Consolidation of Federal Student Loans – Gov Student Loan Consolidation

Consolidation of federal student loans means repaying all your unpaid eligible federal student loans by replacing multiple monthly payments with a single student loan payment. 

 In consolidation of federal student loans, the first step would be to obtain your student loan records and information such as the loan type, current balance, account number, current interest rate, and lender’s name and address.  Next is to gather all your personal information and employer information. 

 Once you have all those information at hand, it’s time to select the lender you want to work with.  If your current lender offers consolidation, then it’s wise to work with them since they already know about your loan information. 

 Then, you complete an application for loan consolidating.  You can either do it online, through telephone or e-mail, depending on the lender you choose.  You then choose a repayment plan that suits your financial situation.  Afterwards, you read and sign a promissory note.

 Continue to make payments to your current lender if you are in repayment status.  It can take six to ten weeks to process the funding for consolidation loan so it’s important to maintain payment schedule with your current lender.    

 Once your loan is disbursed, you will then receive a disclosure statement that will contain all the information regarding your new consolidation loan.  Review it to verify if all information is correct, and then file it. 

 These are steps to easy consolidation of federal student loans.  Don’t be left behind thinking that consolidation is a painful process.  Be guided with these steps and consolidate your federal student loans.