How To Find Out Who My Student Loans Are Through

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Eligible Loans

Consolidate your federal and individual student loans.

Common Questions

Student Loan Consolidation Features

What is a private consolidation loan?

A private consolidation loan is a individual pupil loan that combines and refinances multiple didactics loans into one new loan with a new interest rate, repayment term and monthly payment amount. This could effect in a lower interest rate and/or a lower monthly payment. If you lot are extending your repayment term, this could result in an increase in your total cost over the life of the loan.

Am I eligible for a individual consolidation loan?

To qualify, you must:

Exist a US citizen or permanent resident with a Us-based address.
Exist 18 years or older at the time you apply.
Pass a credit check.
Take no more than $150,000 in aggregate student loan debt. Higher limits may utilize for specific fields of written report.
Have verifiable income sufficient to support your debts and show a positive repayment history.
Be the principal borrower on the loans yous want to consolidate.

How much can I consolidate?

Subject to credit blessing, yous can consolidate up to the aggregate amount of your didactics loan debt. Maximum limits may apply. The minimum consolidation loan amount is $5,000.

Do I take to consolidate all my loans?

You can choose to consolidate one, some or all of your eligible pupil loans. We recommend you compare your current loan terms against the consolidation loan terms. For example, you may not want to include loans with a lower interest rate than the consolidation loan. Find out if pupil loan consolidation is right for you.

Are there any loans that aren't eligible for consolidation?

Aye. The following student loans aren't eligible for consolidation:

Loans for Yard-12 education,
Mail service-graduate loans (e.grand., bar exam loans, residency loans) and private parent loans,
Loans that weren't used for qualified didactics expenses,
Loans taken out while enrolled less than one-half-time,
Loans originated and/or serviced outside of the U.s. and
Loans that weren't used for qualified education expenses for yourself, your dependent or your spouse.

How long does it accept to go a consolidation loan?

Once you employ, information technology can take from thirty to 45 days to procedure. During that fourth dimension, we complete the credit review process, you (and your cosigner, if applicable) will sign the loan documents and we will ask y'all to obtain payoff statements from your current loan servicers. If yous prefer, nosotros can schedule a call with you and your current loan servicer(s) to verify the loans you want to consolidate.

In one case these steps are complete, nosotros will notify y'all when your loan(s) are consolidated and provide your new minimum monthly payment corporeality and due date. Delight continue making your monthly payments until we notify you that your consolidation loan has disbursed.

Do I demand a cosigner?

You lot need to authorize for the consolidation loan on your own. If yous choose to use with a creditworthy cosigner, yous may receive a lower involvement rate.

If you cull to consolidate loans that currently have a cosigner, your cosigner will no longer exist responsible for the loans you include in your new consolidation loan.

How is my rate determined?

Your interest rate will be based on your credit history, your pick of a fixed or variable interest rate, and your cosigner'due south credit history (if applicative).

What is the difference betwixt a fixed interest rate and variable interest rate?

A fixed involvement charge per unit is set at the fourth dimension of application and does not alter during the life of the loan unless you are no longer eligible for one or more discounts.
A variable involvement rate may alter quarterly during the life of the loan if the rate index changes. This may cause the monthly payment to increase, the number of payments to increase, or both.

What is 3-Month CME Term SOFR?

The variable charge per unit for student loan applications received on or after November 14, 2021 is based on 3-Month CME Term SOFR index. 3-Month CME Term SOFR (Secured Overnight Financing Rate) is a rate index based on what the market expects rates to be over the adjacent 3-month fourth dimension menstruum. You lot can observe more information on 3-Calendar month CME Term SOFR at CME Group.

What is an Auto Debit Reward?

Become a 0.25% interest charge per unit reduction while enrolled in automated payments. To enroll, log in to your secure account or call usa at i‑800‑STUDENT.
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Student Loan Consolidation Repayment

Can I consolidate while I am still in schoolhouse?

Yep. Yous can choose to consolidate while yous are even so in school, during your grace period or after your grace menses expires. If you choose to consolidate while you are however in schoolhouse or during your grace period, you volition lose whatsoever remaining grace period on the loans that y'all are consolidating, and you will begin making payments approximately 30-45 days after your loan is disbursed.

What is my repayment menses?

A repayment period is the period of time during which scheduled payments are required to exist fabricated to repay the principal rest and involvement on a loan. Your repayment period can be ten or xx years, based on your creditworthiness.

When is my get-go payment due?

Your beginning payment will be due approximately thirty-45 days after your consolidation is complete and the loan is disbursed.

Can I defer payments?

If y'all go back to school and are enrolled at least half-time, you may be eligible for an in-school deferment. In improver, you can also defer payments while:

On active armed services duty (up to iii years)
In public service with certain eligible organizations (up to 3 years)
In a health professions residency program (up to 5 years)

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What if I need help making my monthly payments?

If you are experiencing fiscal difficulties and you are unable to make your student loan payments, we have options to assist. To learn more and determine if you qualify, please call our Repayment Assistance Department at 1-800-STUDENT.
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Source: https://www.discover.com/student-loans/consolidation.html

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