Re consolidating federal student loans
Once you have decided to consolidate your existing federal and/or private student loans, you will forego the features and benefits associated with those loans.
You need to qualify for the consolidation loan on your own.
Get a 0.25% interest rate reduction when you are enrolled in automatic payments.
To enroll for automatic payments, complete the enrollment form online or call us at 1-800-STUDENT to request a copy of the enrollment form, complete it and mail it back to the address on the form. You can choose to consolidate while you are still in school, during your grace period or after your grace period expires.
If you are extending your repayment term, this could result in an increase in your total cost over the life of the loan.
You can choose to consolidate one, some or all of your eligible student loans.
For example, certain repayment options, such as Income-based repayment, loan forgiveness for public service and other benefits will no longer apply to your new consolidation loan.During that time, we complete the credit review process, you (and your cosigner, if applicable) will sign the loan documents and we will ask you to obtain payoff statements from your current loan servicers.If you prefer, we can schedule a call with you and your current loan servicer(s) to verify the loans you want to consolidate.Find out if student loan consolidation is right for you.You will have 30 days, from Approval Disclosure, to accept the loan terms and a three-day right-to-cancel period, following Final Disclosure, before the consolidation is complete.