Federal Student Loan Consolidation
What is a Federal Consolidation Loan?
Knowing that the cost of education is rising faster than the rate
of inflation, the Federal government created the student loan consolidation
program to help students and their parents repay their loans affordably.
Instead of having to pay off multiple federal student loans, a Federal
consolidation loan repays some or all of your outstanding federal
student loans - and you pay just one sum each month. (Please note:
all federal student loans are not eligible for the Federal consolidation
loan. Please contact our Educated Nursing School Loan Counselors
at 1-888-9-GRADLOAN to see if your student loan(s) qualify.)
What is a Private Consolidation Loan?
With maximum limits far greater than federal consolidation loans,
consider learning about this consolidation alternative.
Learn More
Who is eligible to Consolidate a Student Loan?
All of the following must be true to qualify for a federal consolidation
loan:
- You have graduated, left school, or are currently attending school
either full-time or less than half time
- Your loans are in repayment, deferment/forbearance or in grace
- You have at least $10,000 in eligible student loans you want to
consolidate
- You do not have a Federal Consolidation Loan application pending
with another lender
What Student Loans and Nursing School Loans can
I Consolidate?
- Federal and Federal Direct Stafford (subsidized and unsubsidized)
- Federal and Federal Direct PLUS
- Supplementary Loans for Students (SLS)
- Federal Perkins
- Federal Nursing Student Loans (NSL)
- Federal Health Education Assistance Loan (HEAL) (Eligibilty
varies by loan servicer)
- Federal Health Professional Student Loans (HPSL)
- Health Professions Student Loans (HPSL)
- Loans for Disadvantaged Students (LDS)
- Federal Insured Students Loans (FISL)
- Federal Consolidation Loans
- Federal Direct Consolidation Loans
Why should I choose Nursing Student Aid Centers
for my Student Loan Consolidation?
You have choices when it comes to consolidating your student loans.
Student Aid Centers is a national leader in the student loan industry.
We are committed to providing you with more than just student loan
money. We pride ourselves in being a trusted resource for those
seeking student loans and student loan consolidation. Our trained
Educated Nursing Student Loan Advisers are ready to help you every
step of the way. We've been successfully helping students find money
for their education and repayment options for years. We have a long
list of satisfied clients to our credit. We hope to add you to that
list too. Please feel free to call one of our Educated Nursing Student
Loan Advisers.
What's the minimum balance I must have to Consolidate
my Student Loans from Nursing School or Undergraduate School?
To consolidate your student loans you must have an outstanding
balance of $10,000 in eligible student loans.
Will my Interest Rate change if I Consolidate my
Student Loans with Student Aid Centers?
The interest rate on the consolidation will be a fixed rate for
the entire term equal to the weighted average interest rates of
your consolidated student loans rounded up to the nearest 1/8% not
to exceed 8.25%. Generally, your repayment term is extended which
makes your monthly payments more affordable. Student Aid Centers
offers special programs that reduce your interest rates if you sign
up for direct debit (.25% off) and make your payments on your consolidation
loan on time (1% off). Call an Educated Nursing School Loan Adviser
at 1-888-9-GRADLOAN for more details on how to lower your payments.
Is there a fee to Consolidate my Student Loans and
Nursing School Loans?
No. Your lender pays the fee, not you.
Is there a Credit Check to Consolidate my Student
Loans?
No credit checks are required to consolidate your loans.
What happens if I get a great job and have more
disposable income thatn I anticipated? Can I pay off my Consolidated
Student Loan faster?
Yes! You can always prepay your loan with no penalties.
What if I've already Consolidated my Student Loans?
Can I Reconsolidate to lock in the lower rate?
If you have any student loans that have not been consolidated
please check, you may be to qualify to consolidate To see if you're
eligible to reconsolidate, please contact our Educated Nursing Student
Loan Counselors at 1-888-9-GRADLOAN.
What if I've received a New Loan since I Consolidated?
If you've received a new loan since you've reconsolidated your
student loans, or you omitted a student loan from your original
reconsolidation process, you may be able to reconsolidate. To find
out if you can please contact our Nursing Student Loan Adviser at
1-888-9-GRADLOAN.
How do I get the lowest Student Loan Payments
available today - and reduce my Interest Rate?
Student Aid Center likes to reward those who make timely scheduled
payments (within the first 15 days of the due date each month) on
their new consolidation loan. If you pay your loan on time, Nursing
Student Aid Centers will automatically reduce your interest rate
by one full percentage point and leave it there as long as you continue
to make on-time payments.
Can I pay my Student Loans Electronically?
Yes! And if you pay your student loan electronically (direct debit
payments from your checking or savings account), you can reduce
your interest rate by an additional .25 of a percentage point, as
long as you continue to make your payments electronically. Click
here to sign up for electronic payment.
What if I pay electronically and on time?
Then you're in luck! Nursing Student Aid Centers will combine the
incentives and reduce your interest rate by 1.25%. This will allow
you to save hundreds, even thousands of dollars over the life of
your loan - putting more money in your pocket!
How long will it take for me to repay my Student
Loans if I Consolidate?
Depending on the outstanding balance on your federal student loans
(even those you may wish to leave out of the consolidation), you
have up to 30 years to repay your student loans. The examples below
show you how long you have to repay your consolidated student loans:
Outstanding Balance Maximum
Term
$10,000 - $19,999 15 years
$20,000 - $39,999 20 years
$30,000 - $39,999 25 years
$40,000 - $59,999 25 years
$60,000 or more 30 years
Remember, you may always pay off your consolidation loan early.
There are no prepayment penalties.
What are my repayment options?
We have repayment options to fit the needs of each individual.
Choose which is best for you from the programs explained below.
You can switch your repayment option later if your financial situation
changes. For further details, please contact our Educated Student
Loan Counselors at 1-888-9-GRADLOAN.
Level Repayment Plan: This student
loan consolidation program is the least expensive option, and your
payments are fixed over the life of the loan. You repay a portion
of all the principal and interest each month.
Graduated Repayment: This student loan consolidation program
can offer you the opportunity to reduce your payments by more than
2 Year Graduated Repayment Plan:
This student loan consolidation program offers interest-only payments
for the first two years, followed by level payments for the remainder
of the loan.
4 Year Graduated Repayment Plan:
This student loan consolidation program offers interest-only payments
for 2 years followed by 2 years of payments that include interest
and a portion of principal, followed by level payments for the remainder
of your term.
Extended Repayment: his student loan
consolidation program extends repayment up to 25 years, if you have
balance between $30,000 and $39,000 in eligible student loans. Nursing
Students typically have loans exceeding $60,000, so terms are available
up to 30 years.
**Programs may vary depending on lender. Please make sure you ask
our Student Loan Advisers about your options when you call.
Do I have to extend my terms when I Consolidate
my Student Loans?
No, you can keep your payments and terms the same. Remember, there
are no prepayment penalties. You are free to pay off your loan whenever
you like. Upon origination, your term will be determined by loan
size. Should you want to pay your loans off early, contact your
loan servicer for a payoff amount.
Are Deferments and Forbearance allowed under a
Consolidation Loan?
Yes. Our Educated Nursing School Loan Counselors can provide you
with answers and a copy of the Federal Consolidation Loan Deferment
and Forbearance Benefits page which gives you a complete description
of deferment and forbearance eligibility rules.
How can applying during a grace or deferment period
for my Stafford Student Loan lower my interest rate?
You are eligible for a further reduction of your consolidation
loan interest rate of .6% when you apply for student loan consolidation
during an authorized grace or deferment period. During these periods,
the Stafford loan for graduates of Nursing school, interest rate
is .6% lower than during active repayment.
Our Nursing Student Loan Advisers can help answer any questions
you may have and help you through the application process
Do I get a grace period on my Consolidation
Loan?
Unfortunately, no. You must begin repayment within 30 days once
your consolidation loan has been funded.
Will my subsidy on the Stafford Student Loans I'm
Consolidating be affected?
If you're eligible for interest subsidies on your underlying Stafford
student loans you'll continue to receive subsidy benefits on the
part of the consolidation loan that repays the original subsidized
Stafford student loans you used for Nursing School or your undergraduate
degree.
What if I have defaulted on my current Student
Loan(s) prior to Consolidating?
Defaulting on a student loan will not necessarily be held against
you. But, you must make sastifactory repayment arrangement to your
lender or guarantor prior to applying for loan consolidation.
I have Student Loans and I have bad credit. Can
I still Consolidate my Student Loans?
Yes. You can still consolidate your student loans even if you
have bad credit. There are no credit checks and no co-signers required
for federal student loan consolidation.
How long will it take for you to get my Student
Loans Consolidated?
The process involves getting payoff information from your lenders
and reviewing your application for completeness. If everything is
in order, we then disburse your new consolidation loan. The entire
process can take as few as 30 days or as long as four months, depending
on the circumstances. You can call our Educated Nursing School Loan
Counselors at any point throughout the procedure to learn the status
of your consolidated loan.
Do I still have to make payments on my Student
Loans while my Consolidated application is being processed?
Yes! You must continue to make regular monthly payments on your
student loans because if they become delinquent or go into default,
your consolidation loan will be delayed.
How will I know the amount of my new payments?
Nursing Student Aid Centers loan provider will send you a statement
containing all the information you need - including information
about our rate-lowering direct debit program - when your student
loans are consolidated.
If I'm still in school can I Consolidate my Student
Loans?
You may still consolidate your student loans as long as the loans
you wish to consolidate are eligible loans. If you are in graduate
school, you can consolidate your undergraduate school loans. If
you're in a post-graduate program, such as Nursing school or law
school, you may be able to consolidate your undergraduate and graduate
school loans. Ask one of our Educated Nursing Student Loan Advisers
how you can consolidate both undergraduate and graduate loans into
one payment. Consolidation also allows you to lock in a low interest
rate, cut your payments by more than half and let you make a single
payment for all your eligible student loans.
Ive I've borrowed PLUS Loans for my child's education
can I Consolidate them?
Yes you can. And, with Student Aid Center's consolidation program,
on time payments and automatic payments means further rate reductions
to as low as 5.125%. If you need to borrow PLUS funds again, you
will be eligible to reconsolidate your consolidation loan with your
new PLUS loans.
What is a Lender Code, and does Student Aid Centers
have one?
A Lender Code is a 6-digit identification number assigned by the
U.S. Department of Education to lenders that participate in Title
IV higher education loan programs. Financial aid offices must have
the lender code in order to process a Stafford or PLUS Loan.
How do I Apply
Student Aid Center makes it easy for you to apply with 3 options.
To apply you can:
A. Complete the Student Aid Center's
Secure Online Application with E-Sign. A loan representative will
contact you to finalize your loan and funding options. Approvals
can be as quick as 60 seconds.
B. Call an Educated Nursing Student
Loan Counselor at 1-888-9-GRADLOAN and we will guide you through the
application over the phone, discuss options and answer any questions
you may have. You’ll have a dedicated Nursing School Loan
Adviser that will help you.
C. Simply click on Apply
Now button or download an application. Complete the application
and mail it or fax it to us.
Note: Applications sent by mail
will take longer for approval and funding.
The entire application process only takes about 15 minutes to complete
(if you have all your paperwork on the loans you wish to consolidate).
Our Nursing Student Loan Advisers can help answer any questions
you may have and help you through the application process
