Private Consolidation LoanA loan designed to help borrowers consolidate all their private student loans to one bill, and enjoy lower monthly payments.If you have trouble meeting your monthly payments, combining one or more of your private education loans into one Edamerica Private Consolidation Loan may be for you. Enjoy the convenience of one lender and one monthly payment. View Frequently Asked Questions |
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The Facts |
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Important Information About Procedures For Opening a New Account To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person that opens an account. What this means for you: when you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Who is it for? Anyone with outstanding private education-related expenses is eligible to apply for an Edamerica Private Consolidation Loan. Borrowers for these loans are either U.S. citizens or permanent residents. |
How much can I borrow? Minimum: $10,000 Maximum: $250,000 How long do I have to repay the loan? Consolidation loans that exceed $40,000 have longer repayment periods—up to 25 years. For loans less than $40,000, the repayment period is 20 years. What's the interest rate? The interest rate for an Edamerica Private Consolidation Loan is the Prime Rate, adjusted as and when it changes, plus a margin depending on your credit history. Prime Rate (as of Apr 2008): 5.25% The margin will initially be between 0% and 3.50%, but may be adjusted based upon changes in the Margin Adjustment Index. |
Who is eligible for a Loan to Learn Private Consolidation Loan? Anyone with outstanding private education-related expenses is eligible to apply for an Edamerica Private Consolidation Loan. Borrowers must be either U.S. citizens or permanent residents. What kind of debt can be consolidated? Edamerica Private Consolidation Loans can be used to consolidate all private education-related debt. Can I consolidate the loans for more than one student within the same family? Yes. Any two family members can consolidate their student loans together. For example, parents can consolidate the loans of one or more children and spouses can consolidate their individual loans into one Edamerica Private Consolidation Loan. |