How to Consolidate a Federal Student Loan

Obtain a PIN from the Department of Education if you've never gotten one (see Resources). You may already have one from submitting the FAFSA on the internet, in which case you can request a duplicate PIN with the Department of Education website if you forgot the amount.

Gather data on all of your student mortgage accounts, even if there are some that you don't want to consolidate. You will need your accounts numbers, the names and addresses of the loan holders and also the approximate balance of each loan. Find this home elevators your billing statements or the lender's

Navigate towards the application on the Federal Direct Student Loans Consolidation web site.

Fill out your personal data in Section The. Enter "N/A" for any section that does not affect you.

Type the names and phone numbers associated with two references in Section B. These people must live in the usa, but not with you, and must have known you for a minimum of three years.

Type all of the requested loan information into Section C from the application. This section divides loans into those you need to consolidate and those you do not want in order to consolidate. You might not want to consolidate a loan because of borrower benefits or because it's not eligible, but the government will consider the quantity when determining your repayment period.

Select a repayment plan in Section D from the application. An income-based repayment plan sets the payment amount making use of your income from the previous year so the obligations are affordable. A standard repayment plan could possess higher payments, but it will also help you repay the loan faster. You can change your payment plan later, if desired.

Read Section E and sign the promissory note in Section F together with your name and PIN.