Bank commerce consolidating loan school
Once you apply, a private student consolidation loan application usually takes 45 – 60 days to process.Until we notify you that your loans are consolidated, you’ll need to continue making payments on all your separate loans.Fixed interest rates stay the same over the life of the loan. Your interest rate will be determined by several factors when you apply, most importantly your credit history and that of your cosigner, if applicable.Your interest rate options will be presented to you during the application process, at which point you can choose between a specific variable interest rate and specific fixed interest rate.
Variable interest rates are based on market conditions, so if market rates go up, so do your interest rate and monthly payments.
Any adult who meets the credit and citizenship requirements can be a cosigner for a private student loan. national, or is a permanent resident alien with proper evidence of eligibility, and contacts Wells Fargo to request release of the cosigner.
The cosigner doesn’t have to be a relative; he or she can be anyone who meets the requirements — ideally someone with an established credit history and steady income. We will evaluate credit, employment, and income factors to determine the student borrower's ability to take full responsibility for repaying the loan.
Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.
Discounts reduce the amount of interest you pay over the life of the loan.