FAQs about Student Loan Debt Consolidation

Here are the most commonly asked questions about student loan debt consolidation.

What is student loan debt consolidation?

Student loan debt consolidation is a service that involves taking out a new loan to pay off your existing student loans. Your loans are then bundled into one, convenient monthly payment. Typically, consolidation loans can offer lower monthly payments and drastically reduced interest rates.

How do I sign up for student loan debt consolidation?

You can sign up for student loan debt consolidation by filling out our free, online form. The form is very brief and will only take a few minutes to fill out. If you sign up between 8 AM-10 PM EST, we will contact you within 15 minutes of receiving your information. Our student loan debt consolidation representative will then verify your information, answer your questions, and complete the process. Our form is completely free and comes with no obligation.

How much does student loan debt consolidation cost?

For federal loan holders, student loan debt consolidation is a free service. You will not pay any sign up fees, prepayment penalties, or charges of any kind. For private student loan holders, you may also sign up for free, but there may be certain fees associated with the loan.

Am I eligible for student loan debt consolidation?

If you have student loans, are no longer enrolled in school more than half time, have never previously consolidated, and your loans are in a grace or repayment period, you can sign up for student loan debt consolidation.

What kinds of loans can be consolidated?

Almost all student loans can be consolidated. If you have federal student loans, you might be eligible for federal student loan consolidation. For any loans that do not qualify for federal consolidation, you can also sign up for private student loan debt consolidation.

What can student loan debt consolidation do for me?

Student loan debt consolidation can lower your monthly payments, reduce your interest rates, and extend your repayment term. You can also choose to shorten your repayment term to save on interest expense over time. In addition, student loan debt consolidation reduces the hassle of multiple student loan payments by bundling your loans into one, easy monthly payment. Read about how consolidation can help you on our next page.

How long will I have to repay my consolidation loan?

You can use student loan debt consolidation to extend the repayment term of your student loan, and how long your repayment term will be will depend on your total student loan debt. For those with larger amounts of debt, you can extend your repayment term to up to 30 years.