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Loan
Details | Loan
Q&A | Apply
If you are preparing to graduate, or you already
have, now may be a good time to consolidate all of
those student loans you took out along the way.
The eduKey Private Consolidation Loan lets you consolidate
all of your private student loans and
could lower your monthly payment by as much as
45%. As a qualified borrower, or a borrower with
a qualified co-signer, you can consolidate up to
$150,000 in private student loans.
Why consolidate your private
student loans?
- To take advantage of special interest rate and loan principal reductions. These reductions can lower your monthly payment even more.
- To choose your loan repayment terms. Flexible options are available to fit your specific needs.
- To help your credit score and debt-to-income ratio. These are both key considerations when it comes time to purchase or refinance a home.
- To cut down on monthly check writing. You
make just one private student loan payment each
month.
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 private
student loan might cost you. The actual rates and
fees applicable to your private student 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
private student loan.
Private Consolidation
with Co-Signer
Assumptions: A $25,000 loan amount
and a constant one-month LIBOR rate of 2.598%. Principal
and interest payments begin immediately after disbursement.
| Example
Rate & Fees with Co-Signer |
Margin |
Origination
Fees |
APR* |
Payment |
Repayment
(Months) |
LIBOR+2.95% |
1.00% |
5.65% |
$155.78 |
300 |
LIBOR+4.20% |
1.75% |
6.99% |
$176.52 |
300 |
LIBOR+6.20% |
2.75% |
9.13% |
$212.03 |
300 |
*APRs range from 5.65% to
10.66%
Single (No Co-Signer)
Assumptions: A $25,000 loan amount and a constant one-month LIBOR rate of 2.598%.
Principal and interest payments begin immediately after disbursement.
| Example
Rate & Fees without Co-Signer |
Margin |
Origination
Fees |
APR** |
Payment |
Repayment
(Months) |
LIBOR+3.45% |
1.50% |
6.21% |
$164.24 |
300 |
LIBOR+4.75% |
2.00% |
7.57% |
$185.93 |
300 |
LIBOR+6.50% |
3.00% |
9.47% |
$217.82 |
300 |
**APRs range from 6.21% to 11.71%
Take advantage of
additional eduKey benefits.
- No application fee
- No federal forms
- No prepayment penalty
- No long wait to consolidate your loans
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