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Loan Process - Federal Student Loan Consolidation

ScholarPoint is the ideal place for you to learn how to consolidate your federal student loan online. We designed our latest site to provide you with info, FAQs, Student Loans, Lenders lending: the most simple and complete online student loan experience.

Online Applications

Online applications will take about 10-15 minutes to complete, dependant on the respectivew Banks, Lender or loan issuer. Once you sign electronically (E-sign) you are finished and we start the steps to get your loan ready for funding. It's that easy! Be wary of the types of "Lenders" who may say they're fast, however look closer to see if they are collecting your personal information before the lenders application. Be wary of a long paper application - which can add weeks or sometimes months to the time it takes to get your student loan funded, and it essentially reduces trees.

After You Apply

ScholarPoint's mission is to make finding federal student loan consolidation, student loans, grants and private student loan offers easier for you. 

Funding

It takes 4-6 weeks to complete processing and fund your new consumer direct consolidation loan on average, depending on actual lender. Your new consolidation interest rate will the lowest federal base rate available on the date you completed the online application.

During or just after funding, your loan might be transferred to one of a few funding and servicing companies.  We are available to answer any questions you may have about this part of the process.

Grace Period Hold Requests

When you apply, you can request that we hold your application until the end of your Grace Period. If you are in your Grace Period and have Stafford loans, you may be receiving an interest rate that is 6/10th less than what it will be when in repayment. If you have Subsidized loans, the government is paying your interest. When you consolidate at the end of your Grace Period, you will receive the lowest rate possible and still have the government pay your interest for the longest possible time.

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