How does Private Student Loan Consolidation work?
• We offer a reduced interest rate in the first year of the loan which is between 3.65% and 4.00% less than your full loan interest rate (between 9.89% and 11.08% APR).* This allows you time to start your career and establish yourself while your loan accrues interest at a lower rate. • We allow you to make interest-only payments for the first two years of repayment. By paying the interest, you are keeping up with the accrued value of the loan, but lessening your monthly payment burden in those lean early years. • We have extended the maximum loan term to 30 years (typical student loan terms are 20 years). This also lowers the monthly payment. Since there’s no penalty for repayment, you can always pay your loan off early. • By making your first 48 monthly payments on-time, you may be eligible for a reduction in your principal balance of between 1.00% and 1.50%. *Make on-time payments in the first year.
