Loan Consolidation Application Tutorial
Select a Loan and Servicer
Here you should see a list of all your federal student loans on file with the government.
If you have additional loans to consolidate, use the “ADD LOANS” 1 button to enter additional information.
If you do not have additional loans, you can move ahead and select your ‘Loan Servicer.’
A popup window will appear with the different types of loans available. 1 Use the dropdown menu to select your loan type. 2
If you are unsure of the loan type, use your best judgment. Your servicer can make adjustments later.
After choosing the Loan Type, use the ‘Loan Servicer’ dropdown 1 on the right to select the company that currently holds your loan. If you don’t see your current servicer on the list, choose “OTHER.”
Next, fill in your account number and the approximate date when the funds were disbursed to the school. 3 Add the loan amount – just numbers, with no commas or periods. 4 Also include the loan’s current interest rate. 5
You may have gathered this information already, but if not, the NSLDS website should have all of your loan details. Or you may have to contact the servicer to get their address and more information about your loan.
SAVE your information when you are done. You’ll return to the “LOANS TO CONSOLIDATE” page.
If you have additional loans to include, click the “ADD LOANS” button again and repeat the process for each of your loans.
Back on the “SELECT THE LOANS TO CONSOLIDATE” page, select the loans you want to consolidate using the check boxes on the left of the table. 1 As you scroll down, you’ll see a summary including the balance and interest rate of what your new consolidation loan will be. 2
The Grace Period gives you an option to select a processing delay. 1
If you choose the “Do Not Delay Processing” option, your repayment period will begin sooner. And the sooner you begin repayment, the sooner you may get out of default. But, you can select to delay processing for up to nine months if one of the loans you want to consolidate is still in the grace period. Please note that for most student loans, interest will accrue during your grace period. Choose the option that best fits your situation.
Under ‘Servicer Selection,’ indicate if you’re employed full-time by a public service organization. 1
Make your selection and continue.
This answer will not affect your application.
Now you need to choose a servicer for your new consolidated loan.2 If you liked a servicer you used before, you may use them again – but you don’t have to. Be sure to make a note of the servicer you select.
Federal Loan Servicers:
- Navient (formerly Sallie Mae)
- FedLoan Servicing PHEAA, which is Pennsylvania Higher Education
- Great Lakes Educational Loan Services
Your choice of servicer won’t affect how your payments are calculated or how your loan is serviced. You simply need to pick one and make a note of which one you chose.
Click “CONTINUE” when you are done.