Consolidating student loans from multiple lenders

Applying with a co-signer can help you increase your chance of qualifying for refinancing, and could also help you get a better interest rate than you would get if you applied by yourself.Remember though, that your co-borrower will be responsible for the loan balance if, for whatever reason, you are unable to repay it.While MEFA could still be the right lender for you, it’s important to educate yourself before you dive in.Borrowers must: Lower monthly payments: MEFA strives to offer borrowers lower monthly payments than they would get with other lenders.And what’s more, proceeds from the EDvestin U Loan Programs support scholarships and college access activities in New Hampshire’s public high schools. Borrowers must: A variety of loan terms to suit your needs: Edvestin U lets borrowers choose between four different term lengths — 5, 10, 15 or 20 years.This gives borrowers the option to tailor their loan and choose the term that’s right for their individual financial situation A lender that gives back to the community: Unlike for-profit banks, proceeds from the EDvestin U Loan Programs go right into supporting local New Hampshire public high schools Refinance before you graduate: Edvestin U is one of the few lenders out there that lets borrowers refinance their loans before they have graduated.The primary borrower must also meet certain credit requirements before cosigner release can be granted, including a minimum income and credit score, and a maximum debt-to-income ratio Multiple repayment options: i Help borrowers can request interest-only payments for up to 24 months.Alternately, borrowers may select ‘graduated’ repayment, which starts with interest-only payments for a set time period, then slowly increases until the borrower is making his or her full payment amount Better for borrowers with low credit: i Help offers its borrowers a number of great benefits, but if you’re someone with a great credit score, you might stand to get even better interest rates with other lenders.

MEFA loans have a number of limitations as compared to other lenders, such as limited loan term options, and a lack of benefits such as deferment or forbearance options.

Adding a creditworthy cosigner can help you qualify for offers you might not qualify for by yourself.

But cosigning a loan is a big responsibility — i Help offers borrowers the option to release their cosigners from obligation after two years.

Citizens does not charge any fees for extra payments (or even for paying off your loan entirely!

) Interest rate discounts: Citizens offers interest rate discounts of up to 0.5% to borrowers fulfilling specific criteria.

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