Help with Your Federal Consolidation Loan Application

A federal consolidation loan application is used to request a federal consolidation loan, which bulks multiple student loans into one comprehensive loan. Federal consolidation loans are useful because they allow a student to pay a lower interest rate to one lender as opposed to varied interest rates to multiple lenders.

Step 1 - Getting Ready to Apply for a Federal Consolidation Loan

To determine which of your loans can be consolidated, visit Mapping Your Future's loan guideline page. Before applying for a federal consolidation loan, make sure that you research and choose the best lender, based on incentives. The process of applying for a federal consolidation loan may take anywhere from four to six weeks.

Step 2 - Filling Out Your Federal Consolidation Loan Application

Click on this link to the Federal Consolidation Loan Application and Promissory Note in order to access a blank application. In order to correctly fill out this form, use a dark ballpoint pen or type.

You will need access to your financial records: education loan paperwork, account statements, bills. Also have your driver'slicense and two references accessible.

  • Section A of the Federal Consolidation Loan Application asks for basic biographic information. It also asks for the "consolidating lender name", which is the name of the bank that is issuing the final loan to you. You will need your driver's license for this section.
  • Section B asks for two references. You must know these adult references for at least three years. The references must have addresses in the United States and cannot live with you.
  • Section C is where you declare your promise to pay back the consolidating lender. If you do not put your signature in this section, your loan will be delayed until your signature is obtained.
  • Section D.1 asks for a list of each federal education loan that you want to consolidate. Start by listing the appropriate loans that you wish to consolidate. The corresponding loan codes can be found on page five of the Federal Consolidation Loan Application. Any information that you are unsure about pertaining to this section can be found through the National Student Loan Data System. Enter the full names and addresses where you send your current loan payments. Fill out the account number for each loan, which you can find on monthly billing statements. Enter the interest rate that you pay on each loan. Enter the estimated payoff amount. Finally, specify if you want to delay repayment until after your grace period is over or not.
  • Section D.2 asks for a list of the other loans, not including personal loans, used to finance your education. Here you will need to once again use the loan codes found on page five of the application.
  • Section E asks you to specify your repayment plan. Choose a repayment plan with your lending institution. Standard payments require equal monthly payments. Graduated payments require increasing monthly payments. Income-sensitive payments adjust depending on monthly income. Extended payments are for loans over $30,000 that are paid over at least 25 years.

Step 3- Submitting Your Federal Consolidation Loan Application

Once you have filled everything out and reviewed the information, make a copy of the application and keep it for yourself. Submit pages 1 through 3 of the Federal Consolidation Loan Application to your consolidating lender. Continue paying your regular loans until your consolidating lender contacts you.

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