When To Consolidate Your Student Loans

Make sure you take advantage of student loan consolidation at the right time.  Find out when you should consolidate to maximize your benefits.

When is the Right Time to Consolidate?

If you are a student, apply for student loan consolidation when:

• You are no longer enrolled in school more than half time
• Your student loans are in a repayment, grace, deferment, or forbearance period
• You have graduated or are about to graduate

If you are a parent, you can consolidate your Parent PLUS loans at any time, as long as the loans have been fully disbursed.  Parents can consolidate anytime after disbursement regardless of the student’s enrollment status. 

When Does Consolidation Makes Sense?

If you are having trouble deciding if student loan consolidation makes sense for you right now, see if any of the following scenarios describe your situation.  If so, now might be a good time to take advantage of student loan consolidation. 

• Your monthly student loan payments are breaking your budget
• You are paying high or variable interest rates on your loans
• You would like to ease your payment burden by extending your repayment time
• You want the convenience of making one student loan payment per month
• You would like to reduce your student debt to improve your credit score
• You are about to apply for a mortgage or other major loan (student loan consolidation will improve your creditworthiness, thus increasing your chances of qualifying)
• You are a parent who would like to consolidate the loans you took out for your student
• You are in the grace or repayment period of your loans

See how much you could be saving by consolidating your student loans with us - use the form on the right to get started!