Private Loan Consolidation

Private loan consolidation can reduce your monthly payment by combining multiple student loans into one or getting a new loan structure.

What you need to know about private loan consolidation

Application requirements

Lenders require basic information like name, address, phone number, email, social security number, and date of birth. Employer information and income may also be requested. If applicable, similar information may be required by a cosigner (if you have one). In addition to listing details of your existing student loan debt, like amount borrowed and the name of your lender, you may be asked for details of other outstanding debt. This may include auto loans, mortgages, and credit card debt. Be sure to increase your chances of approval by applying with a cosigner.

Process & timeline

You can apply for consolidation loans online using each lender’s unique electronic process. However, some may offer paper processing if you prefer the old-fashioned way. Typically it takes 45-60 days to process an application, so remember to make any student loan payments that are due in the meantime.

Get started now with the market’s leading providers

Citizens Bank
Citizens Bank Federal and Private Student Loan Refinancing
  • Citizens Bank customers have saved an average of $127/month
  • No application, origination, or disbursement fees
  • Fixed and variable rate options available
  • Potential to save up to 0.50 percentage points off your interest rate with available discounts
CU Student Loans
LendKey Private Student Loan Consolidation
  • Simplify your finances with one easy monthly payment
  • Lower payment and competitive rate possible with extended repayment term
  • Cosigner release available for creditworthy borrowers after 12 consecutive on-time principal & interest payments
  • Interest-only repayment option available for first 4 years followed by 11 years of principal and interest repayment
EDvestinU Private Loan Consolidation Program
  • Zero application fees
  • Competitive rates including a fixed rate option for NH residents and variable rate option available to students nationwide
  • Cosigner release available after 24 months of consecutive, on-time payments with eligible borrower income and credit score
  • Borrower can refinance one private loan or combine multiple private loans into one monthly payment

How consolidation compares to normal repayment


  • Lower monthly payments
  • One payment and one point of contact
  • Possibility of cosigner release after successful repayment period
  • Borrower benefit opportunities like interest rate reductions
  • Chance for repayment plan options
  • No prepayment penalties


  • Total cost increases if repayment period is extended
  • Hard to qualify for, due to more stringent credit requirements
  • A cosigner with good credit history may still be required
  • Loss of borrower benefits on individual loans (if you had any)
  • It may be difficult to find a lower interest rate than your existing loans