About Private Student Loan Consolidation

If you're like most students, you borrowed private student loans to cover the gap between federal financial aid and the actual cost of attendance at your school. Now that repayment has begun, you're looking for other options.

Student Lending Corporation offers a Private Student Loan Consolidation program that can significantly lower your monthly payments. Beginning a new career after college is difficult in itself. This added flexibility will free up cash to tackle many of life's other daily challenges.

Private Student Loan Consolidation Benefits

- Significantly lower your monthly payments
- Quick pre-approval process, decision in minutes
- No application fees or out of pocket expenses
- One payment to one lender
- No prepayment penalties
- Cosigner release option available
- Interest may be tax deductible
- Forbearance options

Private Student Loan Consolidation Eligibility

The following is a list of basic criteria that you must meet in order to be eligible for private student loan consolidation:

- A satisfactory credit history
- Verifiable employment history
- Verifiable residence history


Want the lowest payment possible? Consider a cosigner.
- A creditworthy cosigner is required if consolidating only Undergraduate Loans.
- Graduate degree holders may be eligible to consolidate without a cosigner. However, we recommend that you apply with a qualified cosigner as it will greatly increase your chances of approval and may qualify you for a lower interest rate.
- Cosigners can also be released from the loan for on-time payments

Private Student Loan Consolidation FAQs

What is Private Student Loan Consolidation?
Private Student Loan Consolidation combines all eligible private student balances into one loan, with one monthly payment. Payments can be significantly reduced providing more options on a monthly basis.


Can I consolidate both private and federal student loans together?
No. Federally-backed loans carry benefits that would be lost through private loan consolidation. You can still consolidate both loans, you just have to do them separately.

Is a cosigner required?
Yes, a cosigner is required if consolidating only undergraduate loans.

Borrowers with a graduate degree may consolidate both undergraduate and graduate loans without a cosigner but we recommend that you apply with a cosigner as it will greatly increase your chances of approval and may qualify you for a lower interest rates.


How long can I take to repay my Private Consolidation Loan?
Undergraduate borrowers may receive up to a 25 years to repay which will offer the lowest possible monthly payment.

Graduate student borrowers may receive up to a 30 years to repay.


Is there a minimum loan amount?
Yes, the minimum loan amount to qualify for Private Student Loan Consolidation is $10,000.


Is there a maximum loan amount?
Yes, the maximum loan amount to qualify for Private Student Loan Consolidation is $150,000 for Undergraduate Students and $250,000 for Graduate Students (depending on the program).


If I only have one private loan, can I refinance?
Yes, you may be eligible to refinance your private student loan to take advantage of better rates and terms.

Does this loan qualify as an "education debt" so that I may receive a tax deduction? Yes. This loan is considered an education debt under Section 523 of the Bankruptcy Code and still qualifies for that deduction.


What information will I need to complete the Private Student Loan Consolidation application process?
You will need the following information for you and your cosigner:
- Name, address and social security number
- Name, address and telephone number for two personal references
- Monthly income and expense information
- Loan account number, name/address/phone number of servicer, and outstanding balance information for all loans to be consolidated.


Can I consolidate private student loans if I'm still enrolled in school?
Yes, although our loan was built to aid customers already in repayment, we can still accept in-school loans. However, please note that we do not offer an in-school deferment, so you'd only want to consolidate once you plan on going into repayment.