Federal Student Loan Consolidation
College students can consolidate several individual eligible federal student loans that they received to finance their college education into a single loan.
Benefits of loan consolidation:
- Significantly lower your overall monthly payment
- The security of a fixed interest
- Extend the repayment time to up to 30 years
- Provides the convenience of making one single payment each month
However, you might pay more interest over the life of the loan(s) with the extended terms. Since there are no pre-payment penalties, many students that borrower prefer the lower payments when starting out in new careers and then make larger payment amounts later as their incomes increase to minimize the overall interest costs.
Eligible federal education loans for consolidation include:
- Subsidized and Unsubsidized Direct and FFEL Stafford Loans,
- SLS,
- Federal Perkins Loans,
- Federal Nursing Loans, and
- Health Education Assistance Loans
- Private education loans are not eligible
- PLUS Loan borrowers (parent borrowers) also can consolidate their loans.
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