Loan Management and Student Loan Consolidation

Your student loans are a serious financial obligation that must be repaid.  In addition, to the amount that you borrow (the principal); you will also be charged interest for the use of the loan funds.

There are several resources to assist you in your loan management endeavor.

Student Loan History

If you need to determine how much you have borrowed in total you should visit the National Student Loan Data System (NSLDS). NSLDS lists the federal student loans (Stafford, Perkins, Parent PLUS and Graduate PLUS) you have borrowed as a student. You can view the type of loan, amount borrowed, accumulated interest, lender and servicer information. If you borrowed alternative loans, you must contact your lender for information about your loan.

Repayment Information

Repaying Student Loans Quick Reference Guide [PDF] – includes the student loan interest deduction, consolidation loans, repayment plans, income-based repayment, public service loan forgiveness, dealing with financial difficulty, default, deferments and forbearances, loan rehabilitation, budgeting tips and loan cancellation.

Project on Student Debt

The Project on Student Debt works to increase public understanding of borrowing for higher education and the implications for families, the economy and society. Recognizing that loans play a critical role in making college possible, the Project’s goal is to identify cost-effective solutions that expand educational opportunity, protect family financial security, and advance economic competitiveness. The Project On Student Debt website is a resourceful tool to review.

Student Loan Consolidation

A consolidated loan allows a borrower to consolidate (combine) multiple federal student loans into one loan. The result is a single monthly payment instead of multiple payments.  From January through June 2012, the U.S. Department of Education will offer certain borrowers two options for consolidation:

  • Traditional Direct Consolidation Loans
  • Special Direct Consolidation Loans

During this time period, borrowers making separate payments on their federal loans to one or more servicers (you repay your loan to a loan servicer) may be eligible for a Special Direct Consolidation Loan.  A Special Direct Consolidation Loan offers borrowers different repayment terms and benefits than a traditional Direct Loan Consolidation Loan.  For more information about Special Direct Consolidation Loans, please visit the Student Loan Borrower Assistance webpage.

Additional Resources