Frequently Asked Questions about Reconsolidating Student Loans

Here are the answers to the most commonly asked questions about reconsolidating student loans.

How do I apply to reconsolidate student loans?

We make applying to reconsolidate student loans easy and quick. Simply click "apply now" anywhere you see it on our site to fill out our free application. The application will only take you a few minutes, and you don't need to know the details of your student loan portfolio. Once you fill out the application, you will be contacted (usually within 15 minutes) by an Education Finance Advisor to complete the process.

When can I reconsolidate student loans?

You can reconsolidate student loans at any time. However, when you are in the grace period of your student loans is typically the ideal time to reconsolidate. You can also consolidate during periods of forbearance, deferment, and repayment.

Will federal loan consolidation cost me anything?

No, federal student loan consolidation is a federally-guaranteed, free program for people with federal student loan debt. Though these loans are disbursed by private lenders, they are backed by the federal government.

How will my credit affect my ability to reconsolidate student loans?

That depends on what type of consolidation you pursue. If you choose federal student loan consolidation, there is no credit check involved. You can access a federal consolidation loan regardless of your credit history. Private student loan consolidation, however, is credit-based. That means you will either need a good credit history or a co-signer who is creditworthy.

If I reconsolidate student loans, what benefits can I expect?

When you reconsolidate student loans, you will enjoy substantial benefits. You can lower your monthly payments, reduce your interest rate, lock in a fixed interest rate, and extend the time you have to repay the loan. You will also enjoy the convenience of only having to make one payment on your student loans each month instead of dozens.

For tips on paying off your student loan debt, see our Pay Off Student Loans Guide page.