Loan Consolidation FAQs

 

A limited number of our partner credit unions also offer Private Consolidation solutions. Please verify that you have selected one of these programs and that you are eligible for membership.

 

Private Student Loan Consolidation FAQ's

Who's eligible?
College graduates who are:

  • U.S. citizens or permanent residents and have graduated from an approved public or private not-for-profit school*
  • In repayment on one or more outstanding private student loans (post grace period**)
  • Able to pass a credit check (A co-borrower may be necessary in order for you to meet credit criteria, and may also help you qualify for a lower rate.)
  • Eligible for credit union membership (you may apply without being a member of the credit union, but you will need to become a member in order for the loan to be funded.)

*Approved schools are subject to change.

**Private education loans must be in repayment to be eligible for consolidation.

 

Do I need a co-borrower?
A co-borrower is not required for a private consolidation loan. However, due to a minimum income requirement and credit criteria, having a co-borrower may help you be approved and/or attain a lower interest rate.

 

How much can I borrow?
Once approved, you can borrow from $5,000 up to %%PCONMax%%. Make sure to review your existing loans carefully so that you borrow the exact amount you need. [Note: The amount of your consolidation loan will be based on existing loan balances as indicated by statements that you will need to provide as part of the loan application process. You may want to consult with your original loan providers to confirm the loan balances, thus ensuring that your consolidation loan is neither over- nor under-funded.]

 

What will be my rate?
You will be quoted a rate after your application has been submitted and reviewed. Click here to see our current rates. Note: There is no obligation to take the loan once you apply. We encourage you to apply and evaluate your options before making a final decision.

 

How are rates determined?
Rates are variable and reset quarterly. They vary based on the Prime rate but are also dependent on your credit score, and if applicable, the credit score of your co-borrower.

 

How do I apply?
You can quickly and easily apply online. As part of the loan application process, applicants will receive detailed instructions on additional documentation that must be submitted in order to complete the loan process. If you have questions, please contact our student loan representatives.

 

How long is the repayment period?
The maximum repayment term for the loan is 15 years.1 While other consolidation loans may offer a longer repayment period, keep in mind that by reducing your repayment period and taking advantage of our extremely competitive rates you could save thousands of dollars in interest charges.


Is there a pre-payment fee?
No. There is no pre-payment fee and you can pay off the loan at any time.


How does the 0.25% automatic electronic payment discount work?
You can receive a 0.25% rate discount by electing to make automatic electronic payments. If automatic electronic payment is cancelled, the rate discount will be removed. If your loan is subject to a floor rate (also known as a minimum interest rate) as specified in your promissory note, your rate will never be less than the floor rate.

  1. For a $20,000 consolidation loan for a term of 15 years with a 6.00% APR2, the monthly payment will be approximately $169. All loans are subject to approval. Rates, terms and conditions subject to change without notice. Restrictions apply. Please visit the rates page for more information.
  2. APR = Annual Percentage Rate

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