Student Loans and Scholarships


A Unit of the Bursar's Office

Should I Consolidate?

By combining your federally funded student loans into a single new loan, a student loan consolidation reduces the number of payments you have to worry about each month. Combined with declining interest rates, your monthly payment may also drop significantly.

The following student loans are eligible for student loan consolidation:

  • Federal Stafford Loans, formerly known as Stafford or Guaranteed Student Loans (GSL)
  • Federally Insured Student Loans (FISL)
  • Federal Perkins Loans, formerly known as Perkins or National Direct Student Loans (NDSL)
  • Supplemental Loans for Students (SLS)
  • Auxiliary Loans to Assist Students (ALAS)
  • PHEAA Non-subsidized GSL's
  • Primary Care Loans, formerly known as Health Professions Student Loans (HPSL)
  • A few consolidation agencies accept non-federal loans (e.g. university funded student loans).

Advantages:

  • Smaller payments
  • Consolidation agencies often offer special rate discounts for making timely payments
  • Fewer bills to handle
  • Some consolidation agencies accept both, federal and non-federal student loans

Disadvantages:

  • Majority of deferment/cancellation provisions forfeited
  • Longer repayment period (up to a 30 year repayment schedule)

Several consolidation agencies exist. Five agencies included are:

*Please note, consolidation agencies that are notated with an asterisk, also accept non-federal loans (e.g. university funded student loans).

Network Loan Consolidation
AES - Guaranty Services
1200 N 7th Street
Harrisburg PA 17102-1444
phone: 800-338-5000
web-site: http://www.aessuccess.org

U.S. Department of Education
Consolidation Department
Loan Origination Center
PO Box 242800
Louisville KY 40224-2800
phone: 800-557-7392
web-site: http://www.loanconsolidation.ed.gov

*Key Education Resources
Email: EducationRes@keybank.com.
phone: 800-539-5363
web-site: http://www.key.com/templates/t-ps2.jhtml?nodeID=H-1.37

*Collegiate Funding Services
10304 Spotsylvania Avenue, Suite 100
Fredericksburg VA 22408
phone: 800-762-6441 or 540-374-1600
fax: 540-368-5972
web-site: http://www.cfsloans.com



This information is available in alternative format upon request