Through loan consolidation, you can combine some or all of your outstanding student loans into one consolidated loan. Loan consolidation may extend your repayment period, eliminate the hassle of dealing with multiple lenders, allow you to repay your loan as a share of your income and — in many cases — give you 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 program.
The interest rate for a Direct Consolidation Loan is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent.
You can apply for a Direct Consolidation Loan through StudentLoans.gov, which offers both electronic and paper options. You can complete and submit the electronic application online or download, print, and mail a paper application. To ask questions before applying, contact the Loan Consolidation Information Call Center at 1-800-557-7392. More information may be found at www.studentaid.ed.gov/repay-loans/consolidation.
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