Consolidating private loans federal loans
Any adult who meets the credit and citizenship requirements can be a cosigner for a private student loan. national, or is a permanent resident alien with proper evidence of eligibility, and contacts Wells Fargo to request release of the cosigner.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.Calculate how to potentially pay less interest on your student loan: Student Loan Interest Calculator Calculate the monthly payments on your private student loans: Student Loan Repayment Calculator If you’re a borrower with little or no credit history, or you have limited income, a cosigner may help you to qualify for this loan and potentially receive a lower interest rate.However, a cosigner is not required in order to apply.Once you apply, a private student consolidation loan application usually takes 45 – 60 days to process.Until we notify you that your loans are consolidated, you’ll need to continue making payments on all your separate loans.
The borrower and the cosigner share responsibility for ensuring that the loan is repaid.
Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.
Discounts reduce the amount of interest you pay over the life of the loan.
So Fi is one of few lenders that handles federal and private student loan consolidation.
Plus, as a member, you’ll have access to a whole lot of perks: career strategy services, customer support seven days a week, invites to So Fi events, and more.