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Yes, if a lender accepts defaulted loans for consolidation and if satisfactory repayment arrangements are made with the holder of each defaulted loan (3 or more consecutive on-time full monthly payments) or an income sensitive repayment schedule is set up with the Consolidator.Yes, if the loans are eligible and the request is made within 180 days.There are still many FFEL loans in the system, but as of July 2010, no new FFEL loans are being made. Federal loans, whether through a bank/private lender or the Department of Education, are funded and tightly regulated by the federal government.Private loans are not subsidized by the government, and therefore are not regulated as closely.Remember, students are encouraged to apply with a qualified co‑signer to increase their chances of approval and receiving the lowest rate possible.If you're a parent, take a look at our Student Loan for Parents—with an average fee savings of 3 *Approval and rates for a student loan refinance will depend on your credit score and presence of a co‑signer.It is used to obtain information on the underlying loans and to quote a pay-off.It is a weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8%, not to exceed 8.25%.
You can also click here to help you tell the difference between government and private loans. Ford Direct loans are made directly from the Department of Education to students, without the involvement of a private lender.Our Frequently Asked Questions page can answer most questions you have regarding the servicing of your student loan account.Just select a category or topic within a category and scroll to a question that suits your needs.Before we deliver your refinance loan proceeds to your prior lenders, we'll provide you with (1) a Final Disclosure that will confirm the terms of the refinance loan and (2) a Right to Cancel notice that explains you have at least three business days to cancel your refinance loan without penalty along with instructions on how to do so.If you have already submitted your application for a credit review or created a username and password, you can always choose either to "Log In" or "Check My Loan Status" from the main page to access your most up‑to‑date loan status.