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Updated:Monday, April 07th 2008
Private Student Loan

Tag:PrivateStudentLoan | Private Student Loan | Private Loan Consolidation
Consolidate your
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private educational loans with Law School Loans and combine your outstanding private education loans into one loan, including private loans used to cover bar expenses and/or other educational expenses. All in addition to already consolidated private educational loans. By consolidating your private educational loans with Law School Loans, you can lower your monthly payment significantly by lengthening the term of your loans, while receiving a low variable interest rate. This is achievable even if your private educational loans are of different types or held by more than one lender.

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Eligibility
Eligibility to consolidate private educational loans
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with Law School Loans is based on the following criteria:
  • At least eighteen years old at the time of application
  • Minimum of $10,000 in US issued private educational loans
  • Repayment status of private education loans at the time of application
  • Good credit standing
  • US citizenship or eligible non US citizen (permanent residency)
Benefits
Consolidating private educational loans with Law School Loans permits several benefits.
  • Using auto-debit with Law School Loans to repay your private consolidation grants a interest rate reduction of .25%
  • Easy repayment terms
  • Low, variable interest rate
  • No penalties for prepayment
  • One low convenient monthly payment to one lender rather than various monthly payments
  • Law School Loans offers personalized and friendly customer service. One loan consultant works with you through the process of consolidation.
Process
Law School Loans makes the process of private loan consolidation quick and easy.
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  • Receive an instant credit decision, interest rate information, origination fees and borrower benefit information
  • Receive a Master Promissory Note (MPN) via USPS. Sign and return within 90 days, and be updated with your loan approval and repayment information and repayment options.
  • Receive an immediate rate reduction of .25% by signing up for auto-debit.
Payment Options
  • Repayment begins immediately after consolidating your private educational loans with Law School Loans, generally starting 20 days after finishing the application.
  • Regardless of private loan consolidation balance, the repayment term is a maximum 30 year plan. You have several repayment options for your private loan consolidation with Law School Loans, and there is NO penalty for early repayment
    • Equal Payments: Standard payments are made according to principal and interest over a 30 year term. This equal payment option allows equal monthly payments over the life of the loan.
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    • Select 2/Graduated Payments: Allows for interest-only payments for the first two year of repayment. Beginning the third year, payments increase to level installments of principal and interest payments for the remaining life of the loan.
    • Select 5/Graduated Payments: Allows for interest-only payment for the first two years of repayment. During the third through fifth year, payments increase to include a portion of principal. Beginning the sixth year, payments increase to level investments of principal and interest payments for the remaining life of the loan.
Tax Benefits
Consolidate your private education loans with Law School Loans and take advantage of tax benefits
  • By way of the Taxpayer Relief Act of 1997, the Government now permits individuals to deduct the interest paid on loans taken out to attend eligible educational institutions
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  • Ability to deduct up to $2,500 in student loan interest. Taken as an adjustment to income, allowing the deduction regardless if you itemize deductions on Schedule A of your 1040.
  • Deductions phased out for taxpayers with adjusted gross incomes of $50,000 to $65,000 [single filers] and $100,000 to $130,000 [married filing jointly]. Taxpayers who are married but file separate returns are not eligible.
Deferment and Forbearance
  • Law School Loans allows Forbearances for qualifying borrowers who are In-school, Military, Internship and Residency.
  • Law School Loans does not offer deferment options at this time.
Apply online now—complete your application in just minutes.

Apply over the phone—contact us at (800) 659-8344 and one of our expert loan counselors will assist you with your application.
Relate:Loan Consolidation | Private student loan consolidation
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Next:Federal Student Loan Consolidation Introduction

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