Skyrocket Savings Smartly Via Private Student Loan Consolidation
Real-World Examples and Statistics
According to a report by the Consumer Financial Protection Bureau, the average interest rate on private student loans ranges from 4% to 14%1. By consolidating, borrowers have reported reducing their interest rates by an average of 2% to 3%, leading to significant savings over time. For example, a borrower with $50,000 in student loans at a 10% interest rate could save approximately $10,000 in interest over a 10-year repayment period by consolidating to a 7% rate.
Many lenders offer incentives such as interest rate discounts for setting up automatic payments or loyalty discounts for existing customers. These promotions can further enhance the savings potential of loan consolidation. As you visit websites of various lenders, keep an eye out for such offers that could make a substantial impact on your financial outlook.