Loan Consolidation
Simplify Your Life
If you have student loans in multiple locations, or high monthly payments, think about consolidating your loans. Consolidation combines multiple eligible loans into a single loan with one monthly payment. It may also stretch out your repayment period.
Loans Eligible for Consolidation Include:
- Federal Stafford, Subsidized and Unsubsidized (formerly Guaranteed Student Loan or GSL)
- Federal SLS (Supplemental Loans for Students)
- Federal PLUS, Parental Loan for Undergraduate Students
- Federal Direct, Subsidized, Unsubsidized, Consolidation and PLUS
- Perkins (formerly National Direct Student Loan (NDSL)
- Health Professions Student Loan (HPSL), includes Loans for Disadvantaged Students (LDS)
- Nursing Student Loan (NSL)
- Federally Insured Student Loan (FISL)
Private Supplemental or Alternative Loans CANNOT be included in a Consolidation Loan. However, the balances of these loans may be used to extend the repayment term of your Consolidation Loan.
Consolidation Loan Repayment Terms
Repayment is based on the balances of the loans being consolidated. The repayment term will be set for the longest possible period.
| Loan Balance |
Repayment Terms |
| $5,000 |
to |
$7,499 |
= |
10 Years |
| $7,500 |
to |
$9,999 |
= |
12 Years |
| $10,000 |
to |
$19,999 |
= |
15 Years |
| $20,000 |
to |
$39,999 |
= |
20 Years |
| $40,000 |
to |
$59,999 |
= |
25 Years |
| $60,000 |
|
and above |
= |
30 Years |
Consolidation Loan Interest Rate
The interest rate will be a weighted average of the loans being consolidated, rounded up to the nearest 1/8 of 1 percent. The maximum is 8.25 percent.
Want to see how much you can save? Use our consolidation calculator.
Have questions about consolidation? Wonder if it's right for you? Contact us.
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