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In-School Consolidation:  Access Group

In-School Consolidation Checklist

Spring 2006– Access Group Borrowers

http://www.federalconsolidation.org/inschoolborrowers

 

PLEASE NOTE: In-school consolidation must be completed by June 30, 2006.

 

  • If you have federal loans from a prior school, obtain the loan servicing information from www.nslds.ed.gov. Using your FAFSA pin, available at www.pin.ed.gov, you can get the servicing address and phone number so you can include these loans in your consolidation.
  • Complete consolidation application at: www.federalconsolidation.org.
  • Your Federal Consolidation Loan Application must be printed and will include an Early Loan Repayment Request Form. THIS OPENS THE DOOR FOR YOUR CONSOLIDATION and should be sent immediately with the consolidation application to the address provided.
  • When your loan is consolidated, you will receive a new disclosure notice. Read it and verify that all of the loans that you included on your application were actually consolidated.

Federal loan consolidation will:

• Allow you to lock-in the current low interest rate for the life of the loan.

• Extend the repayment term of the loan based on the amount of your total education debt (up to 30 years).

• Combine all of your federal loans into one new loan.

• Not allow you to combine commercial and federal loans.

• Result in a loss of your grace period – your federal loans will go into repayment immediately following your graduation. A forbearance that would delay the repayment start date may be requested near graduation.

 

Revised Feb. 22, 2006