Who is eligible to consolidate private student loans?
Eligibility is based on a number of factors related to you and your co-signer (if applicable). These include:

• U.S. citizenship or U.S. permanent residence.
• Be the age of majority (usually 18 in your state of residence).
• Graduation from an eduKey-approved school or currently enrolled in the final term of a degree program at an approved school.
• Satisfactory credit and a minimum income of $18,000 or apply with a credit worthy cosigner.

What types of private student loans can I consolidate?
In general, you can consolidate any existing private student loans used for the borrower’s higher education. However, you may not consolidate Federal student loans, as they are not eligible for consolidation.

Can I apply if I am not currently employed?
Yes, provided you have a co-signer.

Is there an advantage to applying with a co-signer?
Yes, several in fact. Co-signers with a good credit rating can help you:

• qualify for a loan, and perhaps even a larger loan amount.
• receive a lower interest rate, which can lower your loan payments.
• establish a good credit history by making your payments on time.

As long as you do not default on your private student loans, there is no risk to your co-signer(s). And once you make 48 consecutive on-time payments (and meet certain conditions), your co-signer(s) can actually be released from their obligation.

Can I apply without a co-signer?
Yes, provided you meet all three of these requirements:

• You are the age of majority (usually 18) in your state of residence.
• You are a U.S. citizen or permanent resident.
• You have satisfactory credit and a minimum income of $18,000.

If you do not meet these requirements at this time, you can apply with a co-signer.

How much will it cost to consolidate my private student loans?
With eduKey, there is no application fee. Plus, if you decide to pay your private student loan off early, there is no prepayment penalty

How much can I borrow?
Depending on the creditworthiness of you or your co-signer, you can borrow between $10,000 and $150,000.

Is the loan interest deductible?
In many cases it is, depending on your income and other factors. Check with your tax advisor.

When do I start repaying my private student loan?
Principal and interest repayment begins within 45 days of loan disbursement.

Can I consolidate my private student loans and continue taking advantage of deferred private student loan payments?
No. The eduKey Private Consolidation Loan is intended for individuals who are currently repaying (or are about to begin repaying) their private student loans. If you are still in school, you may want to wait until you graduate and your deferment ends before you consolidate your private student loans.

Can I get a deferment if I go back to school?
Yes, you can defer your eduKey Private Consolidation Loan for up to two years if you enroll in another degree program on at least a half-time basis or are in a medical residency/internship.

How long do I have to repay the private consolidation loan?
The eduKey Private Consolidation Loan features a repayment term of 30 years, depending on the size of your loan, which will reduce your monthly payment. Extended repayment terms and lower payments can increase the overall finance charges you pay over the life of the loan. However, you can always pay your loan off early with no prepayment penalty.

Can I make payments through direct debit?
Yes. You’ll receive a .25% rate reduction on your interest rate when you do.

Can I pay more than the minimum loan payment?
Yes. The extra money you pay each month will be applied directly towards the principal of your loan, reducing the time it takes to repay your loan and the total interest you pay.

Can I pay my private consolidation loan off early?
Yes. There is no prepayment penalty.

How do I apply for the eduKey Private Consolidation Loan?
Our loan specialists can take your application right over the phone.
Just call 800-332-5909. In addition, eduKey offers Electronic Signature, which makes it fast, easy and secure to apply online.

What will I need when I apply?
You’ll need the following information when you apply online or by phone: name, social security number, date of birth, permanent home address, number of years at this address, previous address if less than one year at current address, employer name, length of employment, gross annual salary, previous employer address if less than one year at current employer, monthly rent or house payment, and current private student balance (per your latest monthly loan statement).

Can I apply for forbearance if I have difficulties paying for my loan?
Yes, you may apply for a total of 12 months of forbearance if you are having financial difficulties.