments for the first two years of repayment. By paying the interest, you are keeping up with the accrued value of the loan, but lessening your monthly payment burden in those lean early years.
We have extended the maximum loan term to 30 years (typical student loan terms are 20 years). This alos lowers the monthly payment. Since there's no penalty for repayment, you can always pay your loan off early.
By making your first 48 monthly payments on-time, you may be eligible for a reduction in your principal balance of between 1.00% and 1.50%.
*Make on-time payments in the first year.
Apply now online or call toll-free
Can I can make interest-only payments in my second year as well?
During this second year, you are still eligible to make interest-only monthly payments. It is only on the second anniversary of the loan closing that you will be required to make principal and interest payments.
Which types of loans are eligible to be consolidated in the Student Loan Consolidator Private Consolidation Loan?
Any existing nationally-marketed private student loan is eligible for the Student Loan Consolidator Private Consolidation Loan. Federal student loans, home equity loans and credit card obligations are not eligible for consolidation.
What information will I need to complete the application form?
You will need to have the following information available for you and your co-signer (if applicable)
Name address and social security number
Names, addresses and telephone number of two personal references
Monthly housing expense information
Monthly Income and expense information
Estimate Loan Amount for Loan Consolidation
For Each of the loans to be consolidated:
Loan Account Number
Name and address of loan servicer (on your monthly billing statement)
Outstanding loan balance/expected payoff amount
Apply now online or call toll-free
Can my spouse and I consolidate our private loans together so that we have one payment?
No, Student Loan Consolidator Private Consolidation Loans are limited to private loans belonging to one student. However, we would be happy to create a consolidation loan for your spouse as well, which would allow you to make your payments together.
How long will it take for my loan to be consolidated?
Generally speaking, you should expect the entire private loan consolidation process to be completed in less than 30 days. This is of course dependent upon your ability to provide the required documentation regarding your income, expenses and underlying private student loans.
How many years will I have to repay my loan?
The Student Loan Consolidator Private Consolidation Loan has been designed with a repayment term of 30 years.
How can I find out how much I owe in current private student loans?
By reviewing your most recent monthly statement from the student loans servicer(s) who are currently handling your loan(s). In addition, your servicer is likely to provide on-line access to your account balances. Please check your monthly statements online.
How will I know when my Student Loan Consolidator Private Consolidation Loan has been approved and when will my existing loans be paid off?
Once all required documentation has been received, we will make a loan decision and if approved, we will begin the process of paying off the loans you listed for consolidation. Once completed, we will send you a letter of confirmation.
Is there a minimum loan amount for the Student Loan Consolidator Private Consolidation Loan?
Yes, the minimum loan amount is $7,500.
Apply now online or call toll-free
Is there a maximum loan amount for the Student Loan Consolidator Private Consolidation Loan?
Yes, the maximum loan amount is $300,000.
Does my school need to be involved?
No, school participation is not required.
Should I consolidate my private loans while still in school?
If you are still in school, we would caution you to wait until after graduation or when your current deferment has ended. Of course, if you're in a position to make payments in advance of those two events, we would urge you to begin the process now to simplify repayment and pay down your student loans early.
Do I have to keep making payments on my existing loans while I'm consolidating?
Yes, we recommend that while in the process of applying for the Student Loan Consolidator Private Consolidation Loan that you continue making your on-time monthly payments. This will assure that your credit remains in good standing.
What is the Payoff Authorization Letter?
Part of the process of completing your private consolidation loan is to pay off your existing private student loans. The Loan Pay-Off Authorization letter simply gives explicit pay-off instructions to the current holders of your loans to do just that!
Where do I find the Payoff Authorization Letter?
This letter is attached to your application/promissory note. If you need another copy, it can be downloaded here.
Is the Payoff Authorization Letter required?
No, we do not require that you complete this form but we strongly suggest that you do. Your completion of this form will likely mean that your Private Loan Consolidation process will be completed more quickly and efficiently.
What do I need to do with the Payoff Authorization Letter?
It's really very simple. Just fill in the information requested on the letter, sign it and return it to us with the rest of your required documentation. We'll do the rest.
Why should I consider the Student Loan Consolidator Private Consolidation Loan when there are so many other offerings out there?
Student Loan Consolidator has designed a private consolidation loan to help you effectively manage your monthly payments following graduation. We believe that students need to realize the importance of building and maintaining a good credit history, and by providing the opportunity for lower monthly payments they can afford the other expenses associated with starting a career and life after college.
Or You've been house hunting for a while now, but it's about to pay off. The list of potential homes has been dwindled down to a single home. It got everything you want in a home and is located in a great neighborhood. Now all you have to do is make sure you can afford the property. However this might not be as simple as you think.
There is a lot to be done when you secure a mortgage. You should talk to a few lenders to make sure you are getting the best deal available to you. You will also want to decide on the actual type of mortgage that will best suit your home buying situation. Each type of mortgage has its own pros and cons. Consider the following frequently asked questions when you are deciding on a specific lender.
1. What will the rate of my loan be?
It depends on what type of mortgage you end up getting. It also depends on the current state of the market when you talk out the loan. Your annual percentage rate (APR) is a good gauge of what you will actually be paying over the course of the loan. Often times the APR is higher that the original quote. The lender's fees will also be added into the final amount. Many lenders don't add their fees into the calculated APR. This can become problematic if you are close to you limit and then the lender's fees push you over the edge. Make sure you make a detailed list of all the fees, points, and rates associated with the loan to get more precise number.
2. How do I know what I will have to pay in origination and discount points?
Some lenders can lower your rates by charging you prepaid mortgage interest points. There are other points that the lender will use that don't give you any advantages. You will want to ask your lender for an itemized list of what kind of points is being used and their total number. This will let you know what points are working to your benefit and which ones are not.
3. When will I know the closing costs? Will I need a good faith estimate before the closing date?
All mortgages come with fees. These fees are used to pay the lender for the services they provided, as well as anyone else associated with the process. You will want to know these fees as soon as you can. This will help you better allocate your finances before closing. Most lenders will give you a good faith estimate. This written document details the cl