Student Loan Consolidation

Should I Consolidate My Loans?

A Student Loan Consolidation allows borrowers to combine all of their federal student loans into one new loan with one lender. Sending two, three, or even four separate payments to different lenders and trying to track your loan balances, interest rates, and due dates can be quite cumbersome.  The consolidated student loan will be much easier to manage and keep track of.  There are many other benefits to the federal Student Loan Consolidation program as well.

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Student Loan Consolidation can greatly simplify loan repayment by centralizing your loans to one bill and can lower monthly payments by giving you up to 30 years to repay your loans. You might also have access to alternative repayment plans you would not have had before, and you’ll be able to switch your variable interest rate loans to a fixed interest rate. Once your loans are combined into a Direct Consolidation Loan, they cannot be removed. The loans that were consolidated are paid off and no longer exist. CLASS Financial can help with your Student Loan Consolidation today! Call (844) 236-3332 to see if your loans qualify.

What types of loans can be consolidated?

Most federal student loans, including the following, are eligible for consolidation:

  • Direct Subsidized Loans
  • Direct Unsubsidized Loans
  • Subsidized Federal Stafford Loans
  • Unsubsidized Federal Stafford Loans
  • Direct PLUS Loans
  • PLUS loans from the Federal Family Education Loan (FFEL) Program
  • Supplemental Loans for Students (SLS)
  • Federal Perkins Loans
  • Federal Nursing Loans
  • Health Education Assistance Loans
  • some existing consolidation loans

Private education loans are not eligible for consolidation. If you are in default, you must meet certain requirements before you can consolidate your loans.

A PLUS loan made to the parent of a dependent student cannot be transferred to the student through consolidation. Therefore, a student who is applying for loan consolidation cannot include the PLUS loan the parent took out for the dependent student’s education.

When can I consolidate my loans?

Generally, you are eligible to consolidate after you graduate, leave school, or drop below half-time enrollment.

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What are the requirements to consolidate a loan?

If you are interested in a Student Loan Consolidation:

  • You must have at least one Direct Loan or FFEL Program loan that is in a grace period or in repayment.
  • If you want to consolidate a defaulted loan, you must either make satisfactory repayment arrangements on the loan with your current loan servicer before you consolidate, or you must agree to repay your new Direct Consolidation Loan under the
    • Income-Based Repayment Plan,
    • Pay As You Earn Repayment Plan, or
    • Income-Contingent Repayment Plan.

What is the interest rate on a consolidation loan?

A Student Loan Consolidation has a fixed interest rate for the life of the loan. The fixed rate is based on the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of 1%. There is no cap on the interest rate of a Student Loan Consolidation.

Student Loan Forgiveness Aspects

By consolidating your loans into the Direct Loan program, you open doors to student loan forgiveness programs that may not have been available to you otherwise.  Every consolidated loan will be forgiven at the end of 25 years if a balance is remaining.  This means you could be in an income based payment paying less than what you would normally pay in the standard repayment, and after 25 years the balance is forgiven.

To qualify for Public Service Loan Forgiveness, you must have Direct Loans.  Consolidating into the Direct Loan program will make you eligible for Public Service Loan Forgiveness if you meet the other criteria of the program.

Teacher Loan Forgiveness is also available to borrowers with Direct Loans, consolidating may make you eligible if you meet the other criteria of the Teacher Loan Forgiveness program.

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CLASS Financial is a Full Service Consulting and Document Preparation Company offering services to anyone who may need our guidance & support before, during and after the student loan consolidation & repayment process. Call 1-844-236-3332 to get your free consultation today. We work on a case by case basis and are not affiliated with the Department of Education. Our document preparation fee schedule is based on a sliding scale and is determined at the time of your consultation. The tedious application process, vast program options and time consuming document preparation has left many Americans struggling to determine which direction to go. There are many benefits in choosing a 3rd party to represent you and help navigate the benefits associated with the variety of forgiveness programs available today. We will help you find out what options you qualify for and walk you through the consolidation application process. We have services in all 50 states, and there is no up-front fee or obligation to pay for the services if you decide not to use them. You can file these papers yourself at no cost, but for a small fee our experts can assist you in choosing the best programs to apply for, to ensure you get the maximum debt reduction, avoid credit report hits or collections, or any other issues that may arise in the consolidation process. We take your privacy seriously. By clicking the button above, you agree to share your information with  Premier Partners and for them to contact you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS) and/or email, even if your telephone number is currently listed on any state, federal or corporate Do Not Call list. By submitting this form, I agree to be contacted in regard to this form submit through automated means; including: autodialing, text and pre-recorded messaging via telephone and mobile devices (including SMS and MMS)*.These programs are sponsored by the US Department of Education. By submitting our form, you are not submitting for a government eligibility check. Fill in the form below and an agent will contact you regarding your consolidation status, and help you through the application process.
 We are not a do not claim to be affiliated with the following: any local, state or federal government agencies: Department of Education: or any student loan services, lenders or providers. We are an independent preparer of documents and forms working to assist clients with paperwork needed to complete the student loan consolidation and forgiveness process. Our services provide the preparation and completion of various student loan related forms and processes. We do not provide Legal of Financial advice. If you need Legal or Financial advice, please contact a lawyer or other professional to guide you. Please also know that you can complete these processes on your own through the Department of Education and its various entities for free. We work within the same standards and guidelines that would also be available to you. We are hired to assist our clients because of the tedious and confusing process that we have simplified due to our expertise and knowledge.  Frees paid to us are for document preparation services only and are not paid directly to your lender. We do not provide debt negotiation, settlement, management, or consolidation services. We do not guarantee results as they differ from client to client. All other trademarks used on this site are the property of their respective owners.

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