Consolidating student loans get lower interest rate

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Rates are typically higher without a cosigner; however, borrowers that meet these requirements on their own do not need a cosigner (but may still choose to apply with a cosigner).

consolidating student loans get lower interest rate-5

The amount forgiven will correspond to the outstanding balance of any underlying loan(s) made to the student borrower.

The cosigner doesn’t have to be a relative; he or she can be anyone who meets the requirements — ideally someone with an established credit history and steady income. We will evaluate credit, employment, and income factors to determine the student borrower's ability to take full responsibility for repaying the loan.

A cosigner may be released from the loan if the student borrower is a U. At the time the borrower asks us to release the cosigner, all of the following requirements must be met: If these requirements are met, then the borrower must return a signed cosigner release application and, at that time, satisfy a full credit, employment, and income evaluation.

Your interest rate options will be presented to you during the application process, at which point you can choose between a specific variable interest rate and specific fixed interest rate.

Once you apply, a private student consolidation loan application usually takes 45 – 60 days to process.

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