Consolidation Terms

Our college student loan consolidation program can allow you up to 30 years to repay your consolidation loan, depending on the balance of your existing loans. If you extend your repayment period, you will increase your interest expense because you make smaller payments over a longer period of time. However, you can always consolidate to extend your repayment term and then pay your loan off early if you so wish. We do not charge prepayment penalties in our college student loan consolidation program, so there is no penalty for premature payment. To take advantage of a 30-year repayment period, you must have a minimum of $60,000 in outstanding education debt.

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Consolidation Fees

Federal law prohibits lenders from charging application and other fees for federal student loan consolidation. Thus, you can take advantage of our federal college student loan consolidation program for free. Private student loan consolidation, on the other hand, comes with the same fees you would pay for any private loan. Such fees might include application, origination, and processing charges.

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Interest Rates

The way your consolidation loan's interest rates will be calculated will depend on what type of loans you're consolidating. If you are taking out a federal consolidation loan, your interest rate will be the weighted average of the interest rates on the student loans you are consolidating. This average is then rounded up to the nearest one-eighth of a percentage. The maximum interest rate for federal consolidation loans is 8.25%. Your interest rate is then fixed for the life of the loan. The interest rates for the private college student loan consolidation program are based on LIBOR, or the London Interbank Offered Rate. Private consolidation loans often come with a fixed initial rate, followed by a variable rate that fluctuates according to LIBOR.

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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.

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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.

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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.

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