Borrowers are encouraged to check with their existing loan holders or servicers to find out about consolidation options available to them. Some differences between programs may include:
- Minimum balances or numbers of loans required to apply.
- Types of loans that can be consolidated.
- A prior account relationship may be required.
- Repayment incentive benefits to encourage good repayment behavior.
- The convenience of electronic debit, ensuring that monthly payments are made on time.
- Repayment plans offered, such as payments sensitive to a borrower’s income, family size, and total education indebtedness.
Source: U.S. Department of Education