Student Loan Consolidation

student loan consolidation

If you’re a former student or college parent with outstanding federal grad school or student loans, you may be able to get up to 20 more years to repay simply by consolidating your federal parent or student loans with the federal student loan consolidation program.

Get More Time to Repay Your Parent and Student Loans

Federal PLUS loans (for parents of undergraduates) and Stafford student loans are issued with standard repayment terms of 10 years. When you consolidate these federal parent and student loans into a Free Student Loan Consolidation, you may be able to get up to 30 years to repay.

The repayment term on your free student loan consolidation will depend on the total outstanding balance of your education debt:

Education Debt
Repayment Term

$20,000 – $39,999
20 years

$40,000 – $59,999
25 years

$60,000 +
30 years

So if you have $60,000 or more in outstanding education debt when you consolidate your federal college loans, you’ll have 30 years to pay back the student loans you consolidate.

There are no prepayment penalties with the Free Student Loan Consolidation program, so even though you can get more time to repay your federal parent and student loans by consolidating, you won’t be assessed any additional fees for choosing to pay more than the minimum each month or for paying off your free student loan consolidation early.

Cut Your Monthly Free Student Loan Payments by up to 42%

With more time to repay, the amount you have to pay each month will typically go down. In fact, when you consolidate, you may be able to cut your monthly student loan payments by up to 42%!

Here’s an example: Your estimated monthly payments on a $100,000 NextStudent Federal Consolidation Loan fixed at 7.25% and repaid over an extended term of 30 years are $682.

Compare that $682 consolidated monthly payment to estimated monthly payments of $1,172 on $100,000 worth of unconsolidated Federal Stafford Loans issued at 7.22% and repaid over 10 years.

That’s a 42% reduction in your monthly payment amount — just by consolidating your federal student loans.*

Lock In Your Student Loan Payments With a Fixed Rate

Although federal PLUS loans and Stafford loans are currently issued at fixed interest rates, PLUS and Stafford loans issued prior to July 1, 2006, are variable-rate student loans. The interest rate on these college loans adjusts every year on July 1, which means that when interest rates go up, your monthly payments on these college loans may also go up.

Free Student Loan Consolidation replaces your variable-rate college loans with a fixed-rate consolidation loan. When you consolidate, you won’t ever have to worry about rate increases and rising payments.

Simplify Your Student Loan Repayment with several Resources.

With the federal student loan consolidation program, you can bundle all your eligible federal parent or student loans into a single fixed-rate consolidation loan with just one monthly bill, one lender, and one monthly payment that’s fixed for the life of your consolidation loan.

No more hassle of multiple bills, multiple due dates, and multiple monthly payments to multiple lenders.

*Your actual payment reduction may vary and will depend on the terms of the loans you’re consolidating.

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2 Responses to Student Loan Consolidation

  1. Tori Meyer says:

    Dear Webmaster,

    I recently discovered your “Dept Consolidation” page here:

    Would you please consider adding a link to my website called It is a consumer advocacy resource that provides company contact information and an open forum for discussing how to get out of debt. We have created a special section dedicated to helping graduates with their student loan debt:

    If you think it would be of use to your visitors, would you please consider adding a link to my website on your page? Here is the HTML link you could use:

    com – student loan help.

    Thanks and hope to hear from you soon!

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