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Consolidate Private School Loans (Deciding to Consolidate Private School Loans)
If you are thinking about whether or not to consolidate private school loans, you should weight all the factors that go into consolidation carefully. The decision to consolidate private school loans is a big one because it can make a huge impact on your financial future. To be sure that the impact is positive, you should be sure that you are the best candidate to consolidate private school loans. Being a good candidate does not mean you are able to pay off the loans and you just want to have a single monthly payment. Actually, being unable to do so makes you just as good a candidate to consolidate private school loans.
Here are some factors that make for private school loan consolidation:
- You have difficulty meeting your monthly expenses and making loan payments
- Your interest rate is high and your credit is good enough to get you a lower rate when you consolidate private school loans
- You want to pull all of your loans into one easy monthly installment
- You want to defer your loans because you are about to start another education program
Here is a list of general eligibility requirements if you want to consolidate private school loans:
- You have to have at least $5,000 - 7,500 in outstanding eligible private loan balances
- The loans you have must be fully disbursed and in current status if they are in repayment
- You (and any cosigner) have to be a US citizen or eligible permanent resident with a social security number
When you are ready to consolidate private school loans you need to have all of the following information on hand as you speak to a representative or start and online application:
- All of your personal contact information including address, phone number and email address
- Your personal data such as social security or other identification numbers
- Monthly expenses and income information
- Cosigner’s and reference’s contact information
- Loan information on holder, servicer and amount on all the loans you want consolidated
- The total amount you want the consolidation loan to be
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