Tip: See if one of your current lenders offers loan consolidation, since they’ll already have your information on file.
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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