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Private student loans cannot, in general, be consolidated with
federal student loans. The low interest rates on federal consolidation
loans are not available to private education loans. Nevertheless,
there are several options for refinancing private education loans.
Since most private education loans do not compete on price, a private
consolidation loan is merely replacing one or more private education
loans with another. So the main benefit of such a consolidation is
obtaining a single monthly payment. Also, since the consolidation
resets the term of the loan, this may reduce the monthly payment (at a
cost, of course, of increasing the total interest paid over the
lifetime of the loan).
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However, since the interest rates on private student loans are based
on your credit score, you may be able to get a lower interest rate
through a private consolidation loan if your credit score has improved
significantly since you first obtained the loan. For example, if
you've graduated and now have a good job and have been building a good
credit history, your credit score may have improved. If your credit
score has increased by 50-100 points or more, you may be able to get a
lower interest rate by consolidating your debt with another
lender. You can also try talking to the current holder of your loans,
to see if they'll reduce the interest rate on your loans rather than
lose your loans to another lender.
Home Equity Loans
Private education loans tend to have interest rates that are
in the same ballpark as home equity loans. If your private education
loan has a variable interest rate, you might consider using a fixed
rate home equity loan to pay off the private education loan,
effectively locking in the interest rate.
Education Lenders
The following education lenders will consolidate private education
loans. These are private consolidation programs, so the interest rates
are dictated by the lender, not the government. There may be
additional fees charged for originating these loans.
You should not consolidate your federal student loans together with
your private education loans. They should be consolidated separately,
as the federal consolidation loans offer superior benefits and lower
interest rates for
consolidating federal student loans.
When evaluating a private consolidation loan, ask whether the interest
rate is fixed or variable, whether there are any fees, and whether
there are prepayment penalties.
Featured Consolidation Providers
| Name |
Description |
| Credible |
Credible makes it quick and easy for borrowers to save on their student loans. Credible offers a multi-lender marketplace that enables borrowers to receive competitive refinancing offers from its vetted lenders. Users complete a single form, then receive and compare personalized offers from numerous lenders and choose which best serves their individual financial needs. Credible is fiercely independent, committed to delivering fair and unbiased solutions in student lending.
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Consolidation Lenders
| Name |
Description |
| Cedar |
Refinance your student loans to save money each month and/or pay off your loan(s) faster. Use the soft credit pull option to see your potential rate and monthly payment before filling out the application. There are no fees, no pre-payment penalties and a co-signer release is available. There are various repayment options, including fixed and variable rate loans from 5 to 20 years. Rates as low as 2.25% APR.**
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Citizens Bank |
Refinance your student loans and you could keep more of what you earn each month. In under 2 minutes, you can find out your personalized rate and savings. Rates as low as 2.29% APR.** Customers have saved an average of $3,036 per year*. Parents can also refinance loans they took on behalf of their children and lower their rate by up to 3.63%5 by refinancing their Federal PLUS loans.
https://studentloans.citizensbank.com/erl
Citizens One, the national lending division of Citizens Bank
https://studentloans.citizensbank.com/erl |
Refinance your student loans and you could keep more of what you earn each month. In under 2 minutes, you can find out your personalized rate and savings. Rates as low as 2.29% APR.** Customers have saved an average of $3,036 per year*. Parents can also refinance loans they took on behalf of their children and lower their rate by up to 3.63%5 by refinancing their Federal PLUS loans.
https://studentloans.citizensbank.com/erl
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| LendKey |
Save tons of time and even more money by using LendKey to instantly compare student loan refinancing rates from 275+ community lenders across the US. Pick the rate and monthly payment that fits your budget and enjoy unmatched benefits like early cosigner release options, up to 18 months of unemployment protection, and more. LendKey is your loan servicer so neither you or your information will ever be handed off to a third party.
No fees of any kind and no obligation to accept - apply with confidence.
Fixed Rates: 3.39% - 7.75% APR
Variable Rates: 1.91% - 8.59% APR
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| Private Student Loans |
Compare multiple lenders instantly with Private Student Loans. Find the best interest rates and benefits. Student loans available for students, parents, and professional degree seekers. Competitive terms and benefits available-including cosigner release. Expert tips on borrowing you won't find anywhere else.
Variable Rates: 2.64% - 12.59% APR (with auto-pay discount)1
Fixed Rates: 4.26% - 13.22% APR (with auto-pay discount)1
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| SoFi |
Refinance with SoFi and you could save money each month, or pay off your loan faster. SoFi is the leading student loan refinancing provider and has helped borrowers save thousands of dollars thanks to flexible terms and low fixed or variable rates. Their application is fast, easy, and all online, and members have access to live customer support 7 days a week. SoFi has no hidden fees - No application or origination fees and no pre-payment penalties. And offers unique access to member benefits. SoFi members get career coaching, financial advice, and more-all at no cost.
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Additional Lenders (listed alphabetically). Check the individual lender websites for programs and rates.
