Consolidating student loans already consolidated
They will, then, replace those loans with a new, consolidated loan and a new monthly payment.
For any college grads overwhelmed by multiple student loans, this can be extremely helpful.
Once you're signed in, you can complete the Federal Direct Consolidation Loan Application and sign the promissory note.
Or you can print out a paper application and mail the forms in if you choose.
However, refinancing allows the borrower to seek better interest rates and repayment terms.
Select your payment plan; these generally offer the opportunity to pay off the loans in terms ranging from 10 to 30 years.If you want to consolidate a loan that's in default, you have to either make satisfactory repayment arrangements with your lender or agree to repay it under one of the Department of Education's payment plans that tie payments to your income level. You'll need your Federal Student Aid personal identification number, or PIN, in addition to your personal information.If you don't already have a PIN, request one online at FAQ-bg:hover .indicator::before .indicator.opened::before #content .hero-background .hero-background img #navigation #hero-cover #hero-cover p #step_three_error,#step_two_error .clear .home_step_content .next,.home_step_content .next_incomplete .home_step_content .Student loan consolidation is the process of taking multiple outstanding loans and reorganizing them into one monthly payment.