If you have more than one private, alternative loan with two or more lenders you may want to consider refinancing these loans into a private consolidation loan. The benefits may include a lower monthly payment, making one monthly payment, no prepayment penalty, and an extended repayment period. The interest rate of the consolidation loan may be higher than the rates of the original loans so be careful in assessing how you may benefit from consolidating your private loans. If you need assistance with this please feel free to contact our loan counselor.
If you are considering a private consolidation loan, first check with each of your current lenders to see if they have a private consolidation loan. If they do not, review the options available through the following lenders:
* The Loan to Learn Consolidation Loan through Student Loan Xpress: call 866-311-4097 (open seven days a week), or apply on-line at www.xpressprivateloan.com ;
* The CFS Private Consolidation Program through Collegiate Funding Services: call 866-930-2710 or apply on-line at www.cfsloans.com ;
* The Key Education Consolidation Loan through Key Bank: call AES Graduate Services at 800-446-8210 or apply on-line at: www.key.com/debtmanagement .
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