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Frequently Asked Questions

More About Consolidation Loans

Through a Federal Consolidation Loan, you can combine all of your federal student loans into a single promissory note and a single repayment schedule. Consolidation is not limited to FFELP loans: you can include any federal education loan (e.g., Perkins, HEAL, Direct Loans).

A consolidation loan may be a good idea if:

bullet You have a lot of education debt. If the combined balance of your education loans is greater than $7,500, you can extend your repayment period beyond the standard 10-year maximum. If your combined balance is as high as $60,000, you can extend repayment to 30 years!
bullet You have more than one servicer. You can have your single consolidation loan serviced by a company of your choice. This makes it easier to:
bullet Make payments
bullet Track the status of your loans; and
bullet Update changes in your status (e.g., change of address).

To obtain a Federal Consolidation Loan, you must be out of school. And you must first consult with a holder of at least one of the loans you wish to consolidate. If none of your current holders is willing or able to make a consolidation loan for you, you may contact another lender - that is, someone other than one of your current holders - to make the loan.

To view a list lenders and servicers with their toll-free numbers and e-mail addresses, please click here.




Student Loan Counseling Service, Inc
(888) 633-4850


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