Consolidating federal school loan your choice dating
Note: Depending on your situation, there may be eligibility requirements for certain plans.
Refer to the consolidation application for more information about repayment plan eligibility. Your information won't be saved if you navigate away from the online application.
As a result, your monthly installment decreases and you become debt free fast.
Once you apply for a consolidation loan, all your previous loans would be paid off by this new loan and you will owe just one loan thereafter.
So it's always advisable to consolidate student loans, before you fall behind. Federal consolidation loan is a new loan that replaces all your student loans that you owe.
The interest rate of this new loan is considerably low.
When you apply, you can choose one of the listed federal loan servicers—including Great Lakes—to complete the consolidation and then service your Direct Consolidation loan. For loans consolidated and serviced by Great Lakes, you'll receive your first communications from us within one-to-two business days after submitting your online application.
You'll also be able to view your application's progress on your account.
You’ll need to know if you have private student loans or with private student loans — when you refinance).
Federal Direct Consolidation Loans allow you to combine multiple loans into one while keeping all of the benefits of federal student loans.
Consolidating private education loans can help you simplify and lower your monthly payments.
However, there are several ways to handle your debt.
Are you tired of managing multiple federal student loan payments with multiple interest rates or multiple servicers? The online application should then only take you about 30 minutes to complete.