Consolidate Date Notification For Free

If you are looking to consolidate Navient loans, there are two processes you can go through: federal and private consolidation. Federal consolidation happens through the Department of Education. Private consolidation, through a private lender, is usually called student loan refinancing.

A Direct Consolidation Loan allows you to consolidate (combine) multiple federal education loans into one loan. The result is a single monthly payment instead of multiple payments. Loan consolidation can also give you access to additional loan repayment plans and forgiveness programs.

The entire process typically takes between four and six weeks from the date your application is received. Before completing a consolidation application, carefully consider the following information to determine whether loan consolidation is the best option for you.

Because there's no credit check required, federal loan consolidation doesn't affect your credit score. Keep in mind, though, that there's no way to get a lower interest rate through the federal consolidation program.

Consolidation may cause you to lose borrower benefits such as interest rate discounts, principal rebates, or some loan cancellation benefits associated with your current loans.

Student loan consolidation works similarly to other types of debt consolidation. Borrowers can combine multiple student loans into one new loan with new terms and a new interest rate. The amount you borrow for the new loan covers the principal balance on all of the student loans you consolidated.

Because there's no credit check required, federal loan consolidation doesn't affect your credit score. Keep in mind, though, that there's no way to get a lower interest rate through the federal consolidation program.