College Loan Consolidation, Federal Loan Consolidation, Private Loan Consolidation, Student Loan Consolidation

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EdFed private loan consolidation means combining your outstanding private education loans into one loan, including private loans used to cover educational expenses such as tuition, housing and/or other educational expenses. This is in addition to already consolidated private educational loans. Consolidating your private educational loans with EdFed allows you to lower your monthly payment significantly by lengthening the term of your loans, while receiving a low variable interest rate. This is possible even if your private educational loans are held by more than one lender or are of different types.


Eligibility to consolidate private educational loans with EdFed is based on the following criteria:
  • Be at least 21 years old at the time of application
  • Have a minimum of $7,500 in US issued private educational loans
  • Are in repayment status of private education loans at the time of application
  • Have good credit standing
  • Are a US citizen or permanent resident (eligible non US citizen)
With EdFed, consolidating private educational loans permits several benefits.
  • Simple repayment terms
  • Low, variable interest rate
  • No penalties for prepayment
  • One low convenient monthly payment to one lender rather than various monthly payments
  • EdFed offers personalized and friendly customer service. With EdFed, you work with one loan consultant throughout the process of consolidating your private educational loans.
The process of consolidating your private educational loans is made simple and fast with EdFed.
  • Begin an application either online or over the phone to receive an instant credit decision, interest rate information, and fees.
  • Sign and return your completed application. Consolidations are normally complete in approximately 6-8 weeks.
  • Continue to make payments to your current lender until you are notified that the consolidation is complete.
  • Receive your new repayment information in the mail.
Payment Options
  • Repayment begins approximately 30 days from the time your private consolidation loans is funded.
  • The repayment term is a maximum 30 year plan, regardless of private consolidation balance. You may choose one of several repayment options for your private loan consolidation with EdFed, and there is NO penalty for early repayment

    • Equal Payments: Standard payments are made according to principal and interest over a 30 year term. This equal payment option allows equal monthly payments over the life of the loan
    • Select 2/Graduated Payments: Allows for interest-only payments for the first two year of repayment. Beginning the third year, payments increase to level installments of principal and interest payments for the remaining life of the loan.
    • Select 5/Graduated Payments: Allows for interest-only payment for the first two years of repayment. During the third through fifth year, payments increase to include a portion of principal. Beginning the sixth year, payments increase to level investments of principal and interest payments for the remaining life of the loan
Tax Benefits
Consolidate your private education loans with EdFed and take advantage of tax benefits offered by the Federal Government.
  • By way of the Taxpayer Relief Act of 1997, the Government now permits individuals to deduct the interest paid on loans taken out to attend eligible educational institutions
  • Ability to deduct up to $2,500 in student loan interest. Taken as an adjustment to income, allowing the deduction regardless if you itemize deductions on Schedule A of your 1040.
  • Deductions phased out for taxpayers with adjusted gross incomes of $50,000 to $65,000 [single filers] and $100,000 to $130,000 [married filing jointly]. Taxpayers who are married but file separate returns are not eligible.
Deferment and Forbearance
  • EdFed does not offer deferment options at this time. Forbearance may be available on a case-by-case basis.

Apply online now -complete your application in just minutes.
Apply over the phone-contact us at (800) 821-5659 and one of our expert loan counselors will assist you with your application.

How EdFed Helped others!
EdFed astonished me with their array of repayment options. There were several different plans and also a variety of options for any obstacles that I might encounter. I was utterly satisfied with the selection.
- Carlos L.  Hartford, CT
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Student Loan Consolidation Info - How to Choose the Right Loan Company

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Education is one of the most basic right of any human, but with the increase in prices and the costs involved in education this has made these rights turn into a privilege which very few can enjoy. Any normal person today in the whole of United States has to take an education loan at one point of time to pay for their education fees.

read more
Schools Will No Longer Receive Paper FAFSA Forms
(September 20, 2007)

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One of the most common reasons college graduates hesitate to consolidate their federal loans is they do not understand the huge benefits of doing so. Browse this site to learn more about the benefits of consolidation.
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