Signing up for a college loan is a convenient way to fund your education. However, repayment of the loan is an entirely different story. If you are going bonkers over high interest rates, signing up for the private college consolidation loans may be the solution to your worries. The eligibility criteria for private college consolidation loans are quite stringent. Besides having U.S. citizenship or permanent residency, you must have outstanding education-related expenses. If you meet the above criteria you are eligible for a loan between $10,000 and $250,000.
These types of loans are used to consolidate almost all kinds of debt related to college, including federal loans for students. Experts suggest you go for a federal consolidation loan to consolidate the federal student loans, as the government subsidizes them. This will give you a lower rate of interest as compared to the former option.
If you have more than one child you can consolidate their loans into a single private consolidation loan. With the help of these loans one can consolidate all debt related to education and use the system to pay off the present year’s expenses.
Many people use private college consolidation loans to collect money for tuition, boarding expenses and transportation charges. The approval of the loan takes two to three days and depends on how quickly and accurately you fill the required forms.
The fee for the services rendered can be anything from 0% to 10% of the principal sum, and is computed along with the loan amount. You can repay the loan comfortably in a period spread over 25 years.