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Student Loan Forgiveness Group

Federal Student Loan Consolidation

If you have existing student loans, we can provide relief with our student loan consolidation program. This program to refinance student loans combines qualified monthly payments into one low payment. Also, instead of paying multiple interest rates for different loans, borrowers that qualify for student loan consolidation will be able to pay a fixed interest rate throughout the life of the loan. Parents may also qualify for the program depending on the given terms of the loan.

Eligible Loans for a Federal Consolidation Loan

Those with one or more of the following loans are eligible for the Group’s student loan consolidation program.

Subsidized Loans:

- Subsidized Federal Stafford Loans

- Direct Subsidized Loans

- Subsidized Federal Consolidation Loans

- Direct Subsidized Consolidation Loans

- Federal Insured Student Loans (FISL)

- Guaranteed Student Loans (GSL)

Unsubsidized Loans:
- Unsubsidized and Nonsubsidized Federal Stafford Loans

- Direct Unsubsidized Loans, including Direct Unsubsidized Loans (TEACH) (converted from TEACH Grants)

- Unsubsidized Federal Consolidation Loans

- Direct Unsubsidized Consolidation Loans

- Federal PLUS Loans (for parents or for graduate and professional students)

- Direct PLUS Loans (for parents or for graduate and professional students)

- Direct PLUS Consolidation Loans

- Federal Perkins Loans

- National Direct Student Loans (NDSL)

- National Defense Student Loans (NDSL)

- Federal Supplemental Loans for Students (SLS)

- Parent Loans for Undergraduate Students (PLUS)

- Auxiliary Loans to Assist Students (ALAS)

- Health Professions Student Loans (HPSL)

- Health Education Assistance Loans (HEAL)

- Nursing Student Loans (NSL)

- Loans for Disadvantaged Students (LDS)
Those not eligible include students who are currently enrolled in school for at least 50% of the time, those in garnishment or judgment status, and applicants who have previously consolidated (except for Federal Family Education Loans). Loans issued by private or state lenders and which are not guaranteed by the federal government are not eligible, nor are PLATO Loans, Law Access Loans, Primary Care Loans and Medical Assist Loans.

Process for Student Loan Consolidation

After the first payment is made, our clients will sign and return their applications to Student Loan Forgiveness Group for review. Once their applications have been submitted for processing, we begin the new process of loan retrieval. The financial institution who becomes your consolidating lender will begin to contact the original loan lenders for information as to exact loan amounts owed, and this information is sent by way of a loan verification certificate, known in the industry as an LVC. The process will take up to sixty days, with the exact amount of time determined by the response time of the original lenders. As soon as payment is made to your previous lender, your loans have officially been consolidated! A new statement will be sent to you by your new lender, providing you with specifics as to your newly consolidated student loans. It may take a couple of weeks to close your former student loan accounts, so remember that there is no need for concern if you initially receive statements from both your old and new student loan lenders.

For more information about how to refinance student loans, please feel free to contact us and one of our friendly and knowledgably representatives will gladly assist you.


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