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Consolidation Loan
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Student Loans |
Managing Your Loans |
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Consolidation Loan
Federal Student Loan Consolidation Information
Congratulations on your decision to consolidate your student loans. Combining all of your federal student loans is a wise choice to make because there are many benefits gained through student loan consolidation which include:
- Elimination of multiple loan payments to multiple lenders.
- Avoidance of yearly interest rate increases on individual student loans (interest rates on all federal student loans are variable and may increase July 1st of every year).
- One loan, one payment, and one interest rate.
- Extending repayment terms for up to 30 years, where length of repayment depends on total amount borrowed/consolidated.
- Interest rate is the weighted average of rates on loans being consolidated rounded up 1/8th of 1%, but not exceeding 8.25%.
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Maximum Repayment Periods for Federal Consolidation Loans
| Less than $7,500.00 | 10 years |
| $7,500 to $9,999 | 12 years |
| $10,000.00 to $19,999 | 15 years |
| $20,000.00 to $39,999 | 20 years |
| $40,000.00 to $59,999 | 25 years |
| $60,000.00 or more | 30 years |
Alternative education loans, or education loans granted by non-government private lenders, may not be included in a student loan consolidation. This type of funding is generally granted separately and apart from the Federal Family Education Loan Program.
To view a complete listing of your federal student loans, visit the National Student Loan Data System (NSLDS) at www.nslds.ed.gov. You will need your Department of Education PIN to access your information.
You will need the following to complete the Student Loan Consolidation Application:
- EFCU Lender Name – Eglin Federal Credit Union
- EFCU Lender Code – 802261
- List of loans to be included in the consolidation
- List of loans not to be included in the consolidation
- Social security number for borrower and spouse
- Names, addresses, and phone numbers of two personal references
- Driver’s license number
IMPORTANT! Changes to the Federal Student Lending Process
If you are applying for a loan for the 2010-2011 academic year, please contact your school’s financial aid office for assistance.
You may complete this Master Promissory Note if applying for a loan for the 2009-2010 academic year (disbursement date must be prior to July 1, 2010).
Apply Online for a Consolidation Loan Today
Log on to www.mygreatlakes.org, go to Borrowers, and click “Consolidate My Loans” to access the Consolidation Loan Assistant. The Consolidation Loan Assistant will guide you through the Federal Consolidation Loan Application and Promissory Note. You will have the opportunity to sign and submit your application electronically.
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