Private Student Loan Consolidation Rates

Private student loan consolidation interest rates are based on either the LIBOR or Prime index, plus a margin for 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 interest rate information for graduate private loan consolidation.
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% (as of 7/22/08); 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.
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View interest rate example for graduate private loan consolidation.
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.