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.

    Single payment

  • 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.

  • Lower payments

  • 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.

  • Lock an interest rate

  • 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.

  • Possible loan forgiveness

  • 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.

  • Avoid credit damage

  • By Consolidating and lowering your payments, you may be able to avoid credit damage caused by late payments or defaulted loans.
many reasons why you should consolidate your Student Loans
  • 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

    Manageable payments

  • Are your current or expected payments beyond your means to pay in a timely, ongoing manner?

  • Number of payment per month

  • Does the confusion of having multiple payments throughout the month cause concern?

  • Interest rates

  • 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.

  • Total amount to be paid

  • By Consolidating your Federal Student Loans, and lowering your payments, you may be paying more money overall throughout the term of the loan.

  • What to do next?

  • 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.
call us to discuss your situation and options