Once these steps are complete, we will notify you when your loan(s) are consolidated and provide your new minimum monthly payment amount and due date.
Please continue making your monthly payments until we notify you that your consolidation loan has disbursed.
To qualify, you must have a strong credit profile and employment history, and proof of income.
If you qualify, refinancing offers you a variety of options.
If you are extending your repayment term, this could result in an increase in your total cost over the life of the loan.
With a Direct Consolidation Loan, you may extend your repayment term, which will lower your monthly payments, but not your interest rate*.
If you need to add a loan, you can cancel your existing application and reapply with the additional loan(s).
Once you apply, it can take from 30 to 45 days to process.
Learn how to apply for a Direct Consolidation Loan, or get additional insights on the Federal Student Aid website. This option allows you to include some or all of your private and/or federal student loans.
Student loan refinance is a great option if you are looking to potentially lower your monthly payment, annual percentage rate, or remove a cosigner (like your parent) from an existing loan.