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Student loan consolidation lets you combine one or more eligible federal student loans into one new Direct Consolidation Loan. As a result, the U.S. Department of Education becomes the new lender. As the administrator of the program, they use companies to originate and service the loans.
Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U.S. Department of Education. Consolidating allows you to merge multiple eligible loans into a single loan.
Student loan consolidation or refinance can simplify your student loans into one monthly payment. Just remember there are additional unique benefits to both options. Weigh the benefits of each program to decide the right option for your situation.
The easiest way to apply to consolidate your loans into a new Direct Consolidation Loan is online. You will have to log into your StudentAid.gov account to apply. You can also download the paper application and submit it by mail.
Consolidation payment estimate calculator. Consolidated Loans reduce the total monthly payment amount by combining outstanding student loans into one new loan. Consolidation creates a new promissory note. The consolidation may result in fewer deferment options and a higher interest rate.
Consolidation Loan - which allows you to combine your loans, often extending your repayment and offering smaller monthly payments. Serialization - similar to a consolidation loan, but does not typically include consolidation charges.
Loan consolidation or refinancing can help. However, if you have federal and private student loans and want only one monthly payment, your only option is refinancing. You cannot consolidate private loans through the Direct Consolidation Loan program.
