Consolidate Student Loans

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.

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Student Loan Consolidation Benefits

• 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 the two types cannot be consolidated together. Thus, if you have both federal and private loans, after consolidation you will hold one master federal loan and one master private loan.

Federal Consolidation Eligibility

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

• Federal FFEL and Direct Stafford (subsidized and unsubsidized)
• Federal FFEL and 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 FFEL and Direct Consolidation Loan

Consolidate and save up to 50% monthly »