Private Student Loan Consolidation normally excludes federal student loans because of the low interest rates on federal consolidation loans. Federal consolidation programs are only available for federal student loans. Through a network of select non-profit Credit Unions, however, lower interest rates are available for students looking to consolidate their private student loans.
(As low as 1.93% APR with good credit)
The benefits of consolidating private student loans include the convenience of one monthly payment as well as lower monthly payments. Lower monthly payments are achieved by extending the payoff term to fifteen years. Additionally, Credit Unions are normally able to offer lower interest rates than conventional banks.
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