REPAYMENT - LOAN CONSOLIDATION
Loan Consolidation
A Federal Consolidation Loan combines multiple federal student loans into one new loan with a single student loan payment. The new loan will have a new interest rate, new terms and conditions. This loan is not to be confused with private consolidation loans which may consolidate other types of debt (credit cards, private loans, etc.,) as well as student loans, yet do not have the same benefits as a Federal Consolidation Loan.
Consolidation may be beneficial to some borrowers, but it may pose drawbacks for others. For example, Perkins Loan borrowers lose valuable interest subsidy and cancellation rights by consolidating. Also, consolidation is usually limited to larger loan amounts and may extend the loan repayment period. Extending the repayment period may increase your total finance charge, even though you may have a lower monthly payment. Be aware of all loan terms and conditions before consolidating your educational loans. Consolidation should only be considered after a thorough investigation of its benefits and drawbacks.
For further information on Federal Loan Consolidation, try visiting:
Important News
Special Direct Consolidation Loans offered for a limited time
The Department of Education will offer, through the William D. Ford Federal Direct Loan Program, the opportunity to take out a Special Direct Consolidation Loan. This short-term special consolidation opportunity will be available to eligible borrowers from January 17 June 30, 2012. To be eligible, a borrower must meet both of the following criteria (as well as additional requirements):
- at least one Direct Loan or Department of Education-held (ED-held) Federal Family Education Loan (FFEL)
- at least one commercially-held FFEL loan
Please note that one of the four federal loan servicers will contact eligible borrowers and provide access to an online application. The servicers are:
- FedLoan Servicing (PHEAA)
- Great Lakes Educational Loan Services, Inc.
- Nelnet
- Sallie Mae
More detailed information is available on the Student Aid on the Web government site at http://studentaid.ed.gov/PORTALSWebApp/students/english/specialconsolidation.jsp via their Special Direct Consolidation Loans page or call 1-800-4-FED-AID (1-800-433-3243).
Time to Consolidate?
As of July 1, 2011 thru June 30, 2012 the variable rate on all unconsolidated Stafford Loans originated before July 1, 2006 is 2.36%. You can lock in rates by consolidating variable-rate loans. When consolidating multiple loans, the new fixed rate will be a weighted average of the rates of the consolidated loans, rounded to the nearest eighth of a percentage point. Please note that borrowers who may qualify for Public Service Loan Forgiveness should consolidate into the federal governments Direct Consolidation Loan Program in order to retain certain loan benefits. (Click on the provided links for details.)
TELL ME ABOUT...
Repayment
Introduction to Repayment
Starting Repayment
Knowing the basics before making that first payment
Repayment Plans
Understanding the many choices offered
Deferments / Forbearance / Cancellations
Making use of benefits
Loan Consolidation
Determining the advantages and disadvantages
Private Help for Public Student Loans Our services can help you: Identify the most appropriate Department of Education consolidation program for your personal
Services - Student Loan Service
At Student Loan Service, we recognize that many borrowers feel overwhelmed by their student loan debt. Though many options exist for federal student loan, finding the
Student Loan Service.US Review - Debt Repayment Plan in ...
BBB's Business Review For Student Loan Service.US that includes background information, consumer experience, BBB Accreditation status, BBB Rating, customer reviews
FedLoan Servicing
FedLoan Servicing provides customer service to student loan borrowers whose loan is owned by the U.S. Government. We support student borrowers who need an easy
StudentLoans.gov
Public Service Loan Exit counseling provides important information you need to prepare to repay your federal student loan How To Manage Your Student Loans;
Federal Direct Loans
This website provides information for college students, parents, and financial aid professionals about the U.S. Department of Education's Direct Loan Program.
Services - US Student Loan Consolidation
*We do not provide loan modification, debt adjustment, foreclosure services or short term loans of any kind. US Student Loan Consolidation is a private organization
Student Loan Service
Sheila said this about us: "Over the top excellent customer service. Stefon went the extra mile today to assist me. I will have the opportunity to continue my
Loan Servicers | Federal Student Aid
Your loan servicer is assigned by the Department of Education and will work with you on repayment plans, loan consolidation, and any issues related to your federal
National Student Loan Data System for Students
The National Student Loan Data System (NSLDS) is the U.S. Department of Education's (ED's) central database for student aid. NSLDS receives data from schools
