List of Consolidation Loan Lender Partners

About Our Lending Partners

These are our Lending Partners as selected through a competitive process following a Request For Proposal (RFP) through the FIU Purchasing and Procurement Office.

We encourage you to research these Lenders when deciding who you will borrow from. The Lenders were selected on the basis of best service in processing, lowest cost and customer service.

If you wish to use a Lender not on our Lending Partner list, please apply directly with your chosen Lender

Student Loan Consolidation

When it’s time to repay your student loans, you can simplify the process of making your monthly payments by consolidating your loans. The Federal Consolidation Loan allows you to combine your existing federal student loans into one new loan. Only loans in grace or repayment status are eligible for consolidation.

If you have federal loans with multiple lenders, you can consolidate them with one lender and have the convenience of just making one payment each month.

But convenience isn’t the only advantage to consolidation! Consolidating student loans can be a smart financial move, also. If you’re considering loan consolidation, watch for periods when interest rates are low so that you can consolidate your variable rate federal loans at a lower fixed interest rate for the life of your loan.

The interest rate on a Federal Consolidation Loan is calculated using the weighted average interest rate of loans consolidated, rounded up to the nearest 1/8%, or 8.25%, whichever is less.

Sometimes, when you consolidate your loans, the loan term may be extended which could allow for lower monthly payments and an improved cash flow.

When it’s time to select a lender for your student loan consolidation, you have the freedom to choose any lender you like. It’s a good idea to look for a lender with a solid reputation and one with plenty of student loan experience. If all your existing loans are with one lender, you may want to first consider consolidating your loans with that lender.

Be sure you make an informed decision before you consolidate. Once you consolidate, you forfeit any benefits you may have had with individual federal loans and you cannot take the loans out of consolidation.

Ask the lender these questions to help you decide:

When should I consolidate my federal student loans?
What are the advantages of a consolidation loan?
Are there disadvantages to loan consolidation?
Will I lose my grace period if I consolidate right after graduation?
What are my maximum repayment term and my monthly payment if I choose to consolidate?
What is the minimum loan amount I can consolidate?
What other payment options are available that may meet my need of creating a more affordable monthly payment without consolidating?
Will I lose my repayment incentives on my current loans once I consolidate?
What benefits or incentives will I receive if I choose to consolidate?
Will the loan be sold if I decide to consolidate? To whom?
Who will service the loan if I decide to consolidate?

Note: Consolidation is a process conducted between you and your lender. FIU is not involved in the process. Please direct all your questions to your lender.

Click on the lender logo or web address to research additional information and apply online.

Lender	Code	Key Features — Federal Consolidation Loan
Edamerica 1-866-435-2473 www.edamerica.net	831453	25% interest rate reduction with auto-debit 1.00% interest rate reduction with 36 on-time payments Convenient online application and e-signature process at www.edamerica.net/consolidation One point of contact for the life of the loan; your loan will not be sold
SunTrust 1-866-4CONSOL (426-6765) www.nelnet.net/consolidation	824135	Choose one of the following repayment options 3.3% principal loan reduction to be applied after 30 initial, regular, on-time payments when an application is electronically signed; maintain valid email address to be eligible OR 0.25% interest rate reduction for making auto-debit payments 1% interest rate reduction after 36 initial, regular, on-time payments $7,500 minimum loan amount
Citibank 1-800-967-1700 www.studentloan.com/consolidate	826878	Receive a 0.25% interest rate reduction with our E-Z Pay plan Receive a 1.00% interest rate reduction after your first 36 consecutive monthly on-time payments Manage your student loan account online www.studentloan.com. You can view your account and make changes, choose a repayment option, and make payments – all online. Life-of-loan servicing
Wells Fargo 1-800-658-3567 www.wellsfargo.com/student	807176	1% interest rate reduction after making the first 36 consecutive on-time monthly payments 0.25% interest rate reduction when Wells Fargo automatically withdraws the monthly payment from a checking or savings account No minimum loan amount Apply for loan and sign your MPN online Life-of-loan servicing
Academic Finance Corporation (AFC) 1-877-AFC-4322 www.afclending.com	833864	0.25% interest rate reduction for auto-debit payments (ACH) 1% interest rate reduction after 36 on-time payments Other incentives may be available to qualified borrowers
Wachovia Education Finance 1-888-953-4987 www.wachovia.com/education	830005	0.25% interest rate reduction after borrower signs up for automatic payments from a bank account 1.25% interest rate reduction after borrower makes 24 payments on time
Access Group 1-888-250-6401 www.federalconsolidation.org	808851	1% interest rate reduction applied after the first 36 consecutive payments are made on-time 0.25% interest rate reduction for borrowers woh authorize automatic monthly payments Single statement billing for borrowers with Access Group private loans to make repayment easier No minimum loan amount required
Student Loan Xpress 1-888-274-0398 www.slxcaploan.com	823584	Get a fixed interest rate as low as 6.75%! Cut your monthly payments by as much as 52%—or more Pay no penalty for early repayment Reduce your monthly bill-paying paperwork If you're like most borrowers, you keep all deferment and forbearance benefits for federal student loans No credit check, no co-signers needed and no fees Get answers to all your student loan questions from a single source
Bank of America 1-800-334-8382 www.bankofamerica.com	824421	0.25% interest rate reduction for borrowers who have their loan payments made with automatic debit. 1.00% interest rate reduction after 36 consecutive, on-time payments.