Consolidating a private loan with a federal loan
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.Finally, the cosigner needs to sign a consent form agreeing to be removed from the loan.To learn more about our cosigner release benefit eligibility or if the borrower is interested in applying for a cosigner release, please contact our office at .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.
If financial hardship makes it difficult to remain current on the loan payments, we encourage you to talk to us to see what options are available.
The following loan and grant programs are included: Direct Loans, which includes Federal Stafford, Consolidation and PLUS loans that are offered through the William D. This includes TEACH Grants that have been converted to Direct Unsubsidized Loans.
Federal Pell Grants, Federal Supplemental Educational Opportunity Grants (FSEOG), Academic Competitiveness Grants, National SMART Grants, and TEACH Grants.
When you consolidate multiple student loans or refinance a single student loan, you may receive a lower monthly payment with a reduced interest rate or an extended repayment term.
Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.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).