The interest rate is the percentage of the loan amount that is charged for borrowing money.
The APR includes not only the interest rate, but also certain other fees charged by the lender, and represents the total cost of borrowing. Feel free to give us a call at 855-456-7634 to talk with a customer care consultant about which product may be right for you.
Refinancing is a great solution for working graduates who have high-interest, unsubsidized Direct Loans, Graduate PLUS loans, and/or private loans.
Federal loans do carry some special benefits, for example, public service forgiveness and economic hardship programs, that may not be accessible to you after you refinance. If you are a permanent resident, you have more than 2 years until your status expires, or you have filed an extension.
Even if you are in your grace period, interest accrues for unsubsidized federal loans.
So Fi will honor the first six months of any existing grace period of the loans you refinance with us.
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.
Today we’re able to refinance graduates with an Associates’ degree or higher from Title IV accredited universities and graduate programs.
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When you refinance loans with a private lender, you’re also consolidating (i.e.
combining) them, but the lender will use your financial information to give you a new, hopefully lower, interest rate.