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.
Department of Education made the landmark decision to allow you to choose your consolidation servicer (of which, Great Lakes is one) under the Direct Consolidation Loan program.
Consolidation gives you the opportunity to choose one of the U. Department of Education's consolidation servicers (of which, Great Lakes is one) to complete and service your Direct Consolidation loan.
Variable interest rates are based on an Index, plus a margin.
The APR for a variable rate loan may increase during the life of the loan if the index increases. Rates are current as of 10/31/2017 and subject to change without notice.
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 .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.Federal student loans cannot be consolidated into a Interest Rate Discounts: Discount eligible during application: You may qualify for a relationship interest rate discount if you or your cosigner (if applicable) has any of the following with Wells Fargo prior to your Final Loan Disclosure being issued: The quoted Annual Percentage Rate (APR) "with discount" includes a customer interest rate discount of 0.25% for having a prior student loan with Wells Fargo or a qualified Wells Fargo consumer checking account.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.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).