What is student loan consolidation?
Student Loan Consolidation is combining all or some of your federal student loans into one loan with one monthly payment. It was created by the federal government to help students and parents afford post-secondary education.
Who can apply for a federal student loan consolidation?
Anyone who has graduated or left school and is currently repaying loans or are in deferment/forbearance or grace , has at least $10,000 in federal student loans, and you do not have a consolidation loan application pending with another lender.
When is the best time to consolidate my loans?
During the 6 month grace period following completion of school your variable Stafford interest rate will be 0.6% lower than during your repayment time. Applications received during this time would also receive this benefit for the duration of your consolidated loan.
Can I apply to have a lower interest rate if I consolidated in the past?
The only way to reconsolidate your loans is if you have a new loan or you did not include all your federal loans when you consoldiated the first time.
Do these companies need to run a credit check?
No, credit checks are not required for federal loan consolidations.
How long will my repayment time be?
Consolidated loans may be extended anywhere from 5 - 30 years depending on the amount of your loans.
Can my repayment time be less than 10 years?
You may set your term to as low as 5 years. Remember there is no penalty on prepayments or overpayments.
Are there any fees to consolidate my federal student loans?
There are no fees required.
Should I continue to make my regular loan payments while my application is being processed?
Yes, until you receive approval and your loans have been paid off through the consolidation process you should continue to make all of your loan payments.
How many quotes will I receive?
You will receive up to 4 no obligation quotes.
Can I combine federal and private loans to be consolidated together?
Yes, however; it is highly recommended that you consolidate your federal loans seperately as you will receive a lower interest rate for federal loans than for private student loans. If combined you will receive the interest rate for the private loans. Federal loans also have more benefits and repayment options.
How do I apply for a federal loan consolidation?
Simply fill out our online form and recieve up to four no obligation quotes from a various financial institutions.
