Loan Consolidation
Federal student loan consolidation is available for those who wish to obtain a new federally guaranteed loan to repay all or part of existing eligible federal loans. The new 'Consolidation Loan' combines the outstanding balances of other eligible federal student loans into one new loan with a new fixed interest rate, new terms, new conditions and only one monthly payment.

Consolidation is not for everyone and you should carefully weigh the pros and cons for your unique situation. For instance, many are consolidating to take advantage of lower interest rates. However, if your consolidation loan is repaid over 30 years, you may pay more in interest than 10 years at the current rates.

If the same lender holds all the loans you wish to consolidate, you must obtain your consolidation loan from that lender. If you have federal loans with more than one lender, you may consolidate with any lender of your choosing. Contact your lender for further information about consolidation.