If you refinance your Direct Loans with a private loan, you will lose the deferment, forbearance, forgiveness and cancellation provisions of the Direct Loan and PLUS programs.The nice thing about these options is that you don’t have to choose one or the other.We’ll walk you through some of the key considerations as you decide whether refinancing or consolidating is right for you (there are even situations where you might want to do a mix of both).We can also help connect you with lenders who participate in refinance and consolidation programs that offer the terms and benefits you may be looking for, and get the process started for both federal and private student loans.To learn more about our cosigner release benefit eligibility or if the borrower is interested in applying for a cosigner release, please contact our office at .Loan forgiveness is available in the event of the death or total and permanent disability of the student who borrowed an underlying loan that has been consolidated.You may want to consolidate your federal student loans through the Direct Consolidation Loan program, and refinance some or all of your private student loans.Or you may decide that the benefits of a private loan refinance outweigh the protections offered by the federal student loan program, and choose to refinance some or all of your federal student loans as well.
Discounts reduce the amount of interest you pay over the life of the loan.A cosigner may be released from the loan if the student borrower is a U. At the time the borrower asks us to release the cosigner, all of the following requirements must be met: If these requirements are met, then the borrower must return a signed cosigner release application and, at that time, satisfy a full credit, employment, and income evaluation.Finally, the cosigner needs to sign a consent form agreeing to be removed from the loan.The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment.
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.
Most borrowers will need a cosigner for this loan to meet credit, employment, and debt-to-income requirements.