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What is Consolidation?
A consolidation loan allows a borrower to replace one of their current education loans, and repackage it into a new fixed rate loan. The old loans are paid off and a new loan is originated.

What are the benefits of student loan consolidation?
There are many benefits, including lower monthly payments and a fixed rate that doesn't go up on you like many of the variable rate education loans. Also, consolidating your loans gives you an opportunity to increase your credit rating.

When is the best time to consolidate my student loans?
Most student loans provide a grace period of about 6 months where you can live payment-free. If you have recently graduated from college, your student loans are probably fairly low on your list next to finding a job. However, one thing you should keep in the back of your mind is consolidating your student loans once your grace period is closer to ending.

Are there any downsides to consolidation?
By extending repayment beyond the timeframe of your current loans, while your monthly payments may be lower, you will end up paying more money in interest over the life of the loan.

Am I eligible to Consolidate?
Click here to learn more about your student loan consolidation options.

Paying your student loans on time is important. How you manage your student loans has an impact on your credit rating, and your ability to qualify for other loans, such as auto or home loans. See how building your credit wisely can put you on the smart path to your future.