One of the least fun things about graduating is opening your first student loan statement. If you’re like most people, you might be surprised by the number of loans you have — and how much student loan debt you have to pay back each month for each individual loan. If you’re really unlucky, you may even have multiple loan servicers for your loans to boot.
One solution is a Direct Consolidation Loan. This wraps up all of your current federal student loans into one loan. Instead of worrying about herding a bunch of cats, you can combine them into one big cat that’s easier to manage.
There are definite pros and cons to consolidating your loans. For example, if you’re trying to get student loan forgiveness, consolidating your loans can throw a big wrench in those plans. But it can also greatly simplify things if you’re struggling to manage each loan.
Here’s everything you need to know about Direct Consolidation Loans so you can make an informed decision about what’s best for you.
As you go through college, taking out multiple loans each year is pretty common. By the time you graduate, you may have a handful of loans, possibly even some with different servicers. This can make handling each of your loans difficult.
A Direct Consolidation Loan rolls all of your current federal student loans into one, single loan with one servicer.
Not all loans are eligible. For example, you can’t consolidate Parent PLUS loans with your own loans, although most other federal student loan types are eligible, including Grad PLUS loans. You also can’t include private student loans in a Direct Consolidation Loan.
If you have private student loans, you have two options. You can either keep them separate from your federal student loans or refinance your federal and private loans together with a single private lender.
Be careful with refinancing federal loans, however. There are situations when it might make sense, but you’ll also lose out on federal loan protections that private student loans don’t provide, such as handy income-driven repayment (IDR) plans and student loan forgiveness.
It can be frustrating to decipher whether a Direct Consolidation Loan is right for you. Here are some common situations that cause people to spring for student loan consolidation.
Income-driven repayment plans, which include Income-Based Repayment, Income-Contingent Repayment, Pay As You Earn and Revised Pay As You Earn, can be a godsend for people struggling to make their student loan payments on a low salary — like right after you graduate. These programs allow your student loan payments to scale down to match your income, so you can afford to pay for other things, like rent and food.
But here’s the thing: not all loans qualify for IDR plans. Direct loans and Grad PLUS loans always qualify for income-driven repayment. But if you have Stafford Loans from the Federal Family Education Loan Program (FFEL) or Perkins Loans, for example, you might be out of luck — unless you consolidate these loans into a Direct Consolidation Loan.
Public Service Loan Forgiveness (PSLF) offers a huge opportunity to folks working in the public sector. But again, not all loans are eligible.
Direct loans qualify. But FFEL or Perkins Loans aren’t eligible unless you first consolidate these loans in with a Direct Consolidation Loan. Only then will you be able to get PSLF for these specific loan types.
When consolidating your federal student loans, you may be given the option to extend your loan term length as far as 30 years. Since everyone graduates with a standard 10-year repayment plan, this means that your payments may become much, much lower because they’re spread out across a longer time frame.
Of course, the flipside of this is that you'll be paying more in interest over the long term. But if you need help lowering your payments, this is one way to do it outside of income-driven repayment.
One of the lesser-known benefits of consolidating your loans is that you get to choose your own loan servicer from a list of options. If you’ve been having problems with your current loan servicer (such as FedLoan), this is your one and only opportunity to switch servicers. Read our other servicer reviews to learn more:
When you’re first assigned your federal student loan servicer, chances are you didn’t have a say in which one you got to work with. Now’s your chance to be more selective if you’ve had a bad experience.
As we mentioned above, one of the biggest advantages of student loan consolidation is simplifying your loan repayment schedule.
If you have multiple loans with one servicer, chances are they’ll roll all of your monthly payments into one payment anyway, especially if you sign up for autopay. For example, if you have two loans with a monthly payment of $150 each, the servicer will simply debit $300 from your account each month.
But if you still crave the simplicity of one loan, or if you have multiple loan servicers (who must be paid separately), consolidating your loans is a useful option.
The truth is there are many reasons to consolidate your student loans. But that’s not a universal truth for everyone. Depending on your situation, there are some cases when you should avoid it.
Most people end up with a longer term length after consolidating their loans. The term length on a Direct Consolidation Loan can be as long as 30 years.
Even if you consolidate your loans right after graduating, that means you could be in debt for 20 years longer than expected, compared to a 10-year Standard Repayment Plan.
This is both a pro and a con. It might lower your monthly payment, but it also means you’ll be paying a lot more in interest over time because you’re extending your repayment term. But you also have the option of paying off your loans sooner. No one says you have to be in debt for that long.
If you have Perkins Loans and you work in certain fields, such as firefighting, teaching or law enforcement, you may qualify for complete cancellation of your Perkins Loans in as little as five years, if you meet the other requirements.
If you consolidate your Perkins Loans into Direct Consolidation Loans, however, you won’t be eligible for Perkins Loan cancellation anymore.
When consolidating your student loans, your new interest rate is the average of all of the individual loans combined, rounded up to the nearest eighth of a percent. So, for example, if you have two loans — one at 3% APR and one at 5% APR, your new rate will be 4.125% APR.
One of the best ways to pay off your debt as fast as possible and save the most money is by paying off your most expensive loans first (i.e., the ones with the highest interest rate). This is known as the “debt avalanche” method.
But if you consolidate your loans, you won’t get that opportunity.
Consolidating your student loans doesn’t give you an interest rate advantage. But one way you might get a lower interest rate is by refinancing your student loans through a private lender.
This isn’t the right option for everyone, mostly because you’ll lose out on a lot of protections, such as loan forgiveness and IDR plans.
But if you don’t mind trading these federal student loan benefits for a lower interest rate, you can see if you qualify for a student loan refinance with cashback.
In order to get PSLF, you need to make 120 qualifying payments on qualifying loans. But if you consolidate your loans, the clock on those payments restarts entirely. If you’ve been making qualifying payments on your eligible loans for a while, you might want to rethink consolidating those loans because it will wipe out that payment history.
If you have multiple loans — some of which qualify for PSLF and some of which don’t — one way to get around this is by separating them into two batches. You can consolidate the non-eligible loans and leave the PSLF-eligible loans alone. It’s not a perfect solution, but it’s one way to still get the benefits of consolidating your loans without losing traction toward loan forgiveness.
If you’ve weighed the pros and the cons and decided loan consolidation is right for you, the next steps are quick and easy.
To start, you’ll need to make sure your loans are eligible. You can consolidate just about any federal student loans together, except Parent PLUS loans and private student loans. Each of your student loans must also be in repayment or in a grace period. You can’t currently be in default, forbearance or deferment.
If your loans are in default, you can still consolidate them if you make at least three consecutive, on-time payments, pay off any wage garnishments (if applicable) and agree to enter into an income-driven repayment plan with the new consolidation loan.
You can complete the application to consolidate your loans by logging into the StudentLoans.gov site. You can either complete the form directly online or print out the form and send it in.
It should take you less than half an hour to complete the application, and you’ll need to do it in a single sitting.
After you complete the application, keep making payments to your current servicer(s) until your new loan servicer gets in touch with you with next steps. Then you’ll switch over to making payments to your new loan servicer instead.
Consolidating all of your loans together is a popular option. And if you’re just graduating, it’s better to decide early on whether you’ll go this route or not.
That’s because if you’re going to take advantage of the perks that consolidation offers you, such as qualifying for income-driven repayment or PSLF, now’s the best time to get started. That way, you may potentially be out of debt faster than if you’d waited.
Take our 11 question quiz to get a personalized recommendation for 2024 on whether you should pursue PSLF, Biden’s New IDR plan, or refinancing (including the one lender we think could give you the best rate).
Lindsay Van SomerenLindsay has two degrees in Wildlife Biology and Conservation. She's a contributor to Student Loan Planner and brings the awesome sauce to make the driest of topics unbelievably exciting. Lindsay's work can be found across many major personal finance sites such as WiseBread, Magnify Money, and more.
SoFi: Fixed rates range from 4.99% APR to 9.99% APR with 0.25% autopay discount. Variable rates range from 6.24% APR to 9.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates will never exceed 13.95% (the maximum rate for these loans). SoFi rate ranges are current as of 08/26/24 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term you select, evaluation of your creditworthiness, income, presence of a co-signer and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases. The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. The benefit lowers your interest rate but does not change the amount of your monthly payment. This benefit is suspended during periods of deferment and forbearance. Autopay is not required to receive a loan from SoFi. You may pay more interest over the life of the loan if you refinance with an extended term.
Student Loan Planner® Bonus Disclosure
Upon disbursement of a qualifying loan, the borrower must notify Student Loan Planner® that a qualifying loan was refinanced through the site, as the lender does not share the names or contact information of borrowers. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Student Loan Planner® will confirm loan eligibility and, upon confirmation of a qualifying refinance, will send via email a $500 e-gift card within 14 business days following the last day of the month in which the qualifying loan was confirmed eligible by Student Loan Planner®. If a borrower does not claim the Student Loan Planner® bonus within six months of the loan disbursement, the borrower forfeits their right to claim said bonus. The bonus amount will depend on the total loan amount disbursed. This offer is not valid for borrowers who have previously received a bonus from Student Loan Planner®.
Splash Financial, Inc. (NMLS #1630038), licensed by the DFPI under California Financing Law, license # 60DBO-102545
Terms and conditions apply. Loan or savings calculators are offered for your own use and the results are based on the information you provide. The results of this calculator are only intended as an illustration and are not guaranteed to be accurate. Actual payments and figures may vary. Splash Financial loans are available through arrangements with lending partners. Your loan application will be submitted to the lending partner and be evaluated at their sole discretion. For loans where a credit union is the lender or a purchaser of the loan, in order to refinance your loans, you will need to become a credit union member. The Splash Student Loan Refinance Program is not offered or endorsed by any college or university. Neither Splash Financial nor the lending partner are affiliated with or endorse any college or university listed on this website. You should review the benefits of your federal student loan; it may offer specific benefits that a private refinance/consolidation loan may not offer. If you work in the public sector, are in the military or taking advantage of a federal department of relief program, such as income-based repayment or public service forgiveness, you may not want to refinance, as these benefits do not transfer to private refinance/consolidation loans. Splash Financial and our lending partners reserve the right to modify or discontinue products and benefits at any time without notice. To qualify, a borrower must be a U.S. citizen and meet our lending partner’s underwriting requirements. Lowest rates are reserved for the highest qualified borrowers. Products may not be available in all states. The information you provide is an inquiry to determine whether Splash’s lending partners can make you a loan offer but does not guarantee you will receive any loan offers. If you do not use the specific link included on this website, offers on the Splash website may include offers from lending partners that have a higher rate. This information is current as of July 18, 2024.
Rates are subject to change without notice. Not all applicants will qualify for the lowest rate. Lowest rates are reserved for the most creditworthy applicants and will depend on credit score, loan term, and other factors. Lowest rates may require an autopay discount of 0.25%. Variable APRs and amounts subject to increase or decrease.
Fixed APR: Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Fixed Rate options range from 4.99% APR (with autopay) to 10.24% APR (without autopay) and will vary based on application terms, level of degree and presence of a co-signer.
Variable APR: Annual Percentage Rate (APR) is the cost of credit calculating the interest rate, loan amount, repayment term and the timing of payments. Variable rate options range from 5.28% APR (with autopay) to 10.24% APR (without autopay) and will vary based on application terms, level of degree and presence of a co-signer. Variable rates are derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001).
The minimum monthly payment of $100 while in the Residency Period may not pay all
of the interest due each month, which will likely result in negative amortization and a
larger principal balance when you enter the Full Repayment Period. Dental residents
and fellows are unable to receive additional tuition liabilities for the duration of their
Residency Period.
Splash: If you refinance over $100,000 through this site, $500 of the cash bonus listed above is provided directly by Student Loan Planner. Lowest rates displayed may include an autopay discount of 0.25%.
To begin the qualification process for the Student Loan Planner® sign on bonus, customers must apply from the link provided. Customers who are approved for and close a loan will receive the $300-$500 bonus through Splash Financial. The amount of the bonus will depend on the total loan amount disbursed. There is a limit of one bonus per borrower. This offer is not valid for current Splash customers who refinance their existing Splash loans, customers who have previously received a bonus, or with any other bonus offers received from Splash via this or any other channel. If the applicant was referred using the referral bonus, they will not receive the bonus provided via the referring party. Additional terms and conditions apply.
For the $1,000 bonus associated with refinancing at least $100,000, $500 of the bonus is provided by Student Loan Planner® via Giftly, which can be redeemed as a deposit to your bank account or PayPal account. Upon disbursement of a qualifying loan, the borrower must notify Student Loan Planner® that a qualifying loan was refinanced through the site, as the lender does not share the names or contact information of borrowers. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Student Loan Planner® will confirm loan eligibility and, upon confirmation of a qualifying refinance, will send via email a $500 e-gift card within 14 business days following the last day of the month in which the qualifying loan was confirmed eligible by Student Loan Planner®. If a borrower does not claim the Student Loan Planner® bonus within six months of the loan disbursement, the borrower forfeits their right to claim said bonus. The bonus amount will depend on the total loan amount disbursed. This offer is not valid for borrowers who have previously received a bonus from Student Loan Planner®.
THIS IS AN ADVERTISEMENT. YOU ARE NOT REQUIRED TO MAKE ANY PAYMENT OR TAKE ANY OTHER ACTION IN RESPONSE TO THIS OFFER.
Earnest: $1,000 for $100K or more, $200 for $50K to $99.999.99. For Earnest, if you refinance $100,000 or more through this site, $500 of the $1,000 cash bonus is provided directly by Student Loan Planner. Rate range above includes optional 0.25% Auto Pay discount.
Earnest Bonus Offer Disclosure:
Terms and conditions apply. To qualify for this Earnest Bonus offer: 1) you must not currently be an Earnest client, or have received the bonus in the past, 2) you must submit a completed student loan refinancing application through the designated Student Loan Planner® link; 3) you must provide a valid email address and a valid checking account number during the application process; and 4) your loan must be fully disbursed.
You will receive a $1,000 bonus if you refinance $100,000 or more, or a $200 bonus if you refinance an amount from $50,000 to $99,999.99. For the $1,000 Welcome Bonus offer, $500 will be paid directly by Student Loan Planner® via Giftly. Earnest will automatically transmit $500 to your checking account after the final disbursement. For the $200 Welcome Bonus offer, Earnest will automatically transmit the $200 bonus to your checking account after the final disbursement. There is a limit of one bonus per borrower. This offer is not valid for current Earnest clients who refinance their existing Earnest loans, clients who have previously received a bonus, or with any other bonus offers received from Earnest via this or any other channel. Bonus cannot be issued to residents in KY, MA, or MI.
Interest Rate Disclosure
Actual rate and available repayment terms will vary based on your income. Fixed rates range from 5.44% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Variable rates range from 6.24% APR to 9.99% APR (excludes 0.25% Auto Pay discount). Earnest variable interest rate student loan refinance loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent. The rate will not increase more than once per month. The maximum rate for your loan is 8.95% if your loan term is 10 years or less. For loan terms of more than 10 years to 15 years, the interest rate will never exceed 9.95%. For loan terms over 15 years, the interest rate will never exceed 11.95%. Please note, we are not able to offer variable rate loans in AK, IL, MN, NH, OH, TN, and TX. Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account.
Auto Pay Discount Disclosure
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay.
Skip a Payment Disclosure
Earnest clients may skip one payment every 12 months. Your first request to skip a payment can be made once you’ve made at least 6 months of consecutive on-time payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Please be aware that a skipped payment does count toward the forbearance limits. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
Student Loan Refinancing Loan Cost Examples
These examples provide estimates based on payments beginning immediately upon loan disbursement. Variable APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 5.89% APR would result in a total estimated payment amount of $17,042.39. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 20-year term (240 monthly payments of $72) and a 6.04% APR would result in a total estimated payment amount of $17,249.77. Your actual repayment terms may vary.Terms and Conditions apply. Visit https://www.earnest. com/terms-of-service, e-mail us at hello@earnest.com, or call 888-601-2801 for more information on our student loan refinance product.
Student Loan Origination Loan Cost Examples
These examples provide estimates based on the Deferred Repayment option, meaning you make no payments while enrolled in school and during the separation period of 9 billing periods thereafter. Variable APR: A $10,000 loan with a 15-year term (180 monthly payments of $157.12) and an 11.69% APR would result in a total estimated payment amount of $21,290.40. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $173.51) and an 13.03% APR would result in a total estimated payment amount of $22,827.79. Your actual repayment terms may vary.
Earnest Loans are made by Earnest Operations LLC or One American Bank, Member FDIC. Earnest Operations LLC, NMLS #1204917. 535 Mission St., Suite 1663, San Francisco, CA 94105. California Financing Law License 6054788. Visit earnest.com/licenses for a full list of licensed states. For California residents (Student Loan Refinance Only): Loans will be arranged or made pursuant to a California Financing Law License.
One American Bank, 515 S. Minnesota Ave, Sioux Falls, SD 57104. Earnest loans are serviced by Earnest Operations LLC with support from Navient Solutions LLC (NMLS #212430). One American Bank and Earnest LLC and its subsidiaries are not sponsored by or agencies of the United States of America.
© 2021 Earnest LLC. All rights reserved.
Student Loan Planner® Bonus Disclosure:
Upon disbursement of a qualifying loan, the borrower must notify Student Loan Planner® that a qualifying loan was refinanced through the site, as the lender does not share the names or contact information of borrowers. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Student Loan Planner® will confirm loan eligibility and, upon confirmation of a qualifying refinance, will send via email a $500 e-gift card within 14 business days following the last day of the month in which the qualifying loan was confirmed eligible by Student Loan Planner®. If a borrower does not claim the Student Loan Planner® bonus within six months of the loan disbursement, the borrower forfeits their right to claim said bonus. The bonus amount will depend on the total loan amount disbursed. This offer is not valid for borrowers who have previously received a bonus from Student Loan Planner®.
Laurel Road: If you refinance more than $250,000 through our link and Student Loan Planner receives credit, a $500 cash bonus will be provided directly by Student Loan Planner. If you are a member of a professional association, Laurel Road might offer you the choice of an interest rate discount or the $300, $500, or $750 cash bonus mentioned above. Offers from Laurel Road cannot be combined. Rate range above includes optional 0.25% Auto Pay discount.
Laurel Road Bonus Offer Disclosure:
Rates as of 8/15/24. Rates Subject to Change. Terms and Conditions Apply. All products subject to credit approval. Laurel Road disclosures. To qualify for this Laurel Road Welcome Bonus offer: 1) you must not currently be an Laurel Road client, or have received the bonus in the past, 2) you must submit a completed student loan refinancing application through the designated Student Loan Planner® link; 3) you must provide a valid email address and a valid checking account number during the application process; and 4) your loan must be fully disbursed. If a borrower is eligible for and chooses to accept an interest rate promotional offer due to that borrower’s membership in a professional association, the borrower will not be eligible for the cash bonus from Laurel Road. However, the borrower can still be eligible for the Student Loan Planner® bonus if they qualify under the “Student Loan Planner® Bonus Disclosure terms below.” If you opt to receive the cash bonus incentive offer, you will receive a $1,050 bonus if you refinance $100,000 or more, or a $300 bonus if you refinance an amount from $50,000 to $99,999.99. For the $1,050 Welcome Bonus offer, $500 will be paid directly by Student Loan Planner® via Giftly. Laurel Road will automatically transmit $550 to your checking account after the final disbursement. For the $300 Welcome Bonus offer, Laurel Road will automatically transmit the $300 bonus to your checking account after the final disbursement. There is a limit of one bonus per borrower. This offer is not valid for current Laurel Road clients who refinance their existing Laurel Road loans, clients who have previously received a bonus, or with any other bonus offers received from Laurel Road via this or any other channel.
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay
Student Loan Planner® Bonus Disclosure
Upon disbursement of a qualifying loan, the borrower must notify Student Loan Planner® that a qualifying loan was refinanced through the site, as the lender does not share the names or contact information of borrowers. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Student Loan Planner® will confirm loan eligibility and, upon confirmation of a qualifying refinance, will send via email a $500 e-gift card within 14 business days following the last day of the month in which the qualifying loan was confirmed eligible by Student Loan Planner®. If a borrower does not claim the Student Loan Planner® bonus within six months of the loan disbursement, the borrower forfeits their right to claim said bonus. The bonus amount will depend on the total loan amount disbursed. This offer is not valid for borrowers who have previously received a bonus from Student Loan Planner®.
Elfi: If you refinance over $150,000 through this site, $500 of the cash bonus listed above is provided directly by Student Loan Planner.
To begin the qualification process for the Student Loan Planner® sign on bonus, customers must apply from the link provided on https://www.elfi.com/student-loan-planner. Customers who are approved for and close a loan will receive the $300-$775 bonus through a reduction in the principal balance of their Education Loan Finance loan when your loan has been disbursed. The amount of the bonus will depend on the total loan amount disbursed. In order to receive this bonus, customers will be required to complete and submit a W9 form with all required documents. Taxes are the sole responsibility of the recipient. There is a limit of one bonus per borrower. This offer is not valid for current ELFI customers who refinance their existing ELFI loans, customers who have previously received a bonus, or with any other bonus offers received from ELFI via this or any other channel. If the applicant was referred using the referral bonus, they will not receive the bonus provided via the referring party. If the applicant becomes an ELFI customer, they may participate in the referral bonus by becoming the referring party. Additional terms and conditions apply.
For the $1,275 bonus associated with refinancing at least $150,000, $500 of the bonus is provided by Student Loan Planner® via Giftly, which can be redeemed as a deposit to your bank account or PayPal account. Upon disbursement of a qualifying loan, the borrower must notify Student Loan Planner® that a qualifying loan was refinanced through the site, as the lender does not share the names or contact information of borrowers. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Student Loan Planner® will confirm loan eligibility and, upon confirmation of a qualifying refinance, will send via email a $500 e-gift card within 14 business days following the last day of the month in which the qualifying loan was confirmed eligible by Student Loan Planner®. If a borrower does not claim the Student Loan Planner® bonus within six months of the loan disbursement, the borrower forfeits their right to claim said bonus. The bonus amount will depend on the total loan amount disbursed. This offer is not valid for borrowers who have previously received a bonus from Student Loan Planner®.
Credible: If you refinance over $100,000 through this site, $500 of the cash bonus listed above is provided directly by Student Loan Planner.
To begin the qualification process for the Student Loan Planner® sign on bonus, customers must apply from the link provided on www.credible.com.
All bonus payments are by e-gift card. See terms. The amount of the bonus will depend on the total loan amount disbursed. In order to receive this bonus, customers will be required to complete and submit a W9 form with all required documents. Taxes are the sole responsibility of the recipient. A customer will only be eligible to receive the bonus one time. New applicants are eligible for only one bonus. Additional terms and conditions apply.
For the $1,250 bonus associated with refinancing at least $100,000, $500 of the bonus is provided by Student Loan Planner® via Giftly, which can be redeemed as a deposit to your bank account or PayPal account. Upon disbursement of a qualifying loan, the borrower must notify Student Loan Planner® that a qualifying loan was refinanced through the site, as the lender does not share the names or contact information of borrowers. Borrowers must complete the Refinance Bonus Request form to claim a bonus offer. Student Loan Planner® will confirm loan eligibility and, upon confirmation of a qualifying refinance, will send via email a $500 e-gift card within 14 business days following the last day of the month in which the qualifying loan was confirmed eligible by Student Loan Planner®. If a borrower does not claim the Student Loan Planner® bonus within six months of the loan disbursement, the borrower forfeits their right to claim said bonus. The bonus amount will depend on the total loan amount disbursed. This offer is not valid for borrowers who have previously received a bonus from Student Loan Planner®.
Student loan refinance interest disclosure
The lenders on the Credible.com platform offer fixed rates ranging from 4.94% – 10.99% APR. Variable interest rates offered by the lenders on Credible.com range from 5.28% – 12.45% APR. Variable rates will fluctuate over the term of the borrower’s loan with changes in the Index rate. The Index will be either LIBOR, SOFR, or the Prime Rate of interest as published in the Wall Street Journal (WSJ). The maximum variable rate on the Education Refinance Loan is the greater of 21.00% or Prime Rate plus 9.00%. Rates are subject to change at any time without notice. Your actual rate may be different from the rates advertised and/or shown above and will be based on factors such as the term of your loan, your financial history (including your cosigner’s (if any) financial history) and the degree you are in the process of achieving or have achieved. While not always the case, lower rates typically require creditworthy applicants with creditworthy cosigners, graduate degrees, and shorter repayment terms (terms vary by lender and can range from 5-20 years) and include loyalty and Automatic Payment discounts, where applicable. Loyalty and Automatic Payment discount requirements as well as Lender terms and conditions will vary by lender and therefore, reading each lender’s disclosures is important. Additionally, lenders may have loan minimum and maximum requirements, degree requirements, educational institution requirements, citizenship and residency requirements as well as other lender-specific requirements.
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