Student Loan Consolidation

School Loan Consolidation is a practical repayment tool that refinances your school loans into one loan, significantly reducing your monthly payment. Take a look at how much you can save each month with our student loan consolidation calculator.

Federal Loan Consolidation






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Consolidating your federal student loans can reduce your monthly payment. You can esign your application online and be finished in minutes.

Private Loan Consolidation






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Some private student loan program offers interest rate reductions for on-time and automatic payments and there are no pre-payment penalties.

How much can you save each month?
If you consolidate student loans right now, you could save hundreds of dollars a month. Here's a quick chart showing how much you could save on your monthly payments:




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Calculate Your Savings!

Savings shown are based on the current Stafford Loan interest rate of 6.8%; borrowers in grace periods, with student loans other than Stafford (i.e. PLUS or Perkins loans), or with Stafford Loans older than July 1, 1998, will have different interest rates.

Student Loan Consolidation Blog
How much can you REALLY save by consolidating?
- How does an extra $1,100 per year sound? It can happen with consolidation. Here's how.

Consolidate or Separate? That is the question.
- Shakespeare aside, figuring out if student loan consolidation is right for you can be a tricky question. It largely depends on your income and loan interest rates, and isn’t always...

When Should I Consolidate?

The answer to that question is primarily based on where you are in your life—whether you’re still in school or have become an alumnus. If you’re in “repayment” mode, meaning you’re all done with full-time school and the student loan bills are starting to come, then you can
consolidate now. If you’re in a “grace period” (the time right after you graduate but before you have to pay your student loan bills), you can consolidate. If you’re still enrolled in the program for which you borrowed, you can’t consolidate ......
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Which lender is right for me?

If you’ve weighed the pros and cons, and decided that consolidation is
right for you, the next step is to pick a lender. Just like when you make
any kind of big purchase (for example, a new PC or a car), you need
to shop around for the best deal. The federal consolidation market is
growing, and it is very competitive. Good deals can be had if you look
around. Many lenders offer aggressive incentives – see the section on
Borrower Benefits on page 3. As with any type of big financial investment,
be sure to do your homework: compare all the types of loans you
qualify for, read the fine print on different Borrower Benefits, and run
the numbers. And then apply and get back to finding a job, studying
for the Bar, enjoying summer…

Can I “Re-Consolidate” My Current Consolidation Loans?

It depends on a couple of factors. The general rule is that you cannot
re-consolidate most consolidation loans on their own. The one exception
is for loans that were consolidated under the federal Direct Loan
Consolidation program, which can be re-consolidated. For all other
federal loans, you must have a new loan to add to an existing consolidation
loan to re-consolidate. Of course, there are many exceptions and
restrictions, so check with your lender for more information.

Helpful hints:

Don’t have any idea what loans you have?
Don’t worry, you can find out! Go to:
http://www.nslds.ed.gov/

You’ll need to know your FAFSA PIN,
which you can retrieve from
http://www.pin.ed.gov/

What Are the Pros and Cons of Federal Student Loan Consolidation?

There are many good reasons to consolidate your student loans. However,
there are other factors that borrowers will need to consider before making
their decision.
First, on the positive side. You’ll simplify your life with one monthly payment
that will come from one lender (and one point of contact if you have
any questions). Because you are extending your loan’s term (or how many
years it’s going to take to pay back your consolidated loans), your monthly
payment will be lower. That’s where the term “payment relief” comes from.
Loan terms range anywhere from 10 years all the way up to 30 years. And
the interest rate on a federal consolidation loan is fixed—which is unlike
variable interest rate loans that can change. Your consolidated loan’s interest
rate will be equal to the average of all the student loans you want to consolidate,
which is then rounded up to the nearest 1/8 percent. The maximum
rate your loan can be is 8.25 percent.
Sample

Introduction

If you are reading this, you probably have student loan repayment fast
approaching. Fortunately, you have options for repaying your student
loans. One of them is referred to as loan consolidation, which you
may discover makes perfect sense for your financial situation. Or, after
checking out the pros and cons, and examining your future career and
life plans, loan consolidation may not be right for you at this point. The
important thing is that you are thinking about your future, comparing
the different types of consolidation options available, and determining
what makes sense for you. Given the time, work and money you’ve put
into your education, this is a smart move.

Of course, you are used to making smart moves. You probably know
this already, but going after that undergraduate degree or finishing off
that graduate coursework is one of the smartest things you could have
done. Sure it’s been a ton of hard work, you’ve made lots of sacrifices
and most likely there’s a financial burden now placed on you and your
family, but in the long-term, your degree will provide a foundation for
you to earn more than someone who hasn’t earned that credential.

Here’s why: A bachelor’s degree hanging on your wall will earn you
62 percent more than someone who has only a high school diploma,
according to U.S. Census Bureau statistics. And over your lifetime, the
gap between your old friend’s high school diploma and your bachelor’s
degree will turn out to be more like a gulf—totaling more than $1
million. For those who are going after master’s degrees or PhDs, the
news is just as good: You’ll also stand to make more money than those
who didn’t take the next step.