Consolidate loanstudent consolidating student loan student
With student loan consolidation, you may be able to refinance at a lower interest rate, decrease your monthly payment, or both!
When you apply, most banks and lenders will look at your credit score, annual income, savings, and college degree type (or certificate of enrollment if still in school).
A cosigner is someone who shares responsibility with the borrower for repaying the loan.
The cosigner doesn’t have to be a relative; he or she can be any adult who meets the eligibility requirements.
Student loan consolidation allows borrowers to combine multiple loans into a single, new loan with a new interest rate, repayment options and terms.
However, you also could qualify when you leave school or are enrolled less than half-time.You can’t consolidate private loans in the federal Direct Consolidation Loan program, but some private lenders allow you to consolidate federal and private loans together.The Direct Consolidation Loan program is the right choice if your goal is to simplify the process and keep your options open for the many repayment plans available for federal loans. Your rate is determined by the weighted average of the interest on the loans being consolidated rounded up to the nearest one-eighth of 1%.As a borrower, you might have questions about how the consolidation process works.Review the following questions and find what you need to know about consolidating student loans.