Refinancing Student Loan 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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