If you have problems or questions at any point during the process, you can call Federal Student Aid’s Loan Consolidation Information Call Center at 1-800-557-7392.
As part of the consolidation application, you’ll need to choose a new repayment plan and federal loan servicer.
Along with gaining a new degree, many graduates will also leave campus with new student loan payments they'll have to fit into their post-graduate budgets.
Log in with your Federal Student Aid ID and click on “Complete a Consolidation Loan Application and Promissory Note.” You’ll need to finish the application in one session, so set aside at least 30 minutes to fill it out.
Loan consolidation is when a borrower takes out a new loan to pay off several smaller student loans.
Instead of making multiple payments to multiple lenders, the borrower only has to pay off the new consolidation loan, says Michelle Pezzulli, vice president of operations for Credit Union Student Choice, a student lending service provider in Washington, D.
Your credit score won’t be impacted unless you decide to apply for a loan with one of the lenders.
Consolidation provides grads with the ability to combine their student loans into one megaloan, but it comes with drawbacks.
Your servicer will let you know when your first payment is due and how to submit it.