Consolidating Debt
Tip: See if one of your current lenders offers loan consolidation, since they’ll already have your information on file.
Step-by-Step Guide
Not sure where to start for consolidating your loans?
Here are the steps you should take to combine your loans.
Step 1: Gather all of your student loan information.
- Loan type (subsidized, unsubsidized, private, etc.)
- Current balance
- Lender’s name and info
- Account number
- Current interest rate
Step 2: Gather your personal information.
- Employer’s address
- Employer’s phone number
- Email address
- Social Security Number
- Driver’s license number
- Date of birth
- Two references (must live in the U.S., not reside with you and have known you for at least three years)
Step 3: Select a lender to work with.
- Some lenders require a minimum loan balance of $7,500 to $15,000 to consolidate.
Step 4: Complete the consolidation loan application and choose your repayment plan.
- It may be found online, or you can call for a paper application.
Step 5: Read and sign the loan documents.
- Some lenders offer you the option to do this electronically.
Step 6: Maintain your payment schedule with your current lender.
- Consolidation loan funding can take 6 to 10 weeks to process.
Step 7: Review the loan disclosure statement.
- After your loan is disbursed, a disclosure statement will be sent to you. Review it to verify correct information and keep it on file until the loan is paid off.
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