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Loan Consolidation
Loan Consolidation is a program that was designed to simplify a borrower's repayment of educational loans. Through Consolidation, a borrower can combine eligible educational loans into a single Consolidation Loan requiring single monthly payments. Borrowers may reduce their monthly payments by extending the repayment period with a Consolidation Loan.
Loans Eligible for Consolidation
- Federal Stafford Loans
- Federal Supplemental Loans for Students (SLS)
- Federal PLUS Loans
- Federal Direct Loans (Stafford and PLUS)
- Federally Insured Student Loans (FISL)
- Federal Perkins Loans (formerly called NDSL)
- Health Profession Student Loans (Primary Care Loans)
- Health Education Assistance Loans (HEAL)
- Nursing Student Loans (NSL)
Requirements
- All loans consolidated must either be in a grace period or in a repayment status
- A borrower with delinquent or defaulted loans may be eligible for Consolidation if the borrower will re-enter repayment through Loan Consolidation. A borrower in default must make satisfactory repayment arrangements with the holder of his/her loan to be eligible for Loan Consolidation.
Interest Rate
The interest rate results from calculating the weighted average interest rate of all loans being consolidated.
Benefits of Consolidation
- The borrower pays single monthly payments
- The borrower can reduce his/her monthly payments by Increasing the number of years to repay the loan OR using a graduated repayment schedule; and/or Lowering the interest rate
