Federal Loan Consolidation

A Consolidation Loan allows you to combine one or more of your federal education loans into a new loan that offers you several advantages such as one monthly payment, flexible repayment options, or reduced monthly payments.  Before making a decision to consolidate your federal student loans, consider factors such as the affordability of your monthly payments, the number of payments you need to make to multiple lenders, the interest rates on each of your loans, and how much you are willing to pay over the long term.

If you attended Loyola College as an undergraduate student, you may have borrowed through the Federal Direct Loan Program for your Stafford Loans and the Federal Perkins Loan Program.  If you attended Loyola College as a graduate student, you may have borrowed through the Federal Direct Loan Program and/or the Federal Family Education Loan Program (FFELP) for your Stafford Loans and some graduate students may have borrowed funds through the new Federal Graduate PLUS Loan Program. 

Graduate students may have also borrowed through all three federal student loan programs (Federal Direct, Federal Stafford, and Federal Perkins) as an undergraduate.

Access the links below to obtain more detailed information about your Loan Consolidation options, your eligibility to consolidate, and the benefits of consolidating.  Review this information carefully before making a final decision.  Remember, there are multiple Loan Consolidation providers and you may choose whichever provider/lender you feel best meets your needs during the repayment life of your loan.

If you also borrowed funds through a Private (non-federal) Alternative Education Loan Program, you may be able to consolidate these loans. Check directly with your private education loan provider/lender to obtain more information on your private education loan consolidation options.  

Important questions to ask when choosing a lender.

Consolidation checklist.

Federal Direct Consolidation Loans.