If you're considering private student loan consolidation, you're probably aware of the two main opportunities: lower monthly payments and a reduced interest rate.* If you want more details about what consolidation is and how it works, these are some of the basic things you should know.

What is private student loan consolidation?

Private student loan consolidation can combine all of your eligible private student loans together into a single loan, likely reducing your monthly payments. This credit-based loan has attractive interest rates and repayment terms, which may help you keep some extra money in your pocket every month. Federal student loans are not eligible for this program.

Who can qualify for private student loan consolidation?

You can qualify if you have graduated and are in the grace or repayment periods for the private student loans you want to consolidate.

What kind of loans can I consolidate?

You can consolidate any eligible private student loans that were used for your qualified education expenses. These can be any private Chase loans, private loans from another lender or a combination of the two.

How can consolidation help me manage my debt?

Student loan consolidation offers you many benefits to help manage your education-related debt. Here are a few of them:

• A single monthly loan payment on one bill
• Competitive interest rates
• No application or origination fees
• No penalties for prepayment, so you can repay your loan early at any time

Is there a downside to consolidation?

Although consolidation can simplify and reduce your student loan payments, there are some situations you should be aware of:

• If you are close to paying off your student loans, it may not make sense to consolidate or extend your payments
• Extending the years of repayment for your loans may increase the total amount you have to pay in interest

Student Loan Specialists are available Monday - Friday, 8 AM - 8 PM Eastern to help you complete the application process and answer your questions.