If you have decided that Private Student Loan Consolidation can help you in affording college, here are some popular private student lenders to consider doing business with.
Chase Private Consolidation Loan: You must currently have a minimum of $7,500 in student loans and also have a $150,000 cumulative borrowing limit. You can have up to a 30 year repayment term for the student loan and there will be no fees. Chase also offers a 0.5% interest rate reduction, provided that you have a creditworthy cosigner. The co-signer can be released after you make 36 on-time monthly payments on the student loan (if the credit criteria is satisfied).
NextStudent: You must currently have a minimum of $7,500 in student loans and no more than $300,000. They offer up to a 30-year term for private student consolidation loans. Their interest rates vary quarterly, and there are origination ranging fees from 0% to 5%.
Student Loan Network: You must currently have a $10,000 minimum in student loans, and can have borrowed no more than $300,000. They offer a 20-year term consolidation loan for student loans that amount to less than $40,000 and up to a 30-year student loan term for any higher amounts. Their student consolidation loan has a variable interest rate, and there are origination fees ranging from 1% to 5%. There are no prepayment penalties. The co-signer is released after you make 48 on-time payments on the student loan, as long as you have good credit.
Wells Fargo: You must currently have a $5,000 minimum in student loans, and somewhere between a $40,000 and $100,000 maximum, depending on your credit. Your repayment period on the student loan can be up to 15 years long, and there is a variable interest rate. There will also be no origination fees, and you can get up to a 0.5% interest rate reduction for auto-debit (they automatically take the monthly payments on your student loan out of your bank account. Wells Fargo also offers a 0.5% interest rate reduction after you make 48 initial on-time monthly payments on the student loan.
Notice that all the above private lending companies all have variable interest rates on their student consolidation loans, and all have minimum balances. This is one thing that federal student consolidation loans don’t have, giving them a great advantage over private consolidation loans.
If you would like to do more in-depth research on these companies and what else they offer in their private student consolidation loans, go check out their websites.
