How to Consolidate FedLoan Student Loans

You can consolidate student loans from FedLoan Servicing by applying for a Direct Consolidation Loan. Student loan consolidation involves combining multiple federal student loans into one new policy for convenient, single monthly payments.

FedLoan Servicing is the only student loan servicer handling Public Service Loan Forgiveness (PSLF) program applicants. However, it has announced that it will stop servicing federal student loans when its contract with the Department of Education expires on December 14, 2021.

Be sure to specify that you are interested in the PSLF program when applying for student loan consolidation with the federal government. Here’s a closer look at the student loan consolidation process.

Preparing for Student Loan Consolidation

You want to prepare all the documents you need when applying for a Direct Consolidation Loan. Credentials you’ll need include:

Federal Student Aid ID: You can get your FSA ID from the Federal Student Aid website. If you don’t have an FSA ID, you can create one through the website by giving your name and email.
Personal Information: These details include your name and contact information. You may need to prepare financial documents if you intend to apply for an income-based repayment plan. Be sure to get your tax information ready, so you have official proof of income.
Loan Information: You need to know what federal loans you currently have so you can determine whether you can consolidate them into one new policy. You can only consolidate federal student loans through the federal student loan consolidation program.

Visit the National Student Loan Data System (NSLDS) to download your student data and get a bigger picture of your existing student loans. Your data will include your student loans servicers, your current interest rates, and how much you owe.

Direct Consolidation Loan Application

Visit the Direct Consolidation Loan Application page to consolidate your FedLoan student loans. Most people can complete this online procedure in under half an hour.

Direct Consolidation Loan application is free, although some companies may offer help to consolidate your loans for a fee. The Federal Student Aid office clarifies that these companies have no affiliation with the U.S. Department of Education and its Federal Loan Servicers.

You can log into the application website with your FSA account and proceed with the application process. The entire procedure includes five easy-to-follow sections. Simply enter the information you prepared and select the goals you want to achieve by consolidating your FedLoan student loans.

Conclusion: How to Consolidate FedLoan Student Loans

Consolidating FedLoan student loans involves getting a Direct Consolidation Loan with the federal government. This program allows you to combine multiple federal student loans into one new policy for convenience.

The Direct Consolidation Loan application is a straightforward process. Be sure to prepare your FSA ID, personal and financial information, and loan information once you decide to proceed with consolidation. You can complete the application in under 30 minutes.

When consolidating FedLoan student loans, be sure to assess whether you want to maintain your PSLF eligibility. FedLoan Servicing is the only federal student loan servicer handling loans under the Public Service Loan Forgiveness program.

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