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A Consolidation Loan combines several student loans into one loan from a single loan holder, which pays the balance on your other student loans. Although a Consolidation Loan can simplify loan repayment and lower your monthly payments by extending repayment terms, it also can significantly increase the total cost of repaying your loans. Once a Consolidation Loan is made, it cannot be unmade. You should also take into consideration the impact of losing any borrower benefits offered under non-consolidated repayment plans. Borrower benefits, which may include interest rate discounts, principal rebates, or some loan cancellation benefits, can significantly reduce the cost of repaying your loan. 

A consolidation repayment calculator can be used to help determine your monthly payments. To find out more information using a consolidation repayment calculation, please here

For more information concerning a Consolidation Loan and how to apply for a Consolidation Loan, please click here

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