Who is eligible to consolidate private loans?

If you are a citizen of the U.S. or a permanent resident of the United States and have a good
credit score and credit status are the main eligibility requirements for consolidating private loans.

How do I know if I should Consolidate?

If your monthly payments are not reasonable for you too pay that is a good reason to consolidate.
If you want better interest rates, you also should consolidate your private loans. Consolidating
your privates loans will give you one fixed, locked in interest rate. If you are paying monthly
payments to more than one loan lender you should definitely consolidate so you can combine
those payments. Also, it is better not to consolidate your private loans if you are close to paying
them off this would most likely lose you money, so it is not worth it.

What are the benefits of consolidating private loans?

Once you consolidate your private loans there is no maximum on how much money you can
borrow. One of the best benefits of consolidating your private loans is combining multiple
monthly payments into one payment making payment much easier and less stressful. This also
helps manage your debt. Also, consolidating your private loans may lower your monthly
payments reducing your debt allowing you to have more money in your wallet each month for
other expenses. Consolidating your private loans gives you more flexible payment terms helping
you manage your debt even easier. Interest rates after consolidating your private loans may also
be reduced. Repayment starts after 60 days.

Where do I go to consolidate my private loans?

Private loan consolidation is available at most lenders. One popular lender to consolidate with is
Sallie Mae. The process to receive a private consolidation loan is about four to eight weeks.