Private Graduate Loan Consolidation FAQs

Why should I consider a private consolidation loan?

A private graduate loan consolidation enables a borrower to more easily afford monthly payments and simplify the repayment process. Instead of making several payments to multiple lenders (and dealing with the stress of remembering all of their unique pay dates), a consolidation blends all of these loans into one, with one bank involved.

Is a co-signer required?

No, a co-signer is not required but it is highly recommended. Applying with a qualified co-signer will greatly increase your chance for approval, and could provide you with a lower interest rate on your loan. Applicants who do not meet the credit eligibility requirements on their own may apply with one.

What information will I need to complete the application form?

Although this information may vary slightly with each lender, typically you will need to have the following information available for you and your co-signer (if applicable):

• Name, address and social security number
• Names, addresses and telephone numbers of two personal references
• Monthly Income and expense information
• Estimate Loan Amount for Loan Consolidation
• For Each of the loans to be consolidated:
• Loan Account Number
• Name and address of loan servicer (on your monthly billing statement)
• Outstanding loan balance/expected payoff amount

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How long will it take for my loan to be consolidated?

Generally speaking, you should expect the entire private loan consolidation process to be completed in less than 45 days. This is of course dependent upon your ability to provide the required documentation regarding your income, expenses and underlying private student loans. Depending on the season and application load of your lender, in some cases it can take longer.

How many years will I have to repay my loan?

Each lender has their own repayment terms; check their website for more information.

How can I find out how much I owe in current private student loans?

By reviewing your most recent monthly statement from the student loans servicer(s) who are currently handling your loan(s). In addition, your servicer is likely to provide on-line access to your account balances. Please check your monthly statements online.

Is there a minimum loan amount?

Yes, most lenders require at least $5,000 in loans for a consolidation.

Is there a maximum loan amount?

Yes, the maximum loan amount is usually around $250,000 depending on program -- contact your lender for more accurate information about their product offerings.

Does my school need to be involved?

No, school participation is not required.

If you are still in school, we would caution you to wait until after graduation or when your current deferment has ended. Of course, if you're in a position to make payments in advance of those two events, we would urge you to begin the process now to simplify repayment and pay down your student loans early.

Do I have to keep making payments on my existing loans while I'm consolidating?

Yes, we recommend that while in the process of applying for the consolidation loan that you continue making your on-time monthly payments. This will assure that your credit remains in good standing.

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