The Federal Consolidation Loan is designed to assist you with managing your student loan debt. It allows you to combine multiple student loans together, thus having one loan payment and loan holder. Your consolidating lender merges your existing loans into a new single loan called a Federal Consolidation Loan
Determine which loans you can consolidate
- Subsidized and unsubsidized Federal Stafford Loans
- Federal Grad PLUS Loans
- Federal Supplemental Loans for Students (SLS)
- Federal Perkins Loans
- Health Professions Student Loans (HPSL), including Loans for Disadvantaged Students (LDS)
- Health Education Assistance Loans (HEAL)
- Federal Insured Student Loans (FISL)
- Federal PLUS (Parent Loans for Undergraduate Students) Loans
- Federal Nursing Loans (NSL)
- Federal Consolidation Loans (if you have at least one other eligible loan to consolidate with it)
It's important to note that you do not have to consolidate all of your loans. You can choose which ones you want to include and which ones you don't. For example, many students choose not to include their Perkins Loans in order to maintain the forgiveness options on those loans.