Consolidation Overview The Department of Education is now the only organization offering student loan consolidation. Also, before federal loan consolidation can now be completed, all federal student loans must be converted to Federal Direct Student Loans. Any non-federal, private student loan is NOT eligible for inclusion in a Federal Loan Consolidation. A Federal Direct Consolidation Loan allows a student to combine multiple, different federal student loans into one new loan, requiring a new promissory note. Consolidation can now only occur after a student leaves school. The following are examples of loans that can and cannot be consolidated.
Loan Program
Is this loan eligible for consolidation?
Stafford Loans
YES
Federal Consolidation Loan (previous consolidation loan)
Grad Plus
Medloans ALP
NO
MedAchiever
IDEAL
Perkins
YES (note: lose interest subsidy if consolidated)
HPSL
Institutional
Travel-Relocation
For further information on a "Federal Direct Consolidation Loan," please visit the United states Department of Education’s website at: https://loanconsolidation.ed.gov/AppEntry/apply-online/appindex.jsp
Contact the Financial Aid Office: (847) 578-3217