If you believe you are a good candidate for refinancing, we encourage you to apply.
Loan eligibility also depends on a number of additional factors, such as your financial history, your income sources and your employment.
Since adding a co-signer to your application introduces additional effort for our review team, we want to ensure your co-signer is committed to helping you reduce your student debt and ask for their consent to co-sign at the beginning of the process.
We will notify you if you are pre-approved with a co-signer; from that point, you will be able to see your rates and select a loan.
Once you have been presented with your offer, So Fi recommends that you discuss the rates and loan terms with your co-signer before proceeding with your application.
Your co-signer is not obligated, in any way, if you do not accept the terms.
We determine eligibility on a number of factors, not limited to: In short, they consent to your loan before you see your rates so that we can factor in your co-signer when we show your rates.Check out this blog post that provide more information: When to Consolidate Federal and Private Loans by Refinancing. citizen or permanent resident, and you must reside in one of our eligible states.Or, call us for a free consultation about your particular situation. If you are a permanent resident, you have more than 2 years until your status expires, or you have filed an extension.Please review our Eligibility Criteria or call us for further details.When you consolidate federal loans through the federal loan consolidation program, you’re combining multiple loans together with a resulting interest rate that’s the weighted average of your original loans’ rates.If you make a large payment, your monthly payment amount can decrease, but the remaining time to pay off your loan will remain the same.So Fi loans are considered student loans for federal and state tax consideration.So Fi provides you the option of adding a co-signer as an opportunity to help you qualify for a loan.Once you request a co-signer, we will instruct your co-signer to complete the application and consent to co-signing your loan.However, 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 pull. Whether you previously consolidated federal loans through the government’s Direct or FFEL consolidation programs or you did a “consolidation loan” with a private lender, you can still apply to refinance the consolidated loan through So Fi just the way you could with any other federal or private loan.The earlier you refinance to a lower loan rate, the more money you will save.So Fi does offer loan deferment for borrowers who return to graduate school on a half- or full-time basis, undergo disability rehabilitation, or serve on active military duty.At the end of any deferment, the total loan balance will be reamortized over the remaining term of the loan. A Direct Consolidation Loan is a government program that allows you to combine multiple federal education loans into a single loan.However, 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 pull.