How to Consolidate Federal Student Loans

By Uloop Guest Writer on October 23, 2017

When it comes to student loan consolidation, a growing number of graduates are choosing to undergo the consolidation process and make one single payment at the end of each month. However, not everyone is aware of how they can consolidate their loans, so we’re going to go through the process with you here and now, so you know what to do when it comes to your student loan consolidation.

Getting Started

To get started with consolidating your student loans, you’ll need to go to a website called If you’ve been in education, then you will probably be familiar with this site, and in this instance, you’ll also need your Federal Student Aid ID with you. The application is the menu option which is titled Complete A Consolidation Loan and Promissory Note.

Choosing the Loans to Consolidate

From there, you’re going to want to select the loans that you wish to consolidate into a single payment. You do not need to combine all of your investments, but you can do so if you want to. There are certain things which should be considered if you are a parent who has PLUS loans alongside the standard loans, but if you’ve chosen to consolidate your loan, it is very likely you’ve researched everything already.

Selecting a Student Loan Servicer

Once you’ve selected all of the loans that you wish to consolidate into one loan, you can then select a servicer. There are four different loan servicers for you to choose from, and these are all private companies who work for the Department of Education, where they manage all of the federal loans which people have taken out. If you already have an existing loan, you can either stay with that company or choose a new business.

Deciding on Your Repayment Plan

The next thing that you’re going to want to do is to choose the repayment plan you want to have. The number of years you’ll be paying it back will depend upon the total amount of loan that you have to repay. Those with larger loans will find that they will have a more extended period to repay their loans.

And the Last Step — Submitting the Loan

Once you’ve chosen a provider and a repayment plan, you’re in the home stretch of the process. From there, you’ll need to fill out, complete, and submit the rest of your application. Once you’ve sent it, you’ll need to continue making payments as usual until the request is processed and you’re notified that your fees have changed.

Overall, the process of student loan consolidation isn’t a particularly difficult one, but you’ll need to make sure it is all done correctly when you’re filling out the forms. It is also crucial that you make sure you want to consolidate all of your loans because once the payments have been combined, there is no way to reverse the process.

However, most people who consolidate their loans are often confident in their choice, so there’s no need to worry.

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