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CONSOLIDATE LOANS

 

 

 

Loan Consolidation
Loan Consolidation, also called a Consolidation Loan, combines several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans. Consolidation loans are available for most federal loans, including:

  • FFELP (Stafford, PLUS and SLS)
  • FISL
  • Perkins
  • Health Professional Student Loans
  • NSL
  • HEAL
  • Guaranteed Student Loans and Direct loans. Some lenders offer private consolidation loans for private education loans as well.

How It Works

Consolidation loans often reduce the size of the monthly payment by extending the term of the loan beyond the 10-year repayment plan that is standard with federal loans. Depending on the loan amount, the term of the loan can be extended from 12 to 30 years. The reduced monthly payment may make the loan easier to repay for some borrowers. However, by extending the term of a loan the total amount of interest paid is increased.

 

 

CONSOLIDATE LOANS choices:

 
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> $5,000,
With Mortgage

< $5,000,
Without Mortgage

 

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