Frequently Asked Questions
Why should I consider the Student Loan Consolidator Private
Consolidation Loan when there are so many other offerings out there?
Student Loan Consolidator has designed a private consolidation loan to help you effectively manage your monthly payments following graduation. We believe that students need to realize the importance of building and maintaining a good credit history, and by providing the opportunity for lower monthly payments they can afford the other expenses associated with starting a career
and life after college.

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How does Private Student Loan Consolidation work?

? We offer a reduced interest rate in the first year of the loan which is
between 3.65% and 4.00% less than your full loan interest rate
(between 9.89%
and 11.08% APR).* This allows you time to start your career and
establish yourself while your loan accrues interest at a lower rate.

? We allow you to make interest-only payments for the first two years
of repayment. By paying the interest, you are keeping up with the
accrued value of
the loan, but lessening your monthly payment burden in those lean
early years.

? We have extended the maximum loan term to 30 years (typical
student loan terms are 20 years). This alos lowers the monthly
payment. Since there’s no penalty
for repayment, you can always pay your loan off early.

? By making your first 48 monthly payments on-time, you may be
eligible for a reduction in your principal balance of between 1.00% and

*Make on-time payments in the first year.

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Can I consolidate my federal student loans together with my private student loans?

No, federal student loans are subject to unique terms and conditions and may not be combined with the Student Loan Consolidator Private Consolidation Loan.
We recommend that you take advantage of a separate federal consolidation loan product for these loans.

Is a co-signer required?

No, a co-signer is not required but it is recommended. Applicants who do not meet the credit eligibility requirements on their own may apply with one. We so offer a co-signer release benefit. If you make 48 on-time payments we will release the co-signer from the debt obligation provided the borrower can meet the credit requirements at the time of the request to release the co-signer.

After the first year, what is the interest rate on my loan?

On the first anniversary of your loan closing, the interest rate on your loan changes to LIBOR plus 5.00% to 5.75%, depending on your credit history or that of your co-signer, if applicable.

Can I can make interest-only payments in my second year as well?

During this second year, you are still eligible to make interest-only monthly payments. It is only on the second anniversary of the loan closing that you will be required to make principal and interest payments.

Which types of loans are eligible to be consolidated in the Student Loan
Consolidator Private Consolidation Loan?

Any existing nationally-marketed private student loan is eligible for the
Student Loan Consolidator Private Consolidation Loan. Federal student loans, home equity loans and credit card obligations are not eligible for consolidation. If you are unsure whether a loan may be eligible please
call our customer
support center at 866-496-5787.

What information will I need to complete the application form?

You will need to have the following information available for you and your co-signer (if applicable)

? Name address and social security number
? Names, addresses and telephone number of two personal references
? Monthly housing expense information
? Monthly Income and expense information
? Estimate Loan Amount for Loan Consolidation
? For Each of the loans to be consolidated:
? Loan Account Number
? Name and address of loan servicer (on your monthly billing
? Outstanding loan balance/expected payoff amount

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Can my spouse and I consolidate our private loans together so that
we have one payment?

No, Student Loan Consolidator Private Consolidation Loans are limited
to private loans belonging to one student. However, we would be
happy to create a
consolidation loan for your spouse as well, which would allow you to
make your payments together.

How long will it take for my loan to be consolidated?

Generally speaking, you should expect the entire private loan
consolidation process to be completed in less than 30 days. This is of
course dependent upon
your ability to provide the required documentation regarding your
income, expenses and underlying private student loans.

How many years will I have to repay my loan?

The Student Loan Consolidator Private Consolidation Loan has been
designed with a repayment term of 30 years.

How can I find out how much I owe in current private student loans?

By reviewing your most recent monthly statement from the student
loans servicer(s) who are currently handling your loan(s). In addition,
your servicer is
likely to provide on-line access to your account balances. Please check
your monthly statements online.

How will I know when my Student Loan Consolidator Private
Consolidation Loan has been approved and when will my existing loans
be paid off?

Once all required documentation has been received, we will make a
loan decision and if approved, we will begin the process of paying off
the loans you listed
for consolidation. Once completed, we will send you a letter of

Is there a minimum loan amount for the Student Loan Consolidator
Private Consolidation Loan?

Yes, the minimum loan amount is $7,500.

Is there a maximum loan amount for the Student Loan Consolidator
Private Consolidation Loan?

Yes, the maximum loan amount is $300,000.

Does my school need to be involved?

No, school participation is not required.

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Should I consolidate my private loans while still in school?

If you are still in school, we would caution you to wait until after
graduation or when your current deferment has ended. Of course, if
you’re in a position
to make payments in advance of those two events, we would urge
you to begin the process now to simplify repayment and pay down
your student loans early.

Do I have to keep making payments on my existing loans while I’m

Yes, we recommend that while in the process of applying for the
Student Loan Consolidator Private Consolidation Loan that you
continue making your on-time
monthly payments. This will assure that your credit remains in good

What is the Payoff Authorization Letter?

Part of the process of completing your private consolidation loan is to
pay off your existing private student loans. The Loan Pay-Off
Authorization letter
simply gives explicit pay-off instructions to the current holders of your
loans to do just that!

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Where do I find the Payoff Authorization Letter?

This letter is attached to your application/promissory note. If you need
another copy, it can be downloaded here.

Is the Payoff Authorization Letter required?

No, we do not require that you complete this form but we strongly
suggest that you do. Your completion of this form will likely mean that
your Private Loan
Consolidation process will be completed more quickly and efficiently.

What do I need to do with the Payoff Authorization Letter?

It’s really very simple. Just fill in the information requested on the
letter, sign it and return it to us with the rest of your required
We’ll do the rest.

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  1. 27 Haziran 2013
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