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Federal Student Loans

In the United States federal student loans are guaranteed by the U.S. government. Federal student loan consolidation allows students to consolidate once with a private lender, and reconsolidate again only with the Department of Education. Existing loans are purchased and closed by a loan consolidation company or by the Department of Education (depending on what type of federal student loan the borrower holds). Interest rates for the consolidation are based on that year's student loan rate. Student loan rates can fluctuate from the previous low of 4.70% to a maximum of 8.25% for federal Stafford loans, 9% for PLUS loans.

What is Student Loan Consolidation?

Unlike private sector debt consolidation, student loan consolidation does not incur any fees for the borrower; private loan consolidation companies make their money on student loan consolidation by reaping subsidies from the federal government.

Loan consolidation is not to be mistaken with a loan refinance program. Consolidation is different from refinancing! The loan rates are not changed, merely locked in, so they won't increase when interest rates go up.

Upon consolidation, a fixed interest rate is set based on the then-current interest rate. Reconsolidating does not change that rate. If the student combines loans of different types and rates into one new consolidation loan, a weighted average calculation will establish the appropriate rate based on the then-current interest rates of the different loans being consolidated together.

Which Student Loans Qualify for Consolidation?

Borrowers can consolidate almost all Federal education loans, and William D. Ford Federal Direct (Direct Loan) loans, including

Federal Direct Stafford/Ford Loans (Direct Subsidized Loans)

Federal Direct Unsubsidized Stafford/Ford Loans (Direct Unsubsidized Loans)

Federal Direct PLUS Loans (Direct PLUS Loans)

Federal Direct Consolidation Loans (Direct Consolidation Loans)

also...

PLUS Loans

Perkins Loans

Health Professions Student Loans (HPSL)

Health Education Assistance Loans (HEAL)

Nursing Student Loans (NSL)

...and more!

Student loan consolidation can be beneficial to students' credit rating, but it's important to note that not all federal student loan consolidation companies report their loans to all credit bureaus. It is important to ask!!!! Borrowers are encouraged to check with their existing loan holders or services to find out about consolidation options available and benefits to them.