Can I consolidate my private student loans and continue taking advantage of deferred private student loan payments?
No. The eduKey Private Consolidation Loan is intended for individuals who are currently repaying (or are about to begin repaying) their private student loans. If you are still in school, you may want to wait until you graduate and your deferment ends before you consolidate your private student loans. Can I get a deferment if I go back to school? Yes, you can defer your eduKey Private Consolidation Loan for up to two years if you enroll in another degree program on at least a half-time basis or are in a medical residency/internship. How long do I have to repay the private consolidation loan? The eduKey Private Consolidation Loan features a repayment term of 30 years, depending on the size of your loan, which will reduce your monthly payment. Extended repayment terms and lower payments can increase the overall finance charges you pay over the life of the loan. However, you can always pay your loan off early with no prepayment penalty. Can I make payments through direct debit? Yes. You’ll
