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If you have Perkins loans, think twice before consolidating them; you’ll lose access to Perkins loan cancellation if you do.
Federal loan servicers are private companies that manage federal loans for the Department of Education.
[Back to top] Applying for consolidation takes most borrowers less than 30 minutes, according to the Federal Student Aid website.
It is worth noting that newer versions of the most commonly used credit scoring models will ignore paid or settled collections entirely when calculating your credit scores.
And however the balance was eliminated — whether it was you paying it in full or settling the debt — the newer scoring models still ignore them.
You can choose one of four servicers for your new direct consolidation loan: Fed Loan Servicing, Great Lakes Educational Loan Services Inc., Navient and Nelnet.
If your loans are already with one of those servicers, you can stay or choose a new one.