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.
Most borrowers will need a cosigner for this loan to meet credit, employment, and debt-to-income requirements.
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).
Any adult who meets the credit and citizenship requirements can be a cosigner for a private student loan.
The cosigner doesn’t have to be a relative; he or she can be anyone who meets the requirements — ideally someone with an established credit history and steady income.
Learn more about how to take advantage of both student loan discounts. The lifetime limit for this loan combined with all other education-related debt is $250,000.
Calculate how to potentially pay less interest on your student loan: Student Loan Interest Calculator Calculate the monthly payments on your private student loans: Student Loan Repayment Calculator If you’re a borrower with little or no credit history, or you have limited income, a cosigner may help you to qualify for this loan and potentially receive a lower interest rate.
A cosigner is someone who shares responsibility with the borrower for repaying the loan.
The cosigner doesn’t have to be a relative; he or she can be any adult who meets the eligibility requirements.
The borrower and any cosigner share responsibility for ensuring that the loan is repaid.