Private Consolidation Loan

If you are already out of school, you may want to consider consolidating your private student loans. Private Loan Consolidation is a credit-based loan that allows student loan holders to refinance some or all of their outstanding private supplemental loans.

Benefits:

  • No repayment fees
  • Up to 25 Year Repayment Term: Borrowers may receive up to a 25 year repayment term which offers the lowest possible monthly payment.
  • Internship/Residency & Military Deferment: A 48 month deferment for medical/dental residents and a 36 month deferment for all active-duty military personnel is available through the Graduate Leverage Private Consolidation Loan Program.
  • Single Capitalization: Graduate Leverage Policy can save thousands of dollars
  • One Point of Contact: Graduate Leverage Servicing provides students with one point of contact and combined billing for both federal and private loans.
  • 24/7 Account Access: All Graduate Leverage borrowers have access to account information via an online account
  • Targeted Repayment: An innovative service available only at Graduate Leverage that helps borrowers lower the cost of their debt by structuring their loan payments to retire the higher rate loans more quickly.

Private Consolidation Loan details for the 2008-09 academic year:

Loan Type Interest Rate Fees APR
Private Consolidation Loan LIBOR + 3.25% to 8.5%
(variable rate*)		 2% to 10%
Origination Fee*		 6.64% to 12.97%**

*Actual rates and fees are based on borrower's and/or co-signer's credit history. Fee is applied to initial balance of loan.
** Assumptions: Principal: $45,000, Term: 300 months/25 years, LIBOR Base: 3.2% (rate as of 9/22/08). Loan program details are subject to change.