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When an application is complete, credit approved, and Authorization for Release of Student Loan Information form is received, BND will contact your other lenders to obtain the exact payoff information for your loans.BND: BND will send you a Loan Approval Disclosure as soon as it receives the the payoff information from your other lenders.If your financial situation has improved since you first signed on the dotted line, you may be able to refinance student loans at a lower interest rate, which can allow you to: 1. If you don’t anticipate needing or qualifying for federal loan benefits, getting a lower rate can save you a significant sum.For example, the average So Fi borrower saves about ,000. The decision depends a lot on your specific situation. Do you plan to take advantage of federal loan benefits?If you are a new customer, you will need to create an account before starting the application.Smart Move Tip Continue to make payments on your student loans until you receive confirmation that they have been paid in full by the DEAL Consolidation Loan to avoid any negative effects to your credit rating.
The DEAL Consolidation Loan is for non-North Dakota residents who have a DEAL Student Loan.
However, the interest rate on your new, consolidated loan is not a weighted average of your old loans’ rates. Unlike consolidation, student loan refinancing is only available from private lenders.
Instead, a private lender will look at your track record of handling debt and other financial information to give you a new (ideally lower) interest rate on your consolidation loan. And while most private lenders will only refinance private loans, a few, including So Fi, will refinance both private and federal student loans, so you can consolidate all of your loans into one.
We’ve got you covered with our Student Loan Smarts blog series.
Our expert tips and hacks will help you save money, pay off loans sooner and stress less about student loan debt.