Student loan consolidation: Consolidation is the process of combining your government loans so that you can make a single monthly payment.
Under the Direct Loan Consolidation Program, you can consolidate Subsidized and Unsubsidized Stafford Loans, Supplemental Loans for Students (SLSs), Federally Insured Student Loans (FISLs), PLUS Loans, Direct Loans, Perkins Loans, Health Education Assistance Loans (HEALs), and just about any other type of federal student loan.
Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed.
You will lose your rights under the federal loan programs once you choose to consolidate with a private lender.
Direct consolidation loans are now the only type of federal student consolidation loan.
Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.
We recommend the lenders above because we thoroughly evaluated them. Can I consolidate private and federal loans together? You can also extend the term of your loan, at the same interest rate.
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.
A cosigner is someone who shares responsibility with the borrower for repaying 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.
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).