Private Student Loan Consolidation
Consolidating Your Private Student Loans is Quick and Easy with ScholarPoint
Due to rising education costs, many former students like you borrowed non-federal (or private/alternative) loans in addition to federal loans to pay for their education. If you are repaying both federal and non-federal education loans, you may find repayment to be even more complex. For this reason, we offer a Private Student Loan Consolidation Program that features a competitive interest rate and repayment term flexibility to make your payments more manageable.
Benefits of Private Student Loan Consolidation
You’ll enjoy numerous benefits when you consolidate private student loans through ScholarPoint!
- Managing bills is so much easier when you have only one consolidated private student loan to pay rather than many.
- Reduce your interest rate by .25% when you choose auto-debit payments.
- Your repayment begins a full 45 days after your private student consolidation loan is funded.
- Choose to pay interest-only for one consecutive 12 month period.
- Qualified borrowers can defer payments up to 12 months with forbearance option.
Private Consolidation Loan Eligibility
To save yourself valuable time, check to see that you meet the eligibility requirements for private student loan consolidation.
Private and federal loans have different eligibility requirements. Your eligibility for ScholarPoint’s Private Consolidation Loan does not in any way affect your eligibility for our federal consolidation program.
- Check Eligibility for Federal Student Loan Consolidation
- Consolidate $10,000 to $150,000 in eligible private student loans.
- Be the age of majority (usually 18) in your state of residence.
- Be a U.S. citizen or U.S. Permanent Resident.
- Be a graduate or currently enrolled in the final term of a degree program at an approved postsecondary institution.
- Have at least satisfactory credit and a minimum income of $18,000 or apply with a credit worthy co-signer.
Examples of Rates and Fees
The tables below each set forth three representative examples of rates and fees for applicants with different credit profiles. The tables should allow you to understand how much a loan might cost you. The actual rates and fees applicable to your loan may vary from these examples, depending on the school you attend, credit history, and repayment plan selected. For all APR examples, Origination Fees are added to the loan amount. The APR is a variable rate and may increase or decrease based on changes to the one-month LIBOR rate. The addition of a co-signer may lower the rates and fees associated with your loan.
Assumptions for Rate Calculations (in tables below):
• A $25,000 loan amount with a 25-year term (300 monthly payments).
• A constant interest rate of 2.60% (LIBOR rate as of 04/01/2008).
• Principal and interest payments begin immediately after disbursement.
Private Consolidation with Co-Signer:
| Example Rates & Fees with Co-Signer | |||||
| Margin | Origination Fees | Interest Rate | APR* | Payment | Repayment (months) |
| LIBOR+2.95% | 1.00% | 5.55% | 5.65% | $155.78 | 300 |
| LIBOR+4.20% | 1.75% | 6.80% | 6.99% | $176.52 | 300 |
| LIBOR+6.20% | 2.75% | 8.80% | 9.13% | $212.03 | 300 |
*APRs range from 5.65% to 10.66%
Private Consolidation without Co-Signer:
| Example Rates & Fees without a Co-Signer | |||||
| Margin | Origination Fees | Interest Rate | APR** | Payment | Repayment (months) |
| LIBOR+3.45% | 1.50% | 6.05% | 6.21% | $164.24 | 300 |
| LIBOR+4.75% | 2.00% | 7.35% | 7.57% | $185.93 | 300 |
| LIBOR+6.50% | 3.00% | 9.10% | 9.47% | $217.82 | 300 |
**APRs range from 6.21% to 11.71%
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