| Consolidation Loans |
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A Federal Consolidation Loan will combine several student or parent loans into one larger loan from a single lender. This may help in keeping track of what is owed and also lower your interest rate or monthly payments. There are no fees to consolidate your loans, and you can consolidate with any lender you prefer. The interest rate for a consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest 1/8 of a percent and capped at 8.25%. Consolidation loans can also allow the borrower to setup different repayment plans such as extended repayment, graduated repayment, and income sensitive repayment terms. Depending on the consolidated amount, this will allow for a smaller monthly payment since the repayment terms can be extended well beyond the normal 10 year repayment term. If you would like to learn more about our Federal Consolidation Loan, please click here. *All loans subject to approval, including credit approval. |
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