Frequently Asked Questions
Have a question? You just may find the answer here.
Consolidation
Loans
StudentFirst’s consolidation loan FAQ
How long does it take to apply?
StudentFirst offers multiple ways to apply and is a 1 Step Application. You may complete an application online or call one of our student loan advisors to walk you through the process. We offer Electronic Signature to also expedite the process.
Why consolidate my student loans?
- Save Money – Reduce monthly payments by as much as 60%
- Ease - make monthly bill paying easier with one payment to one lender.
- Lock in your rates - a StudentFirst Federal Consolidation Loan is fixed for the life of the loan. Federal Stafford Subsidized and Unsubsidized Loans have adjustable interest rates that are adjusted annually.
- Consolidation will help your credit scores and debt-to-income ratio, both key factors if you’re looking to purchase or refinance a home.
How is the interest rate determined?
All rates are the same, the only difference are each lenders benefits packages. The interest rate is determined by taking a weighted average of the interest rates on all loans to be consolidated and rounding up to the nearest 1/8 of a percent of 8.25%, whichever is less. Then the final rate is calculated by deducting the benefit reductions from this number.
How do I apply?
StudentFirst makes it simple. Call a StudentFirst Student Loan Advisor
at
(866) 278-7283 or begin the application process online in
a few easy minutes.
What is a StudentFirst Consolidation Loan?
Loan consolidation refinances multiple loans into one new loan with generally more favorable repayment terms, monthly payments, and interest rates.
How long does it take to fund my StudentFirst consolidation loan?
Processing times vary for a consolidation loan but is
between four to eight weeks. Until your loan is
processed, you must continue to make payments on your
existing loans if you are not in deferment, forbearance,
or the post-school grace period. You will receive a
statement reflecting your first payment due within 60
days of disbursement.
Repayment options
- Standard repayment: Your monthly payment amount is fixed over the life of the loan.
- Graduated repayment: Your monthly payments start low and increase by roughly 5-7% (monthly payment, not rate) every 2 years.
- Extended repayment: Allows you to repay your consolidation loans over a 25-year period under a standard or graduated repayment schedule.
- Income-sensitive repayment: Income based amortization schedules and fluctuates with changes in your income.
Can I select the type of repayment plan?
Yes.
Is there a minimum monthly payment?
Your monthly payment must be at least $50, under federal rules governing the standard repayment plan.
Can I switch to another repayment plan later?
Yes. You can switch from one repayment plan to another at no extra cost or penalty. All it takes is a phone call to StudentFirst we will be able to assist you.
What are my deferment benefits?
- In school (full time or at least half time)
- Graduate fellowship
- Rehabilitation training
- Unemployment
- Economic hardship
Can I get forbearance for a consolidation loan?
Yes.
What loans are eligible for consolidation?
- Federal Subsidized and Unsubsidized Stafford loans
- Direct Subsidized and Unsubsidized Stafford loans
- Federal PLUS loans
- Federal Direct PLUS loans
- Federal Supplementary Loans for Students (SLSs)
- Federal Perkins loans
- Federal Nursing Student Loans (NSLs)
- Health Professions Student Loans (HPSLs)
- Health Education Assistance Loans (HEALs)
- Consolidation loans
- Federal Direct Consolidation loans
What is minimum balance required to consolidate?
StudentFirst requires a minimum balance of $10,000.
Are there any costs?
Absolutely not. StudentFirst does not charge any origination fees or prepayment penalties.
