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How to Consolidate Private Student Loans - The Bills.com Blog
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How to Consolidate Private Student Loans
Tuesday, Sep 25, 2007
Question: Can I consolidate my private student loans?
Answer: Kristin -Yes, you can consolidate private student loans, but it is a little more challenging, a slightly longer application process, and the process is subject to traditional underwriting.
First off, I would recommend applying here and getting a free consultation to see if you can save:
Private Student Loan Consolidation Quote
I can also advise you of two companies that offer private student loan consolidation:
ConsolidatePLUS ( http://www.consolidateplus.com ) Freedom Student Loans ( http://www.freedomstudentloans.com )
If you contact a firm, a student loan advisor will consult with you to solve your problems and see how low your payment can be. You can consolidate private student loans, but typically the underwriting decision is based on credit (including your credit score and your debt to income ratio).
If
you have impeccable credit, it is reasonable to expect to pay somewhere in the neighborhood of LIBOR (London Interbank Rate) plus 5.0% (approximately 10.5%). If you have terrible credit you might not get approved, but if you do get approved you'll probably be paying around LIBOR plus 5.75% and you will likely have to pay some origination
fees (that typically get added to the loan balance).
The good news is that with most private student loan consolidations, you should be able to cut the monthly payment substantially.
To learn more about student loans, I encourage your to visit the Bills.com Student Loans Information page at http://www.bills.com/student-loans/
Best,
Bill
www.bills.com
The good news is that with most private student loan consolidations, you should be able to cut the monthly payment substantially.
To learn more about student loans, I encourage your to visit the Bills.com Student Loans Information page at http://www.bills.com/student-loans/
Best,
Bill
www.bills.com
Also, make sure to get a free financial health check-up with Bills IQ!
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