PRIVATE CONSOLIDATION LOANS FAQ
What is a Private Consolidation Loan?
Private Consolidation Loans can be used to consolidate all of your outstanding private education loans
Minimum: greater than $7,500; Maximum: $300,000 with Repayment Terms up to 30 years depending on the loan amount..
Private Consolidation Loans can be used to consolidate all alternative or private education-related debt, private student loans, and graduate private student loans
Need Help? Have Questions?
Contact one of our Private Consolidation Loan Consultants now at:
1-888-9-GRADLOAN or 1-888-947-2356
How is the interest rate determined for a Private Consolidation Loan?
The interest rate for a Private Consolidation Loan is the one month libor index adjusted quarterly, plus a margin depending on your credit history. The margin over libor can change up to 1.75%. There after up to 5.75%. Interest only terms are available for the first two years and a reduction in the principal balance
up to 1.5% after 48 consecutive on-time payments for borrowers who may have incurred an origination fee. Get an additional .25% interest reduction when paying through auto-debit. Student Aid Centers' lending division has first year rates as low as 6.33% APR. Rates are subject to change.
Yes,
parents may be able to consolidate the loans of one
or more children. However each consolidation loan would
need to be done seperately. Also, spouses can consolidate their loans into one Private Consolidation Loan. Call our Educated Student Loan Advisors to help determine eligibity.
Private
consolidation loans are specifically geared to
consolidate all of your private student loans when you
are finished with school. You may need a
separate private loan for your last year of school, but
call our advisors to determine your eligibility.
We'll be happy to walk you through the process. Just call or visit Student Aid Centers near you. Whether you choose to visit, call or apply online, please have the following information available.
- Full name
- Date of
birth
- Social
Security Number
- Permanent
address and number of years at that address
- Previous
address if less than one year at current permanent
address
- Home
telephone number
- Temporary
school telephone number
- Employer
and how long employed
- Employer
address(es) and telephone number(s)
- Gross
annual salary
- Previous
employer if less than one year at current employer
- Previous
employer address(es) and telephone number(s)
- Monthly
rent or house payment
- Two
References: nearest relatives or friends not living with you. Must be different than references for co-borrower (Name, Address, Home / Business Telephone Number).
Pre-approval occurs in as little as two minutes with final approval occurring in as little as 1 day after you return all the required documentation and signed forms.
Need Help? Have Questions?
Contact one of our Private Consolidation Loan Consultants now at:
1-888-9-GRADLOAN or 1-888-947-2356
Acceptable proof of income includes:
- W-2 form,
which must be from the previous tax year.
- Pay stub, which must be dated within the past 60 days and must indicate the applicant(s) name and Social Security Number, company name and gross annual salary to date.
Need Help? Have Questions?
Contact one of our Private Consolidation Loan Consultants now at:
1-888-9-GRADLOAN or 1-888-947-2356 |
