Federal loan servicers are private companies that manage federal loans for the Department of Education.
You can choose one of four servicers for your new direct consolidation loan: Fed Loan Servicing, Great Lakes Educational Loan Services Inc., Navient and Nelnet.
There are two types of student loan consolidation: federal and private.
Private consolidation is often referred to as refinancing.
You’re generally eligible once you graduate, leave school or drop below half-time enrollment.
Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
These processes are often confused, but they’re very different.
Here’s how: » SIGN UP: Get a free plan to ditch your debt Federal student loan consolidation basics How to consolidate federal student loans Student loan refinancing basics Compare student loan refinance lenders When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.
You have to complete the application in a single session, so do your research before you start.
When you’re ready, go to studentloans.gov, log in, and follow these steps to apply: You can consolidate all your federal loans or just some of them.
FINRA is working toward a new consolidated rulebook, which seeks not only to harmonize and streamline existing rules, but also to give consideration to the rapidly evolving nature of the securities business and the broad diversity of firms subject to FINRA regulation.