Through loan consolidation, a borrower can combine some or all outstanding student loans into one consolidated loan. Loan consolidation may extend a repayment period, eliminate the hassle of dealing with multiple lenders, allow students to repay a loan as a share of income and may give students a break on interest costs. Loan consolidations are available from the Department of Education's direct loan program, as well as private lenders participating in the department's government-guaranteed (FFEL) program.
The interest rate for a direct consolidation loan is the weighted average of the interest rates on the loans being consolidated, rounded to the nearest higher one-eighth of one percent.
To learn more about Federal Direct Loan Consolidation and to apply, visit www.loanconsolidation.ed.gov. Once you have reviewed the information, you may contact the Direct Loan Origination Center (800) 557-7392 if you have questions. You can apply and track the status of your application on-line. Or you can download the application by clicking on Forms and Publications. If you have federal loans borrowed through a FFEL lender, your FFEL lender may also offer a consolidation loan at the same low rate.
The Office of Student Financial Aid provides undergraduate and graduate students with resources about types of financial aid and student employment.
FAFSA School Code: 003863
Questions or for more information, contact the Office of Student Financial Aid