Consolidating your private student loans
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).
If you meet these requirements, you might be an excellent candidate for student loan refinancing and consolidation!
The cosigner doesn’t have to be a relative; he or she can be any adult who meets the eligibility requirements.
Most borrowers will need a cosigner for this loan to meet credit, employment, and debt-to-income requirements.
There are two types of consolidation loans: federal and private, and they each come with distinct advantages and drawbacks.
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.
A cosigner is someone who shares responsibility with the borrower for repaying the loan.
If approved you will be notified after you have submitted your application.
For students with little or no credit history, we strongly suggest that you apply with a qualified co-signer to increase your chances of being approved.
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).
Finding the right bank to refinance or consolidate your student loans is confusing.