Frequently Asked Questions

• What is a Federal Consolidation Loan?
• How do I know if I’m eligible?
• What’s the minimum balance?
• What loans can I consolidate?
• How do I get the lowest student loan payments available today?
• What will my new interest rate be?
• Is there a fee to consolidate?
• Is there a credit check?
• How long will it take for me to repay my loans if I consolidate?
• What are my repayment options?
• Can I switch repayment options later on?
• Are deferments and forbearance allowed under a consolidation loan?
• What are the benefits of applying during my grace period?
• Do I get a grace period on my consolidation loan?
• What about my subsidy?
• Can I consolidate my loans with my spouse?
• How do I apply?
• How long will it take for you to get my loans consolidated?
• What do I do while my loans are being consolidated?
• Who do I pay?
• Can I pay my consolidation loan electronically?
• Can I prepay my consolidation loan?
• I attended graduate school, am I still eligible?
• What if I have already consolidated my student loans. Can I do it again to lock in the lower rate?
• I have borrowed PLUS loans for my child's education. Can I consolidate them?