Consolidating student loand
The form asks basic questions (name, social security number, date of birth, address, etc.); what loans you do and do not want to consolidate; and what repayment plan you will be using.
There also is a section detailing certifications, terms and conditions and borrower’s rights and responsibilities.
So Fi’s success is tied to innovative services that start with putting the entire loan application process online and making it fast. It takes just a few minutes to fill out the application and even less time – usually about two minutes – to receive an answer on whether you’ve been approved.
One other feature that distinguishes So Fi is the pause button for customers who lose their job.
The market for consolidating and refinancing student loan debt has exploded over the last five years.
Online lenders So Fi and Lend Key have jumped to the front of the line among newcomers who are becoming big players in a business that traditionally was dominated by banks and credit unions.
Their website even states that the company wants people who “…
Find out more about the choices debt consolidation offers.
If you sign and date the application, it is a binding contract.
If you submit it without signing, the application can’t be processed.
You can’t consolidate private loans in the federal Direct Consolidation Loan program, but some private lenders allow you to consolidate federal and private loans together. Your rate is determined by the weighted average of the interest on the loans being consolidated rounded up to the nearest one-eighth of 1%.
The Direct Consolidation Loan program is the right choice if your goal is to simplify the process for repaying federal loans and keep your options open for the many repayment plans available for federal loans. If you’re using private lenders for student loan consolidation, there is a chance you could get a better interest rate and possibly lower monthly payments. That’s because federal loan rates are so low – fixed rates of 4.45% for undergraduates, 6% for graduates in 2017-2018 – that it’s difficult for private lenders to beat the rates and make a profit.