Consolidating student loans after college
If you have questions or need help finding the right resources to get out of debt, we can help.
Although student loan consolidation must be separate from credit card debt consolidation, we can put you in touch with student debt consolidation specialist who can assist you.
This federal program lets you combine multiple federal student loans into 1 new loan—with 1 monthly payment.
Consolidating your federal student loans may help you to stay on track with your monthly payments and avoid the risk of student loan default—which can have serious consequences on your credit and your income. Once you log in, you can fill out a free loan consolidation application online—or download the paper application to fill out and send in by mail.
Challenges with student loan debt can hurt your credit, damage your income through wage garnishment and prevent you from achieving goals, such as starting a family or buying a home.
If you have at least one FFEL Loan, then you can use the FFEL Consolidation Loan to do the same.
If you're consolidating with the federal government, consolidating your loans means combining your multiple federal student loans into one new federal loan, called a Direct Consolidation Loan.
You have some flexibility in picking your loan term, but you'll simply receive an interest rate that's a weighted average of your existing rates.
When even the basic term "consolidation" means different things for different lenders, the process can understandably seem daunting.
But if you're looking to save thousands on student loan interest payments -- as well as time and headaches from managing multiple monthly payments -- then understanding the consolidation process is critical.