Before Consolidating

Before consolidating any private student loans it is very important to consolidate all of your
federal student loans if you have any. Do this because consolidating your federal loans will
improve your credit status and will also give you a better payment history. You want to improve
your credit score as well as you can because when you consolidate a private student loan the
interest rates are based on your credit score and this will give you the best interest rate possible.

Benefits of Consolidating Private Loans

Consolidating private student loans will improve your credit score. It will also give you a better
payment history. Other than improving your credit status greatly consolidating will also combine
of your education debts. If you are a parent looking to consolidate private student loans for more
than one student you can consolidate them all. Private Consolidation Loans can consolidate all
education debt. The interest on a Private Consolidation Loan is called the prime rate and is
changed every month. Also, you can extend your repayment terms to up to 30 years depending
on how much money you borrow.

What the Maximum that I can Borrow?

The most that you can borrow on a consolidated private student loan is about $250,000 if you do
not have a co-signer for the loan. With a co-signer most lenders have no maximum amount you
can borrow. The minimum you can borrow is more than $10,000. Payments usually begin 30-
40 days after you receive the money.

Am I Eligible to Consolidate My Private Student Loan?

To be eligible for private student loan consolidation you have to be a U.S. citizen or a permanent
resident of the U.S. You must have reached the age of majority for your state. You also must
have a good credit score.