Consolidating private federal student loans together
Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors.Log in to and click on “Complete Consolidation Loan Application and Promissory Note.” You’ll need to finish the application in one session, so gather the documents listed in the “What do I need? You can either get a repayment timeline based on your loan balance or pick one that ties payments to income. Continue making student loan payments as usual until your servicer confirms consolidation is complete.Consider federal consolidation if you: When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.
Other private lenders refinance only private student loans.
Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. That loan is then serviced by the servicer of your choosing – of which Nelnet is one!
Consolidating allows you to merge multiple eligible loans into a single loan.
wiki How is a “wiki,” similar to Wikipedia, which means that many of our articles are co-written by multiple authors. Most students need to borrow money to pay for college, and many struggle to make their payments after graduation.
To create this article, 25 people, some anonymous, worked to edit and improve it over time. If you are juggling more than one payment on your loans (whether they are federal, private, or both), or if your federal loans are currently in default status, consolidation may help you manage your debt and protect your credit.