Department of education consolidating student loans
To identify your current plan with Great Lakes, and to investigate other plans, select tab to estimate your monthly payment under various repayment options.You may be able to change plans at any time, based on eligiblity requirements.
Refer to the consolidation application for more information about repayment plan eligibility. Your information won't be saved if you navigate away from the online application.A student loan consolidation takes the borrowers loans and combines all the loans into one new loan with one lender, and one weighted average interest rate.This removes the burden from the borrower of trying to keep track of many different loans, with different lenders, balances, and interest rates.Both federal and private lenders recognize that lower monthly payments help may be the best option, if you don’t get the job you want immediately after graduating from colleges.Find out more about the choices debt consolidation offers.Are you tired of managing multiple federal student loan payments with multiple interest rates or multiple servicers? The online application should then only take you about 30 minutes to complete.
It's important to gather your application information ahead of time, especially since you're required to complete your application in one session.
More than 44 million borrowers owe $1.4 trillion in student loan debt in 2017.
Most of them could streamline the repayment process by consolidating their student loans. Get Financial Help Now It simplifies repayment and could save you money.
A PLUS loan made to the parent of a dependent student cannot be transferred to the student through consolidation.
Therefore, a student who is applying for loan consolidation cannot include the PLUS loan the parent took out for the dependent student’s education.
Consolidation programs exist for both federal and private student loans, but the purpose of this page is to discuss federal student loan consolidations.