Consolidating private loans without a cosigner

Undergraduate students typically need to apply with a creditworthy cosigner in order to meet our income and credit history requirements.Graduate students can often qualify on their own without income. national, or is a permanent resident alien with proper evidence of eligibility and who meets the general loan eligibility and credit requirements.Additional benefits of having a cosigner include: Each primary borrower is assigned a single account number.When a loan is funded it will be added to that account number so a borrower may have multiple loans under the same account number.Most undergraduate and some graduate students may need a cosigner to meet our employment, income, and credit requirements.If a student has little or no credit history or limited income, a cosigner may help the student qualify for a loan.Loan forgiveness is also available based on the total and permanent disability of the student.

You should also keep in mind that even though the interest rate would not go beyond 8.25 percent, it is still higher than the fixed rate you can expect with Perkins or Stafford loans.Additionally, loan consolidation is suitable for those who can hardly keep up with their monthly payments that are based on a 10-year repayment term.When you consolidate your loans, you can extend the term to at least 20 years and reduce your monthly payments.Wells Fargo private student loans are subject to credit qualification, completion of a loan application/consumer credit agreement, verification of application information, and if applicable self-certification form, school certification of loan amount, and student’s enrollment at a Wells Fargo-participating school.

Loan consolidation is the process of combining several student loans into a single loan from one lender.

Your paperwork will be prepared and submitted for you, after your approval. The Student Loan Sherpa Alex, your question is somewhat complicated as there are a number of factors to consider, but it is a great question. While both may be eligible for consolidation, it is important to think of these two types independent of each other when considering consolidation. Meanwhile, the provider negotiates with creditors for a lower settlement on the outstanding sums you owe.

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