Find student loans and student loan consolidation options.

Do I Qualify for Federal Student Loan Consolidation?

Federal student loans are loans issued by private lenders and backed by the federal government. Because credit isn't an issue and no collateral is needed to secure the loan, these loans open doors for millions of Americans that otherwise could never gather the necessary funds to pay for college. Federal student loans offer many perks and must adhere to certain guidelines established by the government.

Federal student loan consolidation is the process of consolidating these federally backed student loans through a private lender. With a federal student loan consolidation, the numerous student loans acquired throughout the years are paid off all at once and replaced with a single fixed rate loan, often with a much lower monthly payment. Because these new loans are replacing federal student loans, a federal student loan consolidation must adhere to certain guidelines as determined by the "Federal Student Loan Consolidation Program."

Qualifying for a Federal Student Loan Consolidation

Student Loan Balance

To qualify for the added benefits under the Federal Student Loan Consolidation Program, eligible loans must be in excess of $7,500. Eligible loans include Stafford Loans, Perkins Loans, PLUS loans, Health Professions Student Loans (HPSL), Health Education Assistance Loans, and Federal Nursing Loans.

Lending Source

The Federal Student Loan Consolidation Program requires that loans be from multiple lenders or that all of the loans were provided through the Department of Education's Direct Loan Program.

Loan Status

To meet the requirements of the Federal Student Loan Consolidation Program, the loan must be either in its 6 month grace period following graduation or in repayment status. The loan must not be currently in default. If your loan is in default for non-payment, you can qualify for the Federal Student Loan Consolidation Program as soon as the payment is made current.