Consolidating student loans that are in default

Interest rates on variable rate loans are capped at either 8.95% or 9.95% depending on term of loan. Lowest variable rate of 2.27% APR assumes current 1 month LIBOR rate of 2.27% minus 0.15% margin minus 0.25% ACH discount. If approved for a loan, the fixed or variable interest rate offered will depend on your creditworthiness, and the term of the loan and other factors, and will be within the ranges of rates listed above.

For the So Fi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly.

*To check the rates and terms you qualify for, So Fi conducts a soft credit inquiry.

Unlike hard credit inquiries, soft credit inquiries (or soft credit pulls) do not impact your credit score.

Disclaimer: Fixed rates from 3.49% APR to 7.94% APR (with Auto Pay).

Variable rates from 2.27% APR to 7.84% APR (with Auto Pay).

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The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website.

Private education refinance loans are variable or fixed interest rate loans offered by banks, credit unions, and state agencies which allow borrowers to combine their outstanding federal and private student loans into a single new loan.Most federal student loans are eligible to be consolidated under the Direct Consolidation Loan program.There is no fee to consolidate federal student loans into a Direct Consolidation Loan.It’s a leader in the field; in 2012, it was the first company to start refinancing federal and private student loans together.Why it’s worth a look: They’re currently offering fixed interest rates of 3.49% to 7.94%, and a variable interest rate of 2.27% to 7.84% (that includes an auto-pay discount of 0.25%).

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