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Financial Aid

Loan Consolidation

听allows borrowers to combine existing Federal education loans into one new loan.听The interest rate for a Direct Consolidation Loan is the weighted average of the interest rates on the loans being consolidated (as of the date of the application) - this rate is fixed for the life of the loan and cannot exceed 8.25 percent.

Eligibility

To qualify,听borrowers must have at least one Federal听Direct Loan听or听Federal Family Education Loan (FFEL)听that is in grace, repayment, deferment or default status. Loans that are in an听in-school status听cannot be included in a Direct Consolidation Loan. Additional eligibility requirements can be found at .

Private student loans听are not eligible for Federal Direct Loan Consolidation - contact your private lender to discuss your private loan consolidation options.

Benefits

Consolidation can offer a variety of benefits, such as:

  • One monthly payment to one lender
  • Flexible repayment options
  • No minimum or maximum loan amounts
  • No fees
  • Varied deferment options
  • Possible reduced monthly payments

Application

To apply online or print a paper application, visit . To ask questions about consolidating your loans before you apply for a Direct Consolidation Loan, contact the Student Loan Support Center at 1-800-557-7394.

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