Consolidating private loans wells fargo
At first glance, private student loans might appear to have lower interest rates than federal student loans – but those lowest advertised rates are only for loan applicants who have excellent credit scores.The average college student won’t qualify for these rates or will be forced to sign with a cosigner.
Federal loans generally have lower, fixed interest rates and can give borrowers more repayment options than private companies.
In some cases, if your credit history is weak, you may need one to be eligible. The primary one is that you may be able to get a lower rate on your loan. Once the borrower is no longer enrolled in school and has made a certain number of on-time payments, ranging from one year to four, they can apply to release the cosigner.