Consolidation loans are designed to make student loan repayment easier. They allow the borrower to combine existing eligible student loans into one new loan. Federal Perkins and Federal Nursing Student Loans are eligible for consolidation. Austin Peay institutional loans, however, cannot be consolidated.
The advantage to consolidation is that it may extend the loan repayment period, thereby lowering the monthly payments. However, the extended repayment term will mean that the borrower will pay more interest over the life of the loan. A consolidation loan can be a good alternative for borrowers who owe a large sum of money on several student loans with high monthly payments, have student loans with several different lenders, or have several loan due dates.
The following are some of the student loans in addition to the Federal Perkins and Federal Nursing Student Loans that are eligible for consolidation:
Federal PLUS (Parent) Loans taken out on a dependent's behalf can be consolidated with existing eligible student loans of that parent. They cannot be consolidated with the dependent's student loans.
For more details on consolidation, contact one of your existing student loan lenders. Although Austin Peay does not make consolidation loans, there are many lenders who may offer such a plan. If none of your present lenders offer consolidation loans, you may wish to contact one of these companies:
* Note: While we list the above links for the convenience of our borrowers, it should not in any way be considered as a preference or endorsement of those companies.