Consolidating private government student loans

Late payments affect your credit as well as the primary borrower’s.

We used companies’ loan calculators, called their customer service agents (listening to the same 30 seconds of Vivaldi while on hold gets old fast) and read as much of the fine print as we could (there was a lot).Student loans are considered higher risk than car loans, house loans and other loans you can get from a local bank.You will have to go to a lender that specializes in student loans or to a bank big enough to offer them.Here’s what we found: Loan Limits Every student loan, whether federal or private, has a borrowing limit.

Federal loan limits depend on whether you are still considered a dependent or if you are an independent student.

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.

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