Consolidating parent plus loans
Variable interest rates are based on market conditions, so if market rates go up, so do your interest rate and monthly payments.
Fixed interest rates stay the same over the life of the loan. Your interest rate will be determined by several factors when you apply, most importantly your credit history and that of your cosigner, if applicable.
The borrower and the cosigner share responsibility for ensuring that the loan is repaid.
If financial hardship makes it difficult to remain current on the loan payments, we encourage you to talk to us to see what options are available.
Finally, the cosigner needs to sign a consent form agreeing to be removed from the loan.
To learn more about our cosigner release benefit eligibility or if the borrower is interested in applying for a cosigner release, please contact our office at .
Rates are typically higher without a cosigner; however, borrowers that meet these requirements on their own do not need a cosigner (but may still choose to apply with a cosigner).
Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.
Until we notify you that your loans are consolidated, you’ll need to continue making payments on all your separate loans.
loan allows you to consolidate multiple private student loans or refinance a single private student loan.
If you would like to add other eligible loans, your servicer must receive your Request to Add Loans Form within 180 days from the date your Direct Consolidation Loan is completed (originated).
If you choose Nelnet to originate and service your Direct Consolidation Loan, you may request to add other eligible loans to it by completing the Request to Add Loans Form and send it to Nelnet via email Direct Loan [email protected], or mail to: Nelnet P.
The cosigner doesn’t have to be a relative; he or she can be anyone who meets the requirements — ideally someone with an established credit history and steady income. We will evaluate credit, employment, and income factors to determine the student borrower's ability to take full responsibility for repaying the loan.