Private Loan Consolidation

Through private loan consolidation, you can combine your private loans so you only make a single monthly payment. You can't consolidate your private loans with any federal loans. You’ll need to pass a credit check.

Advantages

  • 1 monthly payment
  • Extended repayment period
  • Possible lower monthly payments (depending on credit score)
  • No prepayment penalties

Disadvantages

  • Possible higher interest rate (depending on credit score)
  • Loan is not forgiven upon borrower’s death
  • No hardship or forbearance options
  • Processing fees
  • Loan origination fees

More Information

For more information about private loan consolidation, visit FinAid.org.

Do you have federal loans?

You may want to consider consolidating your federal loans.