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How to Get a Student Consolidation Loan

What it is

A student consolidation loan combines several education loans for a student or his/her parents into one big loan from a single lender. The federal education loans that are eligible for a student consolidation loan include all federal direct student loans, Federal Stafford Loans, Federal Perkins Loans, Parent Federal PLUS Loans, Graduate Federal PLUS Loans, Federal Supplemental Loans for Students, Federal Consolidation Loans, Health Education Assistance Loans, and Nursing Student Loans.

Who it's for

A student consolidation loan is for students or recent college graduates who need to pay off several federal education loans.

There are many advantages to consolidation. First, a student consolidation loan may lower your monthly payments by extending your repayment period. Second, having to send just one payment to one lender every month is more convenient than managing several loans at once. Third, a student consolidation loan locks in a fixed interest rate, which is a weighted average of your current loans' interest rates, and can never exceed 8.25%. This means you don't have to worry about rising interest rates affecting your monthly payments. Fourth, the consolidation lender usually provides up to a 1.25% interest rate reduction — 0.25% for setting up automatic payment and an additional 1% after 36 months if all of your payments have been on time.

What you need to apply

There are no fees to consolidate your student loans. You will need to do it within a certain grace period however. Your loans must be in grace, repayment, or deferment status. Any loans that are in an in-school status are ineligible for consolidation. It should also be noted Parent Federal PLUS Loans cannot be consolidated with other student loans, as the PLUS Loan is usually in a parent's name, not the student's name.

Apply for a Student Consolidation Loan

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