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Note1: Understanding Consolidation

Should You or Should You Not Consolidate Your Student Loans

Directory: (individual note opens new page)
Note 1: understanding the pros and cons of consolidation
pros of consolidation   (links jump to content below)
cons of consolidation
Note 2: becoming eligible for student loan consolidation
Note 3: getting the paperwork ready
Note 4: how and where to consolidate your student loans
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The Pros of Student Loan Consolidation

Benefits of Consolidation

  • Lower Monthly Payments
    reduce your overall monthly payments from 25% or more depending on the amount that you consolidate — plus lower your debt-to-income ratio when you are ready to purchase a home

    estimate your monthly reduction

  • Flexible Repayment Plans
    you can choose from several different repayment plans that make fits your budget as you start your career and grow your income

    review repayment plans

  • Single Monthly Payment
    submit only one payment per month instead of making two or more payments on the different loans you took out over the college years

    view other repayment advantages

  • Fixed Interest Rate
    lock-in your low fixed interest rates during your repayment term

    view current rates

  • Rate Reduction Incentives
    reduce your federal consolidation rate even further with these lender-specific incentives

    incentive information

  • Zero Costs / Zero Obligation to Apply
    • no credit check required
    • no costs to apply
    • no costs to setup your account
    • no worry — your submission will be secured
    • no paper work — you can e-sign and process your application online

    you can begin your application now

The Cons of Student Loan Consolidation

Potential Costs of Consolidation

  • Increased Interest Costs
    understand that consolidating your student loans simply extends the repayment term, which means that you will pay more interest over the life of your loan.

    But note that you can always prepay your loan without any penalties. By paying a little extra each month, you can reduce your repayment term and the total amount of interest paid.

    (download this amortization table to run the numbers)

  • Higher Interest Rate
    understand that the interest rate on your consolidation loan may be slightly higher than the current interest rates on your student loans

    estimate your interest rate

  • Fixed Interest Rate
    your federal consolidation interest rate is fixed — meaning that you won't benefit from future declines in interest rates.

    If rates were to decline further, you can use other consolidation options such as your home equity to payoff student loan balances

    view our Debt Consolidation Site

  • Deferment
    consolidating your federal education loans have fewer deferment, cancellation and forgiveness options than your original loans
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