Consolidation Loans
Apply for a consolidation loan after you leave school (or drop below half-time status). No matter where you may have gotten your federal student loans, UW Credit Union can consolidate your qualifying loans and save you money!
Even if you only have one student loan, you can still apply for a consolidation loan to lock in your interest rate.
Which student loans qualify for consolidation?
Students Save
With our generous benefits and flexible repayment terms, you can reduce monthly payments by up to 50%.
- Save 0.25% on the rate with automatic payments*
- No origination or application fees
*A minimum balance of $18,000 is required.
Students Benefit
- Make just one payment to one source
- Lock-in a low, fixed rate
- 15-day grace period after payment due date
Interest Rate
Your consolidation loan interest rate is determined when your loans are consolidated. This fixed rate is equal to the weighted average of the interest rates of all your loans being consolidated—rounded up to the nearest 1/8th of 1% but not exceeding 8.25%.
Log on to the Department of Education's National Student Loan Data System at www.nslds.ed.gov (using your FAFSA PIN) for balance information and other details about your existing student loans.
Locate the interest rates (current and historical) associated with loan disbursement dates.
Estimate your interest rate, as well as determine your monthly payment options using the Consolidation Calculator.
When to Apply
You can apply for a federal consolidation loan as soon as you leave school (or drop below half-time status). It may be to your advantage to apply during your six-month grace period after leaving school, depending on when you took out your student loans. Loans disbursed from July 1, 1995 through June 30, 2006 qualify for a reduced rate if consolidated during the six-month grace period.
If you're already repaying student loans, you can consolidate anytime. Please remember to keep making payments to your existing lenders until your consolidation loan is complete. (We'll notify you when this occurs.)
Repayment
Repayment begins shortly after you consolidate loans. If you'd like to delay your payments throughout your six-month grace period after leaving school, you can apply when you leave school and ask for your application to be held until right before your grace period ends.
Can I add to my consolidation loan once it's been made?
You may add eligible loans to your consolidation loan, provided you make the request within 180 days of the date the consolidation loan is made. You may also be eligible for a subsequent consolidation loan if you wish to consolidate your existing consolidation loans with at least one other eligible loan.
