To give you a quick primer on some of the most popular private student loan names you may encounter, see the list below: It should be noted that there are a number of considerations that go into deciding how to finance a college education.And we understand that choosing to borrow money for college can be stressful and may not come without a lot of thought and deliberation.You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action.Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.
And I am going to be straight with you: Private college loans are not ideal at any time, especially now, when many lenders have left the student loan business or curtailed their lending in the wake of the financial crisis. With a private loan consolidation, your FICO credit score will determine both whether you get a loan and what the initial rate will be.
Before consolidating student loans, a former student must determine whether they financed their education using federal loans, private loans, or a mixture of both.
This conclusion may not be as easy to determine and certainly would not be determined merely by asking “whether the student received funding from Chase.” Although Chase currently only provides private loans, not too long ago they were also providing funds for federal student loans.
They may be unhappy to find, however, that the consolidated loan will forever float on a variable interest rate tethered to the market’s conditions.
In the past, if a student accepted a number of federal student loans to finance their education, regardless of whether they also accepted private student loans, Chase provided them the opportunity to consolidate their federal student loans into a single lump sum, where their multiple monthly payments would reduce a single loan payment every month.