Advantages of Consolidation
- Lower monthly payments up to 50% or more
- Historically lowest fixed interest rate that will never increase
- No fees or charges to consolidate
- Fixed rate from approximately 2.875 to 4.25% for the life of the loan (if you have not previously consolidated any of your loans)
- No credit check or income verification
- No debt to income ratio requirement
- No prepayment penalty
- Choice of payments: level or graduated
- Repayment terms up to 30 years
- Deferments in case of financial hardship or unemployment
- Forbearance privileges available
- One convenient monthly payment
- Increase home mortgage, car, etc. borrowing power by reducing debt to income ratio
- Online Consolidation Calculator
- A single company will service the loan for the life of the loan
- Online and toll-free telephone application request
- Online completion of application
- Personal assistance with a simple application
The following are examples of the range of monthly savings that are currently available:
||Graduated (1st 5 Years)
|(Based on 3.50%. Your actual payment reduction and interest rate may differ.)
- Have at least two Federal Stafford Student Loans from two different lenders or have only Federal Direct Loans.
- Have at least two Federal PLUS Loans from two different lenders or have only Federal Direct PLUS Loans.
- Are out of school or in less than half-time attendance.
- Are in the grace or the repayment period, and
- Do not have another consolidation loan application pending.
Loan Types Eligible for Consolidation Can Include
- Federal Subsidized and Unsubsidized Stafford Loans
- Federal Direct Subsidized and Unsubsidized Stafford Loans
- Federal Supplementary Loans (SLS)
- Federal Perkins Loans
- Federal Nursing Student Loans (NSL)
- Health Professions Student Loans (HPSL)
- Health Education Assistance Loans (HEAL)
- Federal PLUS Loans
- Federal Direct PLUS Loans
- Subsidized and Unsubsidized Consolidated Loans (reconsolidation under certain circumstances)
If you complete the online application, you will receive the Loan Consolidation Application and Promissory Note by mail with all information completed and ready for your signature. Return the signed documents to the ASLCC processing center.