Private loan consolidation can reduce your monthly payment by combining student loans into one.
Lenders require basic information like name, address, phone number, email, social security number, and date of birth. Employer information and income may also be requested. If applicable, similar information may be required by a co-signer (if you have one). In addition to listing details of your existing student loan debt, like amount borrowed and the name of your lender, you may be asked for details of other outstanding debt. This may include auto loans, mortgages, and credit card debt.
Be sure to increase your chances of approval by applying with a co-signer.
You can apply for most consolidation loans online using each lender’s unique e-signature process. However, some may offer paper processing if you prefer the old-fashioned way. Occasionally, lenders may also require proof of income, copies of government identification, or other documentation.
Typically it takes 45-60 days to process an application, so remember to make any student loan payments that are due in the meantime.