Grants, Scholarships and More

Consolidations

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Student Loan Consolidation Programs & Services

Consolidating your existing, individual student loans into a single consolidated student loan enables you to simplify the repayment process and may reduce the overall monthly payment amount. A student loan consolidation loan simplifies the loan process by combining several individual student loans (that may have different terms and repayment schedules or may have been made by different lenders) into one new loan.

  • Student loans that are consolidated into a new student loan consolidation loan are paid off, and a new loan (the consolidation loan) is created.
  • The overall interest rate on the new consolidation loan may be lower than on one or more of the underlying loans.
  • The amount of time to repay the consolidation loan may be extended beyond what was available in the separate loan programs.
  • These features may result in more manageable student loan debt and should make borrowers less prone to default.

While federal student loans and private student loans can be consolidated to generate the benefits as mentioned above, please note that most lenders do not allow for both federal and private student loans to be combined into a single student loan consolidation loan.

For federal student loans in a grace, deferment or repayment status, the following types of loans are eligible for federal loan consolidation:

  • Federal and Federal Direct Stafford Loan (subsidized and unsubsidized)
  • Federal and Federal Direct PLUS (in borrower's name only)
  • Federal Perkins (formerly known as National Direct Student Loan or NDSL)
  • Nursing School Loan (NSL)
  • Health Professional Student Loan (HPSL)
  • SLS (Supplement Loan for Students)
  • Loans for Disadvantage Students (LDS)
  • Federal Insured Student Loan (FISL)
  • Federal Consolidation Loan
  • Federal Direct Consolidation Loan

To learn more about Federal Direct Loan Consolidation, click on the link below.


> Click here to continue to the next section for an introduction to student loan forms and tools

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