Private loan consolidation combines multiple existing private student loans into one larger loan, refinancing your original private student loans with a new loan. You will have a single monthly payment, which may make paying your bills simpler. Private student lenders may offer an interest rate reduction for creditworthy borrowers seeking to consolidate their private student loans. This can save you money over the lifetime of your loan.
Private consolidation loans may have variable interest rates – meaning your interest rate can go up and down over the life of the loan. The interest rate offered by the lender will depend on your credit score. The repayment term, or maximum number of years you have to repay the loan, can vary from 10 to 25 years depending on the lender and the total amount of the loans being consolidated. Read the fine print – your consolidated loan may not have the same terms as your original loans.
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