Private student loan consolidation is a great way to significantly lower your monthly loan payments by combining all your private student loans into one manageable loan. Refinancing your private student loans will reduce the stress of multiple payments and allow you to budget more effectively while lowering your interest rate.
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Here's a chart showing your savings with private student loan consolidation:
| Loan Amount | Assumed Current Payment* | Initial Monthly Payment** | Monthly Savings | Annual Savings |
|---|---|---|---|---|
| $10,000.00 | $88.77 | $69.41 | $19.36 | $232.32 |
| $30,000.00 | $269.00 | $208.22 | $60.78 | $729.36 |
| $50,000.00 | $448.33 | $347.20 | $101.13 | $1,213.51 |
| $75,000.00 | $672.49 | $520.55 | $151.94 | $1,823.28 |
| $100,000.00 | $896.65 | $694.07 | $202.58 | $2,430.96 |
*Assuming a 15 year loan term, with an original rate of 6.8%
**Assuming extended term of 25 years at same rate of 6.8%
***Interest rate and the resulting monthly payment(s) contingent upon borrower and/or co-signer credit
**Assuming extended term of 25 years at same rate of 6.8%
***Interest rate and the resulting monthly payment(s) contingent upon borrower and/or co-signer credit
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