COLLEGE Loan Consolidation

So, its getting close to graduation time and you are thinking of all those Federal student loans that you amassed while in school.  Each one has it's own repayment schedule and monthly payment.  You're thinking, "How am I going to afford to pay all of these monthly payments for my student loans?"  Fortunately, there is a solution.  You can apply for a Federal Student Loan Consolidation and consolidate all of your loans into one affordable payment.

Student loan debt consolidation is easy and involves taking out a new loan that combines all or part of your existing eligible federal student loans into a single loan.  The Federal Consolidation Loan is a Federal program that offers a fixed interest rate and a repayment term of up to 30 years — depending on the total amount of your student loan debt. 

Timing is important when considering a Federal Consolidation Loan.  So, if you are considering consolidating your student loans, be sure to contact your lender or browse our website for more tips on how to get started.

Consolidation Advantages

• You can consolidate your Federal student loans and reduce your monthly significantly. 

• It simplifies your debt portfolio by consolidating multiple loans from multiple lenders under a single loan with only one monthly payment. 

• It locks in a fixed rate for the life of your loan.

• You can consolidate your loans even if you are still in school.

• It is a FREE government program.

• It doesn't require a credit check.

Consolidation Disadvantages

• You will be paying off your loan for a longer period of time.

• You will generally pay more interest because the term of the loan is longer.

• You may lose some or all of your grace period.  The Federal Consolidation Loan has no grace period.

Types of loans that may be consolidated

• Stafford
• PLUS
• SLS
• FISL
• Perkins (formerly National Student Defense Loans)
• Health Professions Student Loan (HPSL), including Loans for Disadvantaged Students (LDS)
• Nursing Student Loan (NSL)
• Health Education Assistance Loan (HEAL)

For more information see the U.S. Department of Education’s financial aid website at http://studentaid.ed.gov .