WHY CAN’T I GET A STUDENT LOAN CONSOLIDATION WITH A CREDIT SCORE OF OVER 720?

I am paying 300 on one student loan and 200 on another. To be honest, I’d really like to consolidate the two and be able to get a lower monthly payment. I am 22 years old and I have just joined the navy. I leave in July for boot camp. I have talked to a few different lenders and most of them state they are no longer doing student loan consolidation. The one that I did speak to that is still participating in student loan consolidation is Wells Fargo and they wanted me to have a co-signer.

Being in the Navy I have great job security…
I think my credit score is decent…

But right now I am not making much money, only about 800 dollars a month and I think that is why they are asking for a co-signer.

Do you think if I wait until after boot camp, when I am making more, I could get a consolidation without a co-signer?

What are my options? Having a co-signer is NOT an option.. Thanks you.

can't, Consolidation, credit, loan, over, score, Student

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Comments (4)

#1 written by Reprisal
about 2 years ago

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Thx for serving our country (soon to be). Honestly I would never consolidate with anyone other then the FED. Consider this, if you want to go back to school they will defer your repayment, a bank won’t. With the FED you don’t need a cosigner. If anything were to happen to you your co-signer would be responsible for your debt, but with a federal loan it would be zeroed out. If you have automatic withdrawls the fed will deduct I think .25 or.50% off your interest and plus they will take a few k $$$$ off your loans for making payments on time for 4yrs or something. The fed also has a repayment plan that goes off your income, odds are 1/2 that it will work for you. They have good programs, check into them. And w/ a federal loan you also get a 6 month grace period before you have to start repayment.

If your going into the Navy and you have a degree I would hope your going to be an officer, they should be paying off your loans for you anyway. Those sneaky lil bastards, you can tell your recruiter you will go to the Air Force if they don’t pay off your loans. I do not know your situation, but if your degree will be used in military service to fulfill your duties, they better pay that off for you!!

Hope this helps and GL.
#2 written by Case
about 2 years ago

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