Consolidation Tips

Should You Consolidate Your Student Loans?

If you want the convenience of one monthly payment and, to potentially, lower your monthly payments, this may be a good option to consider.

You can typically lower your monthly payments by combining several loans into one packaged loan and extending the repayment period. Consolidation may be a good option for you if the bulk of your loans are federal (private loans are generally not combined with federal loans), the interest rate is better than what you are currently receiving, and you have at least $7,500 in total eligible loan debt.  

If you consolidate your loans, you can choose a repayment plan that suits your budget: standard (monthly payment is fixed over the life of your loan), graduated, extended, or income-sensitive.

NOTE: If you have Federal Loans, those should be consolidated separately so that you fix your government guaranteed low loan rate.

Credit Union Student Choice does not currently offer federal consolidation loans.  Consult with your Financial Aid Office to find out more about consolidation lenders and learn if this makes sense in your situation.