Consolidating 101

Q: What's a student loan consolidation?

A: A student loan consolidation allows parents and/or students to refinance any outstanding Federal Stafford, PLUS or Grad PLUS loans. It creates one single loan with one monthly payment while locking in a fixed-interest rate.

Q: Can all student loans be consolidated?

A: All federal student loans can be consolidated, including Federal Perkins, Federal Subsidized Stafford or Direct Loans, and Federal Unsubsidized Stafford or Direct Loans, Federal PLUS Loans and Grad PLUS Loans. Private loans, however, are not eligible for ALL Student Loan Consolidation programs.

Q: Who can consolidate student loans??

A: Students and parents who have taken out eligible federal student loans.

Q: How much can I consolidate?

A: You may consolidate the full amount of your outstanding federal student loans.

Q: When should I consolidate my loans?

A:Most people consolidate soon after graduation. Stafford borrowers generally chose to consolidate before the six month "grace period" expires. Start considering consolidation as graduation (or the end of your studies) approaches. PLUS and Grad PLUS borrowers may consolidate their student loans after the loans are fully dispersed, provided they are in repayment status.

Q: What's this "grace period" I hear about?

A: Most federal Stafford loans give you six months after graduation or after you drop below half-time before you have to start repayment. You may request to have your consolidation loan fund at the end of your grace period.

Q: How should I select a student loan consolidation provider?

A: Shop around. Do a lot of research, and compare your options. See which lender offers the greatest savings as well as the best service. Most of all don't be afraid to ask a lot of questions. After all, this is YOUR financial future.

Q: How is ALL Student Loan different than other companies?

A: We're a nonprofit. Also, It is our current business practice not to sell our loans to third parties. We keep them so we can provide exceptional service. And we've been committed to the highest ethics in the industry throughout the 27 years we've been providing assistance to college students and their families.