A great new option is now available for borrowers that want to consolidate private student loans. The private student loan consolidation offered through ELF allows students, graduates, and parents the opportunity to simplify their budget by combining all of their eligible private student loans into one single loan with a competitive interest rate structure and one low monthly payment.
Why Consolidate Private Student Loans?
ONE MONTHLY PAYMENT
No longer will you be burdened with the hassle of having to pay multiple bills to different companies. Private Student Loan Consolidation combines your billing so that you have one simple monthly payment.
LOWER MONTHLY PAYMENT
Private student loan consolidation gives you flexible, extended repayment terms that can significantly lower your student loan monthly payments. Extending your repayment term can give you the cash flow flexibility you need to take control of your personal financial situation. Since there are no prepayment penalties, you can always make payments over the minimum monthly payment due, without penalty.
BETTER INTEREST RATES
Take advantage of our first year introductory rate. It’s currently as low as 7.52%. There is also an additional 0.25% rate reduction if you elect to pay by electronic debit from your checking or savings account, which could get your introductory interest rate down as low as 7.27%.
POSTPONE YOUR MONTHLY PAYMENTS
Twelve months forbearance is also available in the event you can’t make a payment due to economic hardship reasons or otherwise.
RELEASE YOUR COSIGNER
Many borrowers have cosigners that are tied to their private student loan obligation. When you consolidate your private student loans without the use of a cosigner, you release the cosigner from the obligation entirely. The loan is 100% yours and yours alone.