Loyola University Maryland

Office of Financial Aid

Federal Loan Consolidation

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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.

Visit the consolidation website to determine if it's worth consolidating your loans. 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.