Learn more about federal student loans on the Federal Student Aid website Log in to the National Student Loan Data System (NSLDS) to see your student loans Lender: U. Department of Education Late fees: Not assessed at this time Direct Subsidized Loans – For undergraduate students, no interest is charged while you are in school at least half-time and during deferment periods.Direct Unsubsidized Loans – For undergraduate, graduate, and professional degree students, interest is charged on unsubsidized loans during all periods.Below we've ranked the leading student loan refinancing and consolidation companies. 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.It is free to apply and the process usually takes about 15 minutes. 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.You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. There’s no need to pay anyone for assistance in getting a Direct Consolidation Loan. The fixed rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent. The loans that were consolidated are paid off and no longer exist.
And while you’re at it, check out So Fi’s new Student Loan Debt Navigator tool to assess your student loan repayment options. With prevailing interest rates at historic lows, some private lenders offer rates that are significantly better than a high-rate federal loan.
This is often the reason that people cite when they say you shouldn’t combine federal and private loans.
But before you dismiss the idea of refinancing, you should first take a look to see if any of these benefits apply to you.
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.