Private or Alternative Loan Consolidation
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One advantage to consolidation is you may be able to secure a better interest rate. If most of your loans carry a low interest rate, you may not want to consolidate. Unlike federal loans, interest rates on private alternative loans are based on credit scores. If your credit score has improved since you initially obtained the loan because you are now employed, you may want to negotiate with your lender to get a better interest rate.
Keep these points in mind when you are choosing a lender to consolidate your private loans:
- Choice of fixed or variable interest rate
- Length of repayment term
- Pre-payment penalties
- Repayment options
- Co-signer release option
For additional information and a listing of lenders, click here.