| The process of combining number of private student | | | | 25 years whereas graduates might get up to 30 |
| loans you own to a single loan with lower interest | | | | years. Either way, the monthly installments will be |
| rates is known as private student's loan consolidation. | | | | vastly reduced. |
| This will help you to budget your finances more | | | | Most private loan consolidators also make it possible |
| efficiently because you are free from the hassle of | | | | to repay in excess without charge, i.e. any surplus |
| making a series of payments to individual private | | | | paid will go towards the principal amount. Those in |
| lenders. | | | | the medical and dental fields stand to gain a bit more |
| Your monthly payments will be greatly reduced with | | | | in that they get a 48 month deferment for payment |
| an extended repayment schedule. In case your credit | | | | and military personnel are eligible for the same for a |
| situation has improved, you are likely to get your | | | | period of 36 months. |
| consolidation rates much lower, on the other hand, | | | | One thing to remember is that private loans cannot |
| there is no chance that your existing lenders will | | | | be consolidated with federal loans. Your grace period |
| reduce their rates, thus by consolidating you can | | | | or the time immediately after your graduation is the |
| save more. | | | | best time to consolidate your private loans because |
| A borrower can apply for student consolidation on his | | | | the rates of interest are lower mostly during this |
| own or with the help of a co signor with good credit | | | | time. |
| standing and accordingly he will receive loans at good | | | | Private loan consolidations are possible at fixed rates |
| rates | | | | as well as at fluctuating rates, therefore you need to |
| The term of consolidation will vary with each student. | | | | do some research on both to arrive at a conclusion |
| Usually undergraduates will get a repayment period of | | | | as to which one would suit you the most. |