If you sign and date the application, it is a binding contract.If you submit it without signing, the application can’t be processed.Ideally, you would qualify for debt consolidation after graduation.
Consolidating student loan rates
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.
Still, some companies, like So Fi and Lend Key, have found a way to offer students a competitive rate and a variety of repayment conditions.
These are private loans where credit score and other conditions are weighed in.
There are no fees associated with the Direct Consolidation Loan process. Your student loan servicer should be able to answer any questions you have about student loan debt consolidation.
To contact your student loan servicer log into your federal student aid account and look for contact information.student loan refinancing programs available in the private sector.
When you consolidate student loans through private lenders, you essentially are refinancing your loans.
Combining several student loans, whether federal or private, only makes sense if you are going to receive a lower interest rate and reduced monthly payment terms.
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.