After finishing college, many graduates face the daunting task of repaying multiple subsidized and unsubsidized federal student loans. A consolidation loan can simplify the process by combining various repayment schedules into a single loan, often at a lower interest rate than the original, individual loans. Loan consolidation can also extend repayment terms and provide discounts that can further reduce monthly payments.

Preparing to Fill Out a Loan Consolidation Application

Consolidation loan applications require information about existing loans. Therefore, prior to filling out a loan consolidation application, gather all records pertaining to outstanding loans, including:

• Last monthly billing statements
• Quarterly interest or annual statements
• Coupon books
• Contact information for current lenders
• Contact information for the school’s financial aid office (if still in school)

If some of the above information cannot be found, it may be available by contacting the Department of Education’s Borrower Tracking office at 800-433-3243.

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