College Loan Consolidation Frequently Asked Questions

If you have questions about consolidating your college loans you've come to the right place. We have answers to the most commonly answered questions regarding college loan consolidation, its benefits and its risks.

Will Using the Form on This Site Affect My Credit?

No. This site is not a lender and your credit will not be checked when you fill out the form here. Instead you will be provided with information and a connection to a lender who can help you consolidate your college loan debt.

Will Consolidating Loans Affect My Credit

College loan consolidation usually serves as a "wash" on your credit report since you will be getting rid of a number of debts of a certain combined value and replacing them with one debt of an equal value. If anything, the reporting of those college loan debts as paid and closed can have a positive effect on your credit rating.

How Much Does College Loan Consolidation Cost?

Federal college loan consolidation carries with it no cost or fees by law. If you are seeking consolidation through a private lender they may charge you application and other fees for the process.

How Is the Interest Rate for my Consolidation Loan Determined?

he interest rate for a college loan consolidation from the Federal government is determined as an average of the interest on all of the loans being included in the consolidation. This average is then rounded to the closest higher one-eighth of one percent (0.125%).

If you choose to consolidate your loan through a private lender your interest rate will be determined by your credit score and current market factors at the time of your application.

Do I Need to Have Good Credit to Get a Consolidation Loan?

If you are applying for a Federal consolidation loan, your credit score will not be relevant in your application. If you are applying for consolidation through a private lender your credit score will be the primary determining factor in whether or not you are approved for the loan.

Can I Consolidate my Other Debts with my Student Loans?

Yes, you can often add credit card debt or car debt in with your student loans if you are dealing with a private lender.

How Long Does College Loan Consolidation Take?

The process of college loan consolidation can take as little as two weeks to as much as several months depending on which lender you are working with as well as how responsive you are to their requests for information.