Get more time to repay
 Many borrowers take out their original private student loans on a standard 10- or 15-year repayment term. Consolidating those private student loans gives you up to 30 years to repay and could cut your monthly payments by as much as 45 percent.* Keep more money each month
 When you’re able to extend your repayment term and lower your monthly student loan payments by consolidating through H.E.L.P., you can use the extra money you have each month to build up savings or pay off high-interest debt like credit cards, which could save you hundreds on interest charges.
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H.E.L.P. Rates, Fees and Terms
Rates
The rate on your Private Consolidation Loan will be a variable rate based on the one-month LIBOR index plus a margin. The margin can range from 5.00% to 5.75%, depending on your or your co-signer’s credit history. Your interest rate will adjust quarterly on January 1, April 1, July 1, and October 1 of each year.
All Private Consolidation Loans qualify for a 4% interest rate reduction for the first 12 months. You’ll need to make your monthly payments on time in order to keep your introductory rate for the entire 12 months.
Fees
There’s no fee to apply for your Private Consolidation Loan. An origination fee will be assessed at the time of disbursement and added to the loan disbursement amount. The origination fee on your Private Consolidation Loan can range from 0% to 5.00%, depending on your or your co-signer’s credit history.
Terms
The repayment term on your Private Consolidation Loan is 30 years.
However, there are no prepayment penalties on Private Consolidation Loans, so you’ll never be charged for paying more than the minimum or for accelerating repayment on your consolidation loan.
Private Consolidation Loans offer an interest-only repayment plan that allows you to make interest-only payments for the first two years. With this repayment plan, you can always choose to make more than the interest-only payment amount with no prepayment penalties.
* In the first year of repayment. Your actual payment reduction may vary and will depend on your qualifying interest rate, repayment plan, and the terms of your loans. Although a Private Consolidation Loan may allow you to reduce your monthly payments by extending your repayment term and/or allowing you to initially make interest-only payments, the total cost of your loan may be higher due to (1) the interest accruing over a longer period of time and/or (2) interest accruing on a principal balance that isn’t initially being paid down. You may choose to pay more than the interest-only payment amount and/or repay your Private Consolidation Loan in less than 30 years with no prepayment penalties.
† Co-signer not required provided the applicant meets minimal credit requirements.
‡ Interest-only payment option is available for the first two years (24 months) of repayment.
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