Get a 0.25% interest rate reduction when you are enrolled in automatic payments.
Are you tired of managing multiple federal student loan payments, with multiple interest rates or multiple servicers? The program may allow you to consolidate your federal loans into one, and select the consolidation servicer of your choice.
The Direct Consolidation Loan program is offered by the U. Department of Education to federal student loan borrowers.
We recommend you compare your current loan terms against the consolidation loan terms.
For example, you may not want to include loans with a lower interest rate than the consolidation loan.
If you need to add a loan, you can cancel your existing application and reapply with the additional loan(s).
Once you apply, it can take from 30 to 45 days to process.During that time, we complete the credit review process, you (and your cosigner, if applicable) will sign the loan documents and we will ask you to obtain payoff statements from your current loan servicers.If you prefer, we can schedule a call with you and your current loan servicer(s) to verify the loans you want to consolidate.If you are extending your repayment term, this could result in an increase in your total cost over the life of the loan.You can choose to consolidate one, some or all of your eligible student loans.However, once your loan is disbursed, and we pay off your existing loans, the process cannot be reversed.