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What is consolidating

Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. That loan is then serviced by the servicer of your choosing – of which Nelnet is one! Consolidating allows you to merge multiple eligible loans into a single loan.

If you would like to add other eligible loans, your servicer must receive your Request to Add Loans Form within 180 days from the date your Direct Consolidation Loan is completed (originated).

If you choose Nelnet to originate and service your Direct Consolidation Loan, you may request to add other eligible loans to it by completing the Request to Add Loans Form and send it to Nelnet via email Direct Loan [email protected], or mail to: Nelnet P.

Paying off more than one debt at a time is not uncommon.

But if you’re struggling to balance your debt repayments, debt consolidation may well be worth considering.

Debt consolidation is bringing all your existing debts together into one new debt, which can help you manage your repayments and give you a clearer picture of your financial future.

You typically do this by taking out a new personal loan to repay your other existing debts, and then paying this new loan back over a set term.

If you have three different credit cards with debts of, for example, ,000, ,000 and ,500, you’re likely to also have three different interest rates and to be making three different repayments at different times each month.

This can feel overwhelming and complicate managing your cash flow.

The interest rate on one card may be significantly higher than the others – and if the highest rate is on the card with the ,500 debt, you could be paying plenty each month just to cover the interest, let alone paying down the debt itself.

One option you have to consolidate your debts is to take out a single personal loan to pay off each credit card and any outstanding interest.

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