After you review, sign and submit your application, continue making payments on your existing federal loans until your application has been processed.
If you have problems with or questions about any part of the application, you can call Federal Student Aid’s Loan Consolidation Information Call Center at 1-800-557-7392.
If you’re a parent with PLUS loans and you also have other federal student loans, you may want to consolidate your PLUS loans in a separate consolidation loan; consolidating them with your other federal loans will make that consolidation loan ineligible for all income-driven repayment plans except income-contingent repayment.
[Back to top] Applying for consolidation takes most borrowers less than 30 minutes, according to the Federal Student Aid website.
As part of the process, you’ll need to provide details about your existing federal student loans, and choose a federal loan servicer and repayment plan for your new consolidation loan.
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.
Alternatively, there are six other repayment plans to choose from, including four income-driven plans.
To find the best plan for you, check out Federal Student Aid’s repayment estimators before you begin the consolidation application.If you feel overwhelmed with managing your student loan debt, don’t panic. One way to make student loans more manageable is through consolidation.When you consolidate your debt, you combine all those loans into one.You have to complete the application in a single session, so do your research before you start.When you’re ready, go to studentloans.gov, log in, and follow these steps to apply: You can consolidate all your federal loans or just some of them.Additionally, you’ll get a new loan term ranging from 10 to 30 years.