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 .
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.
Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.
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.
However, a cosigner is not required in order to apply.
A cosigner is someone who shares responsibility with the borrower for repaying the loan.Wells Fargo reserves the right to change rates, terms, and fees at any time.Your actual APR will depend upon your credit transaction and credit history, and will be determined when a credit decision is made.This can potentially lower your monthly payment by qualifying for a lower interest rate or extending the loan repayment term.Keep in mind that extending the repayment term may increase the amount of interest you pay over the life of the loan.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.