‘Refinancing’ your student loans is done using the Federal Consolidation Loan Program. The Dept. of Education licenses various lenders to participate in the program. The process is pretty simple and straightforward. You have two options either apply online or call a lender directly. Either way they’ll collect:
- Name, Address, Phone, Social Security Number
- List of loans you would like to consolidate (they will walk you through your loan file for you to let you know what is available)
- Two References
Once that’s complete the lender will let you know what your payment options are and you can either sign electronically or through the regular mail. All in all it should take no more than 10-15 minutes.
If you are trying to consolidate PLUS loans that were used for your education, if you did not sign for the loans (a parent or cosigner) the Dept. of Education requires their signature for those loans. A lender will be able to walk you through how its done.
No Related Articles.