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Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

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Home » Ask » Student Aid Matters® FAQ

Student Aid Matters® FAQ

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Page 17 of 22
What are Loan Limits for Private Student Refinance Loans
Answered by Elaine Rubin on 04/25/2022
Loan limits and minimum balance requirements vary by lender. Minimum amounts typically range from $5,000 to $10,000. Maximum amounts apply as well, with the highest maximums typically reserved for graduates of medical school, law school, or other professional programs. Read Entire Answer
Can I Lower my Interest Rate after Consolidation
Answered by Elaine Rubin on 04/25/2022
A Direct Consolidation Loan provides auto-debit interest rate discounts for making automatic monthly payments by direct debit from a bank account (ACH). The interest rate reduction will be 0.25%. Read Entire Answer
How Do I Spot a Student Loan Scam
Answered by Elaine Rubin on 04/25/2022
There are some distinct methods student loan scammers use: they ask you to pay up-front fees, they charge monthly fees which are not part of your loan repayment, they promise you immediate, or some sort of loan forgiveness and more. Read Entire Answer
Can I Postpone Payments on a Student Loan
Answered by Elaine Rubin on 04/25/2022
Federal student loans, including Direct Consolidation Loans, offer borrower benefits such as deferment and forbearance. As long as you meet the criteria and have not used up all your time, you may be able to temporarily postpone payments on your loans. Read Entire Answer
What Can I do if I'm Not Eligible for a Direct Consolidation Loan
Answered by Elaine Rubin on 04/25/2022
If your loans are ineligible for a Direct Consolidation loan, you can explore consolidating your student loans by refinancing them with a private lender. Read Entire Answer
What is the Interest Rate for a Private Student Loan Refinance
Answered by Elaine Rubin on 04/22/2022
Each private lender has their own criteria for determining interest rate. Factors that may help determine your interest rate include your credit history and the repayment term you choose. Read Entire Answer
What is the Interest Rate for a Federal Consolidation Loan
Answered by Elaine Rubin on 04/22/2022
Direct Consolidation Loans use a fixed interest rate. Your interest rate will be the weighted average of the interest rates on the existing federal student loans, rounded up to the nearest one-eighth of percent. Read Entire Answer
Will I Be Charged Fees to Refinance my Student Loans
Answered by Elaine Rubin on 04/21/2022
Many lenders do not charge fees to refinance private student loans. Some lenders roll the fees into the interest rate. We recommend you ask any potential lenders to explain any fees they may charge. There are no fees to consolidate with a Direct Consolidation Loan. Read Entire Answer
Is There a Credit Check Required for a Direct Consolidation Loan
Answered by Elaine Rubin on 04/21/2022
No. Eligibility for federal student loan consolidation does not depend on the borrower's credit history or credit scores. However, if your federal student loans are in default, you may encounter a few issues. The U.S. Department of Education will let you know what additional steps you need to take in order to qualify. Read Entire Answer
Am I Eligible to Refinance or Consolidate my Student Loans
Answered by Elaine Rubin on 04/21/2022
Student loan refinancing and student loan consolidation are different methods of debt restructuring, and have different eligibility criteria. Private student loan refinance requires approval from a private student loan lender. Read Entire Answer
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Edvisors provides expert advice on planning and paying for college. On Edvisors.com easily compare student loan lenders, learn how to apply for financial aid, and discover scholarships. Learn about federal and private student loans for students and parents, how and when to apply to college, and more!

Edvisors (“Edvisors Network, Inc.”) provides independent advertising-supported platforms for consumers to search compare and apply for private student loans. Loan offers from participating lenders that appear on our websites are not affiliated with any college and/or universities, and there are no colleges and/or universities which endorse Edvisors’ products or services. Lender search results do not constitute an official college preferred lender list. Edvisors receives compensation from lenders that appear on this site. This compensation may impact the placement of where lenders appear on this site, for example, the order in which the lenders appear when included in a list. Not all lenders participate in our sites and lenders that do participate may not offer loans to every school.

Edvisors is not a lender and makes no representations or warranties about your eligibility for a particular loan or financial aid. Lenders are solely responsible for any and all credit decisions, loan approval and rates, terms and other costs of the loan offered and may vary based upon the lender you select. Please check with your school or lender directly for information related to your personal eligibility.

Edvisors has endeavored to provide accurate information. However, the results provided by lenders are for illustrative purposes only and accuracy is not guaranteed, as such, Edvisors assumes no responsibility for errors or omission in the information provided.

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