Student loan consolidating
After 180 days, you will need to apply for a new Direct Consolidation Loan.
Fixed interest rates stay the same over the life of the loan. Your interest rate will be determined by several factors when you apply, most importantly your credit history and that of your cosigner, if applicable.
The borrower and the cosigner share responsibility for ensuring that the loan is repaid.
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 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.
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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.