While you can’t outrun your student loan debt, you do have options for getting it under control. With a loan consolidation, a lender pays off your various student loans and gives you a new, single loan, often at a lower interest rate. Private loans can only be consolidated through a credit union or bank.Federal student loans can be consolidated through the U. Some lenders, like Alliant, will consolidate both federal and private student loans.student loan is subject to completion of a loan application/consumer credit agreement, verification of application information, credit qualification, and a benefit to borrower determination.
If you’re struggling under the pressure of your student debt, you’re not alone.
According to the Institute for College Access & Success, 69 percent of seniors who graduated from public and nonprofit colleges in 2014 had student loan debt — to the tune of an average of $28,950.
Finally, the cosigner needs to sign a consent form agreeing to be removed from the loan.
To learn more about our cosigner release benefit eligibility or if the borrower is interested in applying for a cosigner release, please contact our office at .
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.
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).
Any adult who meets the credit and citizenship requirements can be a cosigner for a private student loan. national, or is a permanent resident alien with proper evidence of eligibility, and contacts Wells Fargo to request release of the cosigner.
Until we notify you that your loans are consolidated, you’ll need to continue making payments on all your separate loans.