Federal Consolidation Loan
A Federal Consolidation Loan combines two or more existing student loans into a new loan with a single monthly payment and an extended repayment period.
A Consolidation Loan is an option for borrowers who have loans with more than one lender. Answers to frequently asked questions about loan consolidation are online.
Where to Apply for a Federal Consolidation Loan
The Federal Direct Loan Consolidation Information Center provides detailed information about consolidating Federal Direct Loans. An online application is provided.
Federal Stafford Loan borrowers can receive loan consolidation information from participating banks, credit unions, savings and loans, and lender/servicers.
Who Is Eligible for a Consolidation Loan
You can apply for a Federal Consolidation Loan during your loan grace period, once your loan has entered repayment, or during periods of deferment or forbearance. Information concerning the types of loans that can be consolidated in available on the U.S. Department of Education Web Site.