Consolidating Student Loans
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Student loan consolidation refers to any loan program that allows you to bundle (“consolidate”) multiple student loans into a single consolidated loan with a single lender and one single monthly payment.
There are two types of student loan consolidation programs:
- Federal student loan consolidation
- Private student loan consolidation
Federal Consolidation Loans
Federal student loan consolidation allows you to consolidate most types of federal education loans: student loans, graduate loans, and parent loans. Consolidating federal student loans allows you to lock in a fixed interest rate and often extends your repayment term, giving you up to 20 more years to repay and typically reducing your monthly student loan payments.
- Bundle all your federal student loans into one single easy-to-manage loan with one monthly payment.
- Lock in a low fixed interest rate, good for the life of your student consolidation loan.
- Cut your monthly student loan payments by up to 50%.
- No credit checks needed to consolidate federal student loans.
- No application fees, origination fees, or prepayment penalties on federal student consolidation loans.
Consolidating Federal Student Loans With Parent Loans
The federal student loan consolidation program requires that all loans being consolidated have the same borrower Social Security Number — in other words, that they all belong to a single borrower.
So as a student, you won’t be able to consolidate your college loans with your parents’ PLUS loans, but you can consolidate all your own federal college loans and graduate loans. Your parents may consolidate their federal parent loans separately.
Private Consolidation Loans
Private student loan consolidation offers the same general consolidating program as federal student loan consolidation, only for non-federal private student loans instead of federal student loans.
Unlike federal student consolidation loans, however, private consolidation loans are credit-based loans. You’ll have to undergo a credit check, and you may need a creditworthy co-signer in order to qualify.
The credit requirements, interest rates, and loan terms for private consolidation loans vary by lender.
More About Federal Student Consolidation Loans
» Get help consolidating student loans
» Student loan consolidation calculator
» Your payments before and after student loan consolidation
» Eligibility for student loan consolidation
» Student loan consolidation loan limits
» Student loan consolidation rates, fees, and terms
» Top questions about student consolidation loans
