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A Student Loan Consolidation allows borrowers to combine all of their federal student loans into one new loan with one lender. We know how difficult it can be to track loan balances, interest rates, and send payments to multiple lenders. The consolidated student loan will be much easier to manage and keep track of.
Consolidating your federal student loans will get any defaulted loans out of default in 60-90 days with no rehabilitation necessary. You must simply enter into an income based or income contingent repayment option.
Interest in the student loan consolidation program will be a weighted average of all your current interest rates. This means your rates will stay virtually identical, but instead of having different rates with different lenders, you will now only have one that has been averaged out. There is a maximum of 8.25% interest on your consolidated student loan, so many borrowers may benefit in a reduced interest rate if you are currently paying more than 8.25%.
There is no minimum or maximum amount of federal student loans that can be consolidated into the program.
  • Income Contingent Repayment
  • Graduated Repayment Repayment
  • Standard Repayment
  • Income Based Repayment
  • Pay as You Earn Repayment

Every consolidated loan will be forgiven at the end of 25 years if a balance is remaining. This means you could be in an income based payment paying less than what you would normally pay in the standard repayment, and after 25 years the balance is forgiven.

To qualify for Public Service Loan Forgiveness, you must have Direct Loans. Consolidating into the Direct Loan program will make you eligible for Public Service Loan Forgiveness if you meet the other criteria of the program.

Teacher Loan Forgiveness is also available to borrowers with Direct Loans, consolidating may make you eligible if you meet the other criteria of the Teacher Loan Forgiveness program.