Start Consolidating a private loan with a federal loan

Consolidating a private loan with a federal loan

This can potentially lower your monthly payment by qualifying for a lower interest rate or extending the loan repayment term.

In certain instances, you may have to repay part of a Federal grant awarded to you.

If your loan is in default or you have a grant overpayment and are not sure what type of loan or grant you have, check your original loan/grant documents or use our National Student Loan Data System.

Loan forgiveness is available in the event of the death or total and permanent disability of the student who borrowed an underlying loan that has been consolidated.

The amount forgiven will correspond to the outstanding balance of any underlying loan(s) made to the student borrower.

When you consolidate multiple student loans or refinance a single student loan, you may receive a lower monthly payment with a reduced interest rate or an extended repayment term.

Keep in mind that extending your repayment term may increase the amount of interest you pay over the life of the loan.

Finally, the cosigner needs to sign a consent form agreeing to be removed from the loan.