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Consolidating student loan programs

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).

Read the other posts in the series here—and get all the info you need to make intelligent decisions about your student loans.

And while you’re at it, check out So Fi’s new Student Loan Debt Navigator tool to assess your student loan repayment options. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan.

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.

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.

Once you apply, a private student consolidation loan application usually takes 45 – 60 days to process.

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.

However, a cosigner is not required in order to apply.

A cosigner is someone who shares responsibility with the borrower for repaying the loan.

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