Thinking to refinance my federal student loans. What would be the process like?
Asked by DminiknBonitaI'm trying to combine my federal direct and PLUS loans? How hard will it be?
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Answered by pag2809
I decided which lender I wanted to refinance with and then filled out an application online. I had to give them references - these were not co-signers, they just want to make sure that they will be able to find you, my employment information, and the lenders and principle amount for each loan. There was a list on the website of what to have available before starting the process, but there was also a option to save my work and come back to it later if I found that I was missing a piece of information. It was really easy. I combined Stafford loans, both subsidized and unsubsidized, and Perkins loans. I think that you can combine them as long as they are all student loans. The company contacted the lenders and got the exact payoffs on my loans, originated my loan, and paid off my initial loans. They then sent me the paperwork telling me how much my payments would be (they gave me an estimate when I filled out the application) and when payments were due. I also got paperwork from my lenders telling me that my obligations to them were paid in full. I doubt that paper applications are much more complicated than that. My payments would have totalled about $400 per month and instead are about $280. There is no penalty for repaying early - an option that you want to make sure you have. The company that I went with (AES) can set up an automatic debit or take payments via their website as well as taking checks. Good luck!
I decided which lender I wanted to refinance with and then filled out an application online. I had to give them references - these were not co-signers, they just want to make sure that they will be able to find you, my employment information, and the lenders and principle amount for each loan. There was a list on the website of what to have available before starting the process, but there was also a option to save my work and come back to it later if I found that I was missing a piece of information. It was really easy. I combined Stafford loans, both subsidized and unsubsidized, and Perkins loans. I think that you can combine them as long as they are all student loans. The company contacted the lenders and got the exact payoffs on my loans, originated my loan, and paid off my initial loans. They then sent me the paperwork telling me how much my payments would be (they gave me an estimate when I filled out the application) and when payments were due. I also got paperwork from my lenders telling me that my obligations to them were paid in full. I doubt that paper applications are much more complicated than that. My payments would have totalled about $400 per month and instead are about $280. There is no penalty for repaying early - an option that you want to make sure you have. The company that I went with (AES) can set up an automatic debit or take payments via their website as well as taking checks. Good luck!
