FAQs about Student Loan Consolidation

Here are the answers to the most commonly asked questions about student loan consolidation.

What is student loan consolidation?

When you sign up for our college student loan consolidation program, you take out a new loan to pay off your existing student loans. The consolidation loan then allows you to make just one payment to one creditor each month. Almost always, consolidation loans have interest rates and monthly payments that are substantially lower than your existing student loans.

How do I apply for the college student loan consolidation program?

You can apply for our college student loan consolidation program for free by clicking "apply now" on this site. This will then take you to a short online application. We will ask you for some basic information and will contact you within 15 minutes of receiving your application if you apply during regular business hours. Our application is no-obligation and free of charge.

Am I eligible for your college student loan consolidation program?

You can consolidate your student loans if you are no longer enrolled in school more than half time, have loans that are in a grace or repayment period, and have never previously consolidated your loans. If you would like to take advantage of our free federal college student loan consolidation program, you will need to have federal student loans. Any loans that do not qualify for federal consolidation can still be consolidated with our private student loan consolidation program.

Can parents consolidate education loans?

Yes, even education loans for parents are eligible for consolidation. Parents can consolidate education loans at any time, as long as the loan has already been disbursed. PLUS loans for parents are eligible for free federal loan consolidation.

Why should I consolidate?

A college student loan consolidation program can help you reduce monthly payments, lower interest rates, and extend your repayment time. Student loan consolidation can also reduce the hassle of student loan payments by combining all of your loans into one convenient monthly payment. You may even use student loan consolidation to shorten the repayment term of your student loans to reduce your interest expense.

Get a better understanding of consolidating student loans and learn some financial terms here.