Frequently Asked Questions (FAQ)

Can I consolidate if I am still in school?

Yes, if you are still in school and wish to consolidate your Federal Student Loans, you may still be able to consolidate your Federal Student Loans and limit your interest liability.

What do I do once I complete my application for consolidation?

Once you complete the application, continue treating your loans as you normally would. If you are expected to make payments on your loans, continue to do so until otherwise notified.

How much does consolidating my loans cost?

There is absolutely no charge for consolidating your Federal Student loans. This is a government-sponsored program, and it is illegal to charge for any services performed.

How long is the consolidation process going to take?

Typically the process takes about 30-45 days to be completed, but in rare instances it may take longer.

Can I consolidate if I have already done so?

Yes, in many cases borrowers who have already consolidated their loans and have also taken out additional loans can reconsolidate to combine their loans into one new loan. Also, many people who have consolidated are eligible to reconsolidate and receive additional borrower incentives that their company does not offer.

Can I change my repayment plan if I chose to do so?

Yes, a borrower is able to change their repayment structure by simply calling their servicer and requesting a change.

Can I consolidate my loans with my spouse?

Yes, many borrowers find it more convenient to combine their loans and send out only one payment each month.

Is a credit check required for consolidation?

No. Since this is a Federal program, there is no need for a credit check.

Who sets my interest rate?

The interest rate of each loan is set by the Department of Education. These rates are then combined using a weighted average to calculate your fixed rate.

Can I pay back my loan before my scheduled term?

Yes. Since there is no repayment penalty on a student loan consolidation, a borrower may pay back their loan on a shorter term then they are currently on.

Please Contact Us if you have additional questions or comments.