PLUS Loan Consolidation

Parent PLUS Loan consolidation is a practical, debt management practice that enables you to bundle all of the federal loans you received to finance your child's college education into a single loan.

In addition to simplifying record keeping and check-writing chores, PLUS Loan consolidation can significantly reduce your monthly payment burden. The lower payment means you'll have more money available to meet other household expenses, including car payments, childcare, and career-related necessities.

Benefits of Federal PLUS Loan Consolidation

  • Make one loan payment a month
  • Lower monthly payments with choice of repayment plans
  • Increased peace of mind and less stress over month-to-month financial planning
  • Removes any endorser/cosigner from the original loans

How Consolidation Works

Consolidation is essentially a way to refinance your loans, similar to a mortgage. You can consolidate one, or multiple student loans if you want to lower your payments, or ease your repayment process. To consolidate, PLUS loan holders must go through the Department of Education and apply for a Direct Consolidation Loan. Since Parent PLUS loans are part of the Federal Loan Program, private consolidation loans are not available.

Requirements to Consolidate PLUS Loans

  • You must have received the final disbursement for the current academic year –
    You do not have to wait until your child has graduated!
  • You cannot have a Federal loan that is currently in default.

Consolidation can significantly reduce your monthly payment burden. PLUS Loan Consolidation allows you to stretch your repayment period from the standard 10 years to up to 30 years, depending on the amount of your education debts.

The lower payment means you'll have more money available to meet other household expenses, including car payments, childcare, and career-related necessities. Apply now! Click here to apply for PLUS Loan Consolidation.