With high interest rates and processing charges, private finance is the most preferred source of lending for its quick processing and immediate financial aid. It is important to consolidate loans for their manageability and easy repayment. Following are the benefits of Private Student Loan Consolidation.

• Reduced Monthly Liability:

  Private student consolidation loans are provided at a comparatively lower rate of interest and flexible repayment period thereby reducing the monthly liability of students enabling them to repay on time and improve their credit position.

• Single Loan Liability:

  Consolidation removes the hassles of handling a number of loans and meeting their various repayment deadlines. Repaying all existing loans improve credit score. Single loan liability is easy to manage and clarifies the commitment to the student.

• Reduced Interest Rates:

  Private consolidation loans generally carry a lower interest rate in comparison with regular private student loans. These loans aim at providing a beneficial repayment scheme to the student borrower. Further reductions in rates are offered to those borrowers who have a satisfactory credit score.

• Interest Rate Reductions:

  Reduction in interest rates are offered to those students/ borrowers who apply for a private student loan along with a credit worthy co-signer. It is important to note that even an individual borrower is offered low interest rates provided his credit score is excellent. Apart from co-signer, on time repayments and auto debit facility in banks also offer the benefit of reduction in interest rates.

• Residency & Military Deferment:

  Deferment for a period of 48 months is given to medical/dental residents and a 36-month deferment arrangement for all active-duty military candidates is available under the Graduate Leverage Private Student Loan Consolidation Program. (GLPSLCP).

• Repayment Term:

  Repayment period can extend up to 30 years under the consolidation loan program.

• No Prepayment Penalties:

  No penalties are charged for repayment of loans before time.