Private Loan FAQs

Prospective borrowers must be a graduate of an eligible school and must be or become a member of a participating credit union. If you’re currently not a member of a credit union, you will be prompted to select one that you can join during the application process. A borrower or cosigner must have a gross monthly income of $2,000 or greater and meet our credit requirements. Choosing a creditworthy cosigner will increase the likelihood of being approved and may lead to a lower loan rate. You can apply without a cosigner if you meet all of the credit criteria by yourself.
In some instances, a cosigner is required to obtain a Private Student Loan Consolidation. A creditworthy cosigner increases the likelihood of your loan approval and may lead to a lower loan rate. Creditworthy borrowers who meet the credit requirements on their own may apply without a cosigner.
Yes, in a cosigned loan both the borrower and the cosigner are jointly liable for making all loan payments. The loan will appear on both the borrower and cosigner’s credit report.
If the borrower fails to repay the loan, then the cosigner is responsible for repaying the loan. However, the cosigner may be released of this obligation once the borrower is able to meet certain criteria to determine creditworthiness and makes 12 consecutive and on-time full payments of principal and interest.
Cosigner release is available for creditworthy borrowers after making consecutive, on-time payments of principal and interest repayment (Level repayment). The borrower may request for cosigner release and retain the loan on a stand-alone basis, if the following requirements are met: – Borrower has made 12 consecutive, on-time payments of principal and interest while in level repayment. – Borrower meets minimum credit requirements, based on a new credit pull initiated at the time of the request. – Borrower meets minimum income requirements, based on proof of income documents provided at the time of the request.
The minimum you can borrow is $7,500 per year. The maximum you can borrow lifetime is $125,000 for undergraduate debt and $175,000 including graduate school debt.
Yes, you must provide proof of graduation from an eligible school within the program.
Not all educational institutions participate in or are eligible for our program. Unfortunately, we’re not able to accept a loan application if the school from which you graduated is not on our eligibility list. Please check with your current lenders to see if they can offer you refinancing.
You should allow yourself 3-4 weeks from the time of the initial application until the loan is disbursed, but it can take as little as one week depending on the borrower. Remember, once the process is complete, you should continue to make payments to your previous lenders until the loans are paid off. Please allow up to two weeks after the loan is disbursed.
Yes. You can also prepare your own taxes and not pay a tax preparer. You can also file and defend a lawsuit without hiring an attorney. The reason that you do hire these people to help you is to save time and effort, and to ensure that you do not make a mistake. We offer these same benefits to our own clients.

Government Loan FAQs

To qualify, borrowers must have at least one Direct Loan or Federal Family Education Loan (FFEL) that is in grace, repayment, deferment, or default status. Loans that are in an in-school status cannot be included. Borrowers who do not have Direct Loans may be eligible for a Direct Consolidation Loan if they include at least one FFEL Loan and have been unable to obtain a Federal Consolidation Loan with a FFEL consolidation lender or have been unable to obtain a Federal Consolidation Loan with income-sensitive repayment terms acceptable to them or intend to apply for loan forgiveness under the Public Service Loan Forgiveness Program. Borrowers who have only a Direct Consolidation Loan cannot consolidate again unless they include an additional loan.
Borrowers can consolidate most defaulted education loans, if they make satisfactory repayment arrangements with their current loan holder(s) or agree to repay their new Direct Consolidation Loan under the Income Contingent Repayment Plan or Income Based Repayment Plan.
Yes, PLUS Loans can be consolidated into a Direct Consolidation Loan.
Yes, it is possible to consolidate Perkins Loans into a Direct Consolidation Loan if borrowers include at least one Direct Loan or Federal Family Education Loan (FFEL) in their request. Perkins Loans cannot be included in a Direct Consolidation Loan by themselves. Furthermore, all Perkins Loans consolidated into the Direct Loan Program will be included in the unsubsidized portion of the Direct Consolidation Loan. Borrowers should carefully weigh the advantages and disadvantages of including a Perkins Loan in a consolidation loan. While the borrowers gain the benefits of the Direct Consolidation Loan Program, they also lose the benefits associated with the Perkins Loan Program.
Yes, With a Direct Consolidation Loan, borrowers can include certain health profession loans sponsored through the U.S. Department of Health and Human Services with other Federal education loans in their Direct Consolidation Loan. Borrowers must include at least one Direct Loan or Federal Family Education Loan (FFEL) Program loan in the Direct Consolidation Loan.
For loan applications received on or after July 1, 2006, borrowers who are enrolled in school cannot consolidate loans that are in an in-school status. These are loans that have not yet entered or used up the 6-month grace period entitlement. However, borrowers can still consolidate loans that are in grace, repayment, or deferment.
Borrowers can add loans to an existing consolidation for up to 180 days after the Direct Consolidation Loan was first disbursed. If more than 180 days has passed, borrowers can apply for a new Direct Consolidation Loan. The new consolidation loan can include the original Direct Consolidation loan and must include another eligible outstanding Federal education loan.
Yes, under three conditions: (1) Borrowers must include at least one other FFEL or Direct Loan into the new consolidation loan; (2) Borrowers can consolidate a single Federal Consolidation Loan if it is in default status or has been submitted to a guaranty agency for default aversion by the loan holder. (3) Borrowers can consolidate a single Federal Consolidation Loan if they intend to apply for loan forgiveness under the Public Service Loan Forgiveness Program.
Yes, Borrowers who consolidate loans that are in grace may receive a lower interest rate on their Direct Consolidation Loans if they are consolidating variable rate loans. However, once grace status loans are consolidated borrowers lose any remaining grace period. Borrowers receive their first bills within 60 days after the new Direct Consolidation Loan is made.
Generally, Federal education loan(s) in default may be consolidated in a Direct Consolidation Loan if borrowers: (1) Agree to repay the loan(s) under either the Income Contingent or Income Based Repayment Plan; OR (2) Make satisfactory repayment arrangements with the current loan holder(s).
Yes. You can also prepare your own taxes and not pay a tax preparer. You can also file and defend a lawsuit without hiring an attorney. The reason that you do hire these people to help you is to save time and effort, and to ensure that you do not make a mistake. We offer these same benefits to our own clients.

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