What is consolidation?

Consolidation is bringing all of your federal loans, including some that previously had not been eligible for specific types of consideration, into the forgiveness picture.

Who should consider consolidation?

Consolidation is a technique being used right now for federal student loans that are going to be repaid under an income driven repayment (IDR) plan or under Public Service Loan Forgiveness. So if you are working in a low paying job, or for an eligible non-profit, then read on.

Why consider consolidation?

Consolidation gives you the most credit towards your 120 eligible payments. With consolidation, depending on your situation, you might see no change, additional progress towards your 120 eligible payments, or you could even find yourself having abruptly jumped over the finish line with an overpayment refund due to you.

When, eg what is the timeline?

The consolidation application deadline had been December 31, 2023. But many people had not gotten through the process, especially with the transition of student loan servicers, compounded by the new contracts not being well funded. It has now been extended to April 30, 2024.

How/where do I consolidate?

If consolidation is right for you, the application can be found here.