Private student loan consolidation offers borrowers the benefit of a first year introductory interest rate equal to 3-Month LIBOR (London Interbank Offered Rate) plus 5% to 8.5%.
Origination fees range between 1% and 5% depending upon your individual credit or the credit of a co-signer. Fees are due at loan closing and are capitalized (added to the loan), which increases the amount borrowed but avoids any out-of-pocket expenses at loan closing.