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Education Consolidation Loans

Program Description

Consolidation Loans are available to most borrowers of Federal education loans and comes from the following sources:

• Federal Consolidation Loans are made through Federal Family Education Loan (FFEL) Program. While FFEL funds come from private lenders, such as banks and credit unions, they are subsidized and supported by the U.S. Department of Education. You repay a FFEL Consolidation Loan to the private lender that made the loan or to its designated agency.
• Direct Consolidation Loans are made by the U.S. Department of Education. You repay a Federal Consolidation Loan to the U.S. Department of Education.

General Program Requirements

Most Federal student loans are eligible for consolidation, including subsidized and unsubsidized Direct and Federal Family Education (FFEL) Stafford Loans, Direct and FFEL PLUS Loans (parent loans), Federal Perkins Loans, Federal Nursing Loans, and Health Education Assistance Loans. Private educational loans are not eligible.

You can get an FFEL Consolidation Loan during your grace period, once you have entered repayment, or during periods of deferment or forbearance. Direct Consolidation Loans are also available when you are still in school. Borrowers who are in default must meet certain requirements before they may consolidate their loans.

Maximum Loan Amount: none