Select your counseling session below, as instructed by your school: (Generally, you complete an entrance interview before receiving your loan proceeds.) If you completed a counseling session and forgot to print your confirmation page or write down the confirmation number, request it online.
If you are a financial aid professional with a postsecondary school and want to participate in Online Counseling, learn more or sign up now.
Federal student loan consolidation basics How to consolidate federal student loans Benefits of federal consolidation Drawbacks of federal consolidation Private student loan consolidation (student loan refinancing) When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.
You’re generally eligible once you graduate, leave school or drop below half-time enrollment.
You only have to track one monthly payment, and that payment may be lower if your repayment term is lengthened (the maximum in the Direct Consolidation Loan, discussed below, is 30 years).
Since this is a new loan, it will come with new terms and you will be able to make some choices regarding your repayment plan.
A full quotation will be provided when you apply and figures may vary slightly.
Customers who do not meet our normal criteria may be offered a different APR to our standard rates.
In loan consolidation, your existing student loans are paid off and replaced by a new, large loan combining all those amounts.
The monthly payment amount may decrease because repayment can be spread over a longer time period.
Because there are no penalties for prepaying the loan in full or in part, borrowers may make larger monthly payments or extra payments if they wish.
Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
*The representative APR may not be the rate you'll receive.