| You
are eligible for a OneSimpleLoan® consolidation
loan as long as you have eligible federal student loans
totaling at least $10,000, are no longer a student, are in
your loan grace period or in an active repayment status.
OneSimpleLoan® will consolidate and service the
following Federal student loans in its Federal Consolidation
Loan program:
- DSS- Direct Subsidized Stafford Loans
- DUS- Direct Unsubsidized Stafford Loans
- DPLUS- Direct PLUS Loans
- DUCON- Direct Unsubsidized Consolidation Loan, including
Direct PLUS Consolidation Loans
- SS-Subsidized Federal Stafford Loans, formerly Guaranteed
Student Loans (GSL)
- US - Unsubsidized and Nonsubsidized Federal Stafford
Loans
- HEAL - Federal Health Education Assistance Loan
- HPSL - Federal Health Professional Student Loan
- NSL-Federal Nursing Loans
- PERK- Federal Perkins Loans, formerly Nations Defense/National
Direct Student Loans (NDSL)
- PLUS- Federal PLUS (Parent) Loans *
- SCON- Subsidized Federal Consolidation Loans
- UCON- Unsubsidized Federal Consolidation Loans
- SLS- Federal Supplemental Loans for Students (formerly
Auxiliary Loans to Assist Students (ALAS) and Student
PLUS Loans)
If you are not certain that your loans meet the eligibility
requirements, please contact your current lenders to determine
if the loans are federally issued.
Please note that you have 180 days after your Federal Consolidation Loan's issue date to add eligible loans.
Previously Consolidated Loans
If you have a previous Federal Consolidation Loan but you
want to reconsolidate again, you may do so as long as you
have at least one federal loan not included in your original
consolidation, or as long as your spouse has a separate federal
loan or federal consolidation loan, either of which you plan
to now consolidate. Please contact one of our Student Loan
Consultants at 877.663.7467 to estimate what your new interest
rate will be. We must use your consolidation fixed interest
rate when determining your new interest rate.
Grace Period Loans
If your loans are in a grace period status, you may apply
for consolidation and receive a 0.6% discount to your loan's
interest rate. Since the approval process takes 30-60 days,
it's critical to apply for consolidation in advance so you
can take advantage of this benefit. When you fill out your
application, please be sure to indicate your grace period
end date. For more information about grace period loans, please
contact one of our Student Loan Consultants at 877.663.7467.
Loans in Deferment
If your loans are currently in deferment or forbearance, you
may still apply for consolidation. After consolidation, you
can immediately reapply. As long as you still meet the requirements,
your consolidated loan will go back into its deferment or
forbearance status. Afer consolidation, please note that you
lose certain options such as medical residency and military
service deferments. For a complete list of deferment options
available to consolidated borrowers, please contact one of
our Student Loan Consultants at 877.663.7467.
Defaulted Loans
Student loans that are in default (no payment made for at least 270 consecutive days) are not eligible for inclusion. If you are in default on any of the loans listed above, you are still eligible to consolidate loans not in default. You can also make satisfactory repayment arrangements or agree to repay the loan in default under an income-sensitive repayment plan. Contact your lender with whom you are in default if you wish to make this loan eligible for Loan Consolidation. If you consolidate your federal student loans that are not in default, you have 180 days to add a new loan to this consolidation.
* PLUS Loans
If you are a PLUS borrower, you can consolidate your loans
90 days after disbursement. There's no waiting period until
your child graduates. By consolidating after disbursement,
you lock in today's low interest rates and are able to take
advantage of OneSimpleLoan's® incentive program to reduce
your interest rate by up to 1.25%. |
