Until we notify you that your loans are consolidated, you’ll need to continue making payments on all your separate loans.
loan allows you to consolidate multiple private student loans or refinance a single private student loan.
Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans.
And while you’re at it, check out So Fi’s new Student Loan Debt Navigator tool to assess your student loan repayment options. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan.
Loan forgiveness is available in the event of the death or total and permanent disability of the student who borrowed an underlying loan that has been consolidated.
The amount forgiven will correspond to the outstanding balance of any underlying loan(s) made to the student borrower.
This can potentially lower your monthly payment by qualifying for a lower interest rate or extending the loan repayment term.
Keep in mind that extending the repayment term may increase the amount of interest you pay over the life of the loan.
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 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.Variable interest rates are based on an Index, plus a margin.The APR for a variable rate loan may increase during the life of the loan if the index increases. Rates are current as of 04/01/2018 and subject to change without notice.Wells Fargo reserves the right to change rates, terms, and fees at any time.Your actual APR will depend upon your credit transaction and credit history, and will be determined when a credit decision is made. We’ve got you covered with our Student Loan Smarts blog series.Our expert tips and hacks will help you save money, pay off loans sooner and stress less about student loan debt.This is particularly true for grad school borrowers who use unsubsidized Direct loans and Graduate PLUS loans to finance their education.offer benefits and protections that do not transfer to private lenders.