Consolidating student loans is a process where you take out a new loan, which is then used to pay off your other existing student loans.
If you are successful in getting the new loan, you're then responsible for repaying the one, larger loan.
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(For background reading, see You cannot consolidate private student loans with federal student loans, and you can only consolidate the loans you hold in your name; this means that you cannot consolidate your own loans with your spouse's or with loans your parents may have taken out to finance your college education.(Some savings vehicles may be better than college saving funds, check out .) Each lender has its own minimum loan balance necessary for loan consolidation; however, you do not need to meet any minimum loan balance for loans consolidated under the Federal Direct Consolidation Loan program.
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You can consolidate all federal student loans and most private student loans.
Advantages of Consolidating There are several potential advantages to consolidating your student loans including: 1.If you have more than one student loan, you may have heard about or considered consolidating your loans.