Consolidating a private student loan

19-May-2017 12:21

consolidating a private student loan-64

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Soft credit inquiries allow So Fi to show you what rates and terms So Fi can offer you up front.

After seeing your rates, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit inquiry.

Repayment terms are typically extended (usually up to 20 years) and interest rates are often competitive.

A private consolidation loan combines several private student loans into a single, more manageable loan.

It can reduce the pressure on the borrower’s budget by reducing the monthly loan payments (albeit by stretching out the term of the loan and increasing the total payments).

It can cut the cost of the loan if the borrower qualifies for a lower interest rate.

Hard credit inquiries (or hard credit pulls) are required for So Fi to be able to issue you a loan. citizen or permanent resident in an eligible state and meet So Fi's underwriting requirements. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions.

In addition to requiring your explicit permission, these credit pulls may impact your credit score. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors.

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Our research, news, ratings, and assessments are scrutinized using strict editorial integrity.For the So Fi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly.APRs for variable rate loans may increase after origination if the LIBOR index increases.Today, 7 out of 10 graduates are graduating with some form of student loan debt.

With an average balance of ,000, student debt is a big part of the average college graduate's life.

In full transparency, our company may receive compensation from partners listed on our website.

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