Loan Consolidation
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 Stafford Loans (subsidized and unsubsidized)
- Health Professions Student Loans
(HPSL)
- Federally Insured Student Loans
(FISL)
- Federal Supplemental Loans for Students
(SLS)
- Health Education Assistance Loans (HEAL)
- Federal Consolidation Loans
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.
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