Can You Conslidate Your Student Loan?

Are you struggling to pay off your student loans? It might be possible to consolidate multiple student loans into one loan. Student loan consolidation is a process where a person takes out a new loan and uses that new loan to pay off their other existing student loans. It takes a bunch of different student loan payments and puts them together into one payment.

According to Federal Student Aid (an office of the U.S. Department of Education), there are certain criteria that must be met before a person can consolidate their student loans. In general, a person is eligible to consolidate a loan after they graduate, leave school, or drop below half-time enrollment.

Those who are eligible can apply for a consolidation of their student loans on the Federal Student Aid website. According to that website, a Direct Consolidation Loan allows you to consolidate multiple federal education loans into one loan at no cost to you. Once the consolidation is complete, you will have a single monthly payment on the new Direct Consolidation Loan instead of multiple payments on the loans you consolidated.

The entire Loan Consolidation process must be completed in a single session on that website. Most people finish the process in less than 30 minutes Before you begin, you will need a verified FSA ID. You also need personal information including: permanent address, email address, telephone number, mobile phone number, and the best time to reach you.

In addition, you will need your financial information. This includes the names of your loan service and your income. If you currently have no income, you will need to self-certify that on the online application. Married people will need to list not only their own but also their spouse's income and to have their spouse co-sign the application.