What is Consolidation
Consolidation is the process where one or more Federal Student Loans are assimilated into a single new loan with the U.S. Department of Education while offering many repayment plans and potential loan forgivness.
- To assist in the management of your loan payments, you will be able to eliminate multiple payments and dates within the month by having a single payment on a single day of the month.
- By electing one of the various Consolidation repayment programs, based on your ability to pay, you may be able to make payments as low as $0/month.
- With historically low interest rates expected to raise soon, you will be able to lock an interest rate on the Consolidated loan thereby avoiding raising payments.
- Once Consolidated, principle and interest may be forgiven in 7, 10, 20 or 25 years depending on the good standing of the Consolidated loan and your professional work responsibilities.
- By Consolidating and lowering your payments, you may be able to avoid credit damage caused by late payments or defaulted loans.
Lock an interest rate
Possible loan forgiveness
Avoid credit damage
- Most Federal Subsidized and Unsubsidized loans are eligible for Student Loan Consolidation, including Parent Plus loans.
- Below is a list of some loans that can not be included in a Consolidation.
- Loans made by a State or private lender and not guaranteed by the Federal Government.
- Primary Care Loans
- Law Access Loans
- Medical Assist Loans
- PLATO Loans
- Are your current or expected payments beyond your means to pay in a timely, ongoing manner?
- Does the confusion of having multiple payments throughout the month cause concern?
- The interest rate on the Consolidated loan will be fixed for the term of the loan. There is no chance of the the payments raising as a result of a variable interest hike.
- By Consolidating your Federal Student Loans, and lowering your payments, you may be paying more money overall throughout the term of the loan.
- Please know that by contacting The Student Loan Pro, you will speak with an advisor that will be happy to assist you. We will work to understand your unique loan situation and review your personal circumstances as related to loan Consolidation. We will then explain what all your repayment and program choices may be, so that you can make the most informed, responsible, financial decision possible. This assessment is provided at no fee, or obligation. If after speaking to an advisor, and learning of your loan Consolidation options, we would be happy to guide you through the Consolidation process if you so choose.