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How Student Loan Consolidation Works

Find out more about the student loan consolidation process.  Learn how student loan consolidation works with our helpful step-by-step guide.

Student Loan Consolidation Process

Our student loan consolidation process is simple and can be completed entirely online.  Here is a step-by-step breakdown of how student loan consolidation works:

  1. Apply with our free online application. The first step in the student loan consolidation process is filling out our free, no-obligation application.  You can fill out the application on our website in minutes.  The application is encrypted and secure, so you can rest assured your information will be protected.  We only ask for basic information, so you will not need to know the details of your student loan portfolio at the time of application.  Our entire application process can be completed paperlessly, thanks to our electronic signature technology.
  2. One of our representatives will contact you to complete the process.  If you apply between the hours of 9 AM -11 PM EST, one of our representatives will contact you via telephone within 15 minutes of receiving your application.  The representative will discuss with you in further detail how student loan consolidation can help you and will complete the application process. 
  3. Your student loan consolidation request is processed.  We will first review your application for errors and make sure it complies with all federal guidelines pertaining to federal student loan consolidation, if applicable.  This pre-processing check will ensure that your application will be processed as quickly and accurately as possible.  Once we have checked your application over, we will begin processing your student loan consolidation.  We will contact your lenders to determine the exact amount you owe.  Once your loan amounts are verified, we will send a check to your lenders for the balance of your loans. 
  4. Follow-up processing.  Your student loan consolidation process is officially complete once your lenders receive their checks.  We will then send you a statement letting you know when your first payment is due and when each payment is due after that.  Keep in mind that it might take your previous lenders a few weeks to completely close out your accounts, so you might receive two statements (one from us and one from your old lender) for a while.  Don’t panic—this just means there is a slight lag time on your student loan consolidation.  
  5. Student loan consolidation finalized.  You will soon receive your first billing statement from us.  Most of our student loan consolidation agreements include automatic withdrawal from your checking account for your convenience, so you don’t have to worry about due dates or writing checks each month.  Your student loan consolidation will also now appear on your credit report.  This will help your credit because 1) it will show that you have successfully paid off your student loans, which reduces the number of outstanding debts you have and 2) it shows that you paid off a series of debts, which also increases your credit score. 

Curious what your payments would look like if you consolidated your loans with us? We can show you an estimate for free - use the form on the right to get started!