Consolidating private school loan money
Consolidation and refinancing may be new terms for you so we have broken down the basics for you.
But first, go ahead and give yourself a pat on the back.
To begin, lenders will require the student and cosigner, if applicable, to complete a loan application.
After the application is submitted, the lender will review a credit report for all applicants.
If you refinance multiple loans, you effectively also consolidate them, as you’re combining them together into one.
Upon Approval for a Private Student Loan Upon passing the initial credit review, there are multiple steps before funds are disbursed for a private student loan and the loan process can vary by lender.
With Sun Trust, here's a general overview of what to expect No matter what stage you're at in planning for a college education, you'll need to determine how much you need to save, estimate the cost of college and analyze financing needs for each year of college.
A cosigner is not always required, but most students, especially those without a substantial credit history, may need a creditworthy cosigner to qualify.
Learn more about Sun Trust private student loan options.