Consolidating stafford student loans
Signing up for auto-pay is easy and So Fi’s customer service support staff can help you through the process if you run into any trouble. If interest rates do happen to rise, variable interest rates will be capped at 8.95% to 9.95% APR.
There are no penalties for paying off your debt early but borrowers are expected to make payments on a monthly basis.
If the requirements above sound good, we think that you are a great applicant for student loan refinancing and consolidation.
Each lender has its own specific underwriting criteria, so you may have a higher chance of approval at certain lenders.
There is no limit to the number of times you may change plans.
You will repay the loan over 10 to 30 years, depending on the initial balance of the consolidation loan and the repayment plan chosen.
Some loans are always ineligible for consolidation.
Borrowers can select the loans they would like to refinance or consolidate, So Fi pays them off, and then borrowers pay off a new loan issued from So Fi.
There are many different benefits and drawbacks of what each student loan consolidation and refinancing lender offers, and it is important to be aware of all of them.
You will find all of the necessary information below.Before you start an application, you should know that most lenders require a minimum FICO credit score of 660, 40% maximum monthly debt-to-income, and ,000 in yearly gross income.
There’s a traditional approach to getting rid of student loans: you pay them off.
Depending on the type of degree you got, that can mean a sizable chunk of your income going to student loans for years to come.