Private Student Loan Consolidation

Like all loans offered by any financial lender, the loans have to meet federal requirements.

Private Student Loans still have to meet federal requirements like any other loan offered from a bank or other financial lender. However, within those rules, there can be a wide variety in what is offered between agencies. In order to get control of what can be four to eight years of loans depending on the degrees sought, many graduates will pursue Consolidation for their Private Student Loans. Below is a list of some of the larger private student loan consolidation companies along with some terms of their programs. While many of these lenders will also consolidate your federal loans, we must advise you that this is not something you want to do unless you absolutely must.  Many federal loans offer benefits such as student loan forgiveness and income based payments that are not offered with private loans.  By consolidating your federal loans with your private, you will lose many of these benefits.  To qualify for a private consolidation loan, you also need to be creditworthy and able to make your payments.  Generally the minimum requirements are a credit score in mid 600’s and an annual salary in the mid $20,000’s.

SoFi – Click For More Details

• Rates: Variable – 2.355 to 6.280 APR with Autopay | Fixed – 3.375 to 6.740 APR
• Repayment Plans: Five, Seven, Ten, Fifteen, and Twenty year terms
• Origination Fees: None
• Loan Types: Service is available for Private and Federal Loans
• Unemployment Protection: Yes
• Basic Requirements: Have completed an eligible undergraduate or graduate degree, medium credit score
• Benefits: Career Coaching and Loan Deferrals are available for applicants who qualify for SoFi’s Entrepreneur Program