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Reduce your monthly payments and combine your bills with a Federal Consolidation Loan from Academic Loan Group.
Learn More About
Who is Academic Loan Group?
Academic Loan Group is a loan provider authorized by the U.S. Department of Education to participate in the Federal Family Education Loan Program through an Eligible Lender Trust Agreement with Deutsche Bank.
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What is a Federal consolidation loan?
Federal Consolidation allows a borrower to combine all of their eligible student loans into a single loan with a fixed interest rate for the life of the loan. It also allows borrowers to extend their repayment terms, thereby lowering their monthly minimum loan payments.
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What does consolidation cost?
It's FREE! Consolidation is a FREE benefit you have with Federal loans. And you maintain your other Federal benefits; deferment, forbearance, and death and disability.
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What loans are eligible for Consolidation?
If you have at least one eligible loan borrowed through the Federal Family Education Loan Program or the Federal Direct Loan Program, you may be eligible for an Academic Loan Group Federal Consolidation Loan. These loans include:
- Federal Subsidized and Unsubsidized Stafford Loans
- Federal Direct Loans
- Federal Parent PLUS Loans
- Federal Grad PLUS Loans
- Supplemental Loans for Students (SLS)
- Federal Perkins Loans
- Federally Insured Student Loans (FISL)
- Health Professions Student Loans (HPSL)
- Health Education Assistance Loans (HEAL)
Please contact your Academic Loan Group loan consultant to verify your loan eligibility and discuss how we may be able to assist you with other types of student loans. 800.664.5339.
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Why Consolidate?
A Federal Consolidation Loan can help borrowers in numerous ways.
- It's FREE! - Federal Consolidation is a free benefit that comes with your Federal Loans
- Retain Federal Benefits - Retain your unused Federal benefits such as forbearance, deferment and death/disability insurance
- Lower monthly payments - Most education loans are issued with a maximum repayment period of 10 years. With a Federal Consolidation Loan, you can choose to extend the term of your loan up to as much as 30 years, depending upon your balance. This choice alone may lower your minimum monthly payments by as much as 45%.
- One fixed interest rate - Consolidation Loans come with fixed rates that never change and protect you when rates increase.
- One convenient payment each month - Make one payment instead of multiple payments to different lenders
- No penalty for early repayment - You may prepay your Consolidation Loan at any time without penalty
- Several repayment options - Academic Loan Group offers Level, Graduated, Income-Sensitive and Extended Payment Plans for repayment flexibility. Discuss the best plan for your needs with your personal loan consultant. 800.664.5339
- Better credit ratings - One lower payment to a single lender with a higher balance looks better on your credit report than multiple payments to multiple lenders and can improve your debt to income ratio.
- Simple loan application process - ALG makes applying for a Federal Consolidation Loan easy. And there are no credit checks or fees.
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How Do I Apply?
Call to speak with your personal loan consultant
Our friendly, professional loan consultants will help you sort out what's really going on with your student loan scenario. They'll help you understand what you're working with, outline your options and benefits, let you know if you're already in good shape and, most importantly, give you the information and tools to make the best decision for your future. What's more, they'll save you hours of time and thousands of dollars in the process. Call today. You'll be glad you did. 800.664.5339
Download an application or apply online.
Academic Loan Group makes it easy to apply for a Federal Consolidation Loan. Click here to download a printable copy of the Federal Consolidation Loan Application and Promissory Note. There is no fee or obligation for filling out the form. If you have questions regarding this loan, your eligibility or would like to accept assistance completing your Application and Promissory Note, please contact us. 800.664.5339
You can start the process of your Federal Consolidation Loan online here.
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How does the process work?
After you submit your Application and Promissory Note, it can take up to sixteen weeks to complete your Consolidation Loan. You will be notified, in writing, of critical steps along the way and when this process is complete.
PLEASE NOTE: You must continue to make your existing student loan payments while you are waiting to consolidate your loans. If you do not make these payments, you risk going into delinquency or default on your student loans, which can disqualify you from the consolidation program.
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How is my interest rate determined?
Here are some facts about the interest rate on your Consolidation Loan.
- Your Federal Consolidation interest rate will be calculated using the Federal government's formula. Your Consolidation rate will equal the weighted average of the interest rates on all of the eligible Federal student loans you choose to consolidate, rounded up to the nearest 1/8th of one percent, or 8.25%, whichever is less.
- Federal Consolidation Loans carry a fixed interest rate, so your rate will not change throughout the life of your loan.
- If you consolidate your variable-rate loans while in your grace period, your interest rate may be reduced by up to 0.60% more. Speak with your loan consultant to learn if you qualify. 800.664.5339
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What are my repayment options?
One of the benefits of Federal Student Loan Consolidation is that your repayment term may be extended so that your minimum monthly payment can be reduced. Although you are not required to do so, you can elect to extend your term from 15 to 30 years, depending on your loan balance. ALG gives you the flexibility to control the cost of your interest by offering you a range of repayment options. You can even pay off your loan early without penalty to reduce the total amount of interest you'll pay on your student loans. Your loan consultant will explain your repayment options to you so you can make the best choice for your needs. 800.664.5339
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How do my deferment and forbearance benefits work?
Deferment
You are eligible to defer payment on your Federal Consolidation Loan while you are:
- Enrolled at least half time at an eligible school
- Engaged in a full-time course of study in a graduate fellowship program
- Engaged in a full-time rehabilitation training program for individuals with disabilities (if the program is approved by the Department of Education)
- Conscientiously seeking, but unable to find, full-time employment (up to 36 months)
- Experiencing an economic hardship, as determined by Federal law, including service as a Peace Corps volunteer (up to 36 months)
If you are currently in deferment under one of the categories listed above, you will need to reapply for the deferment with your new loan servicer after consolidation.
Borrowers with older student loans may be eligible for additional deferments not listed above. If you believe you may be eligible for a deferment not offered with a Federal Consolidation Loan, you should consider the advantages and disadvantages of your particular loan situation before consolidating. Be sure to discuss your options and specific scenario with your loan consultant. 800.664.5339
Forbearance
Forbearance allows for suspended payments during a specified period of time due to financial difficulty, illness or other circumstances. Forbearance for these purposes is granted at the discretion of your lender.
You may be eligible for forbearance under the circumstances listed below:
- Serving in a medical or dental internship or residency program
- Serving in a national service position for which you receive a national service education award under the National and Community Service Trust Act of 1993. In some cases, accruing interest on a qualified loan will be paid by the Corporation for National and Community Service during the service period.
- Qualifying for partial repayment under the Student Loan Repayment Program, as administered by the Department of Defense
- Having a monthly debt burden for Federal student loans that collectively equals or exceeds 20 percent of your total monthly gross income (up to 36 months)
- Other administrative reasons at the discretion of your lender. Speak to your personal loan consultant to discuss your specific situation. 800.664.5339
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800.664.5339
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"I really appreciate your kindness beyond words... you are very good at what you do!"
- Holly B. (saving $9,243)
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Copyright © 2007 Academic Loan Group, LLC All Rights Reserved
An Authorized Provider in the Federal Family Education Loan Program Through an Eligible Lender Trust Agreement With Deutsche Bank
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