WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.You will lose your rights under the federal loan programs once you choose to consolidate with a private lender.These circumstances are: Borrowers cannot consolidate private student loans with the federal consolidation loan programs.However, if you have private loans, you may want to think about consolidating these loans into a new private consolidation loan.Discover Card is serious about safeguarding your personal information online.When you access your account and perform transactions on the Discover site we use 128-bit-Secure Sockets Layer (SSL) encryption technology-the most widely used method of securing internet transactions available today.This may be a good idea if you want a single monthly payment.
(Click espanol to find a Spanish version of the on-line application). Be sure to meet the deadline for responding if you think there are problems with the consolidation or if you have decided you do not want to go forward.
Borrowers in default may also consolidate in certain circumstances.
Consolidation was previously available to borrowers while they were still in school. Congress also eliminated joint consolidation for spouses, effective July 1, 2006.
The interest rate must not exceed 8.25% for consolidation loans prior to July 2013.
However, the interest rate may be greater than 8.25% if your consolidation application was received on or after July 1, 2013.