How it Works

Federal Consolidation Loan

Consolidating Your Loans is Quick and Easy with EduLC's Online Application – Want more cash in your pocket? By consolidating your student loans with EduLC you may be able to reduce your monthly student loan payment by up to 52%. With EduLC’s interest rate discounts you will also save thousands in interest costs and pay off your loan faster. Experience the EduLC Advantage – save time and money by consolidating your student loans today. Get Started >

Am I Eligible? Questions to Ask Yourself:

Am I done with school, or will I be done in the next six months? Do I have multiple student loans? Are the loans I have with the same lender, or different lenders? Do I have Direct Loans through the federal government? Our online application will guide you through these questions. Both students and parents are eligible. Start an Application >

Timing

You can apply for a consolidation loan up to six months before graduation or during the grace period immediately after graduation. Consolidating your student loans during your grace period will provide the benefits of a lower interest rate. If you are past the grace period and in repayment, you can consolidate at any time. Based on information you submit on the application we will set up your funding to maximize your grace period and in-school benefits.

What do I Need?

Having the following items will help to quickly complete the online application:

• Personal information (such as date of birth, address, phone, driver's license and email).
• Reference information - Names, addresses, and phone numbers of two references.
• Current loan information** - Loan type, loan holder, approximate interest rate and balance.

**Note: To find which lenders currently hold your student loans, start your application and authorize us to retrieve this information from the National Student Loan Database System.

Eligibility

We can help you get started right away. Here is what you need to be eligible for a Federal Consolidation loan with EduLC:

• $10,000 or more in eligible Federal Student loans. There are some program exceptions to this minimum balance.
• All of the loans you have chosen for consolidation must either be in a grace period, deferment, forbearance or in repayment status at the time the consolidation loan is funded. If you are still in school you can apply for Consolidation Loan up to six months before you graduate.
• An applicant is only permitted to have one Federal Consolidation loan application in process at a given time. It is important that any other application that you may have in process be cancelled prior to applying with EduLC. You can cancel other applications you have submitted by contacting those lenders via phone, fax, email, or regular mail.
• We are not able to consolidate loans in default.
• If you only have one education lender that holds all of your student loan debt, excluding the William D. Ford Direct Loan Program, give us a call. We may still be able to help you, but there are some details that you need to be aware of.
• If you are unsure about the amount of your outstanding student loans start your application and authorize us to retrieve your student loan history from the National Student Loan Database. You can then review your loans as part of the application.

Apply for a Federal Consolidation Loan >