The Federal Consolidation Loan is designed to assist you with managing your student loan debt. It allows you to combine multiple student loans together, thus having one loan payment and loan holder. Your consolidating lender merges your existing loans into a new single loan called a Federal Consolidation Loan.
- Determine which loans you can consolidate.
- Choose a lender.
- Understand consolidation repayment terms.
- Estimate your monthly payments, principal, and interest.
- Weigh the pros and cons.
- Apply for consolidation.
- Solve your loan repayment problems.
- Investigate cancellation, forgiveness, and discharge.
- Avoid delinquency and default.
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