FAQ - Loans (Consolidation)

What is loan consolidation?
- Loan consolidation is a program that allows borrowers to combine multiple educational loans into a single, new loan.
What are the benefits of loan consolidation?
- Loan consolidation may make loan repayment easier by allowing a single, monthly repayment, by providing an extended repayment period, and by setting a fixed interest rate. More details on the benefits of loan consolidation can be found on StudentAid.gov's FAQ.
Who might benefit from loan consolidation?
- If you have borrowed a loan amount of $7,500 or greater and if who have loans from multiple sources, you may benefit from loan consolidation.
Who should I contact for information on loan consolidation?
- If you want more information on loan consolidation, you should contact your loan guarantor or loan servicer. You can also check out StudentAid.gov's Information on Consolidation for an overview.
Does the Financial Aid Office consolidate loans or recommend someone who does?
- The Financial Aid Office does not consolidate loans. We recommend that all borrowers first check with the agency who has serviced or guaranteed your loan.

Western Illinois University