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A loan consolidation combines one or more eligible educational loans into a single new loan. The Direct Loan Program offers a Direct Consolidation Loan for those borrowers who are interested in consolidating their eligible educational loans.

Students have the option to consolidate their Federal Student Loans and lock in a fixed interest rate by consolidating multiple student loans into a single loan once they finish school; however, loan consolidation is not a one-size-fits-all option. There are lots of things to think about and consider before jumping into consolidation. Don't feel rushed into anything.

Prior to consolidation you will need your complete borrowing history. You can retrieve this information from the National Student Loan Data System by visiting their website and selecting "Financial Aid Review" (FAFSA PIN required).

Guarantee agencies are a good place to start and familiarize yourself with the aspects of consolidation. Listed below are links to our Guarantors and Direct Loan Servicing loan consolidation programs. Use these resources to perform your own comparisons and see which consolidation program will work for you. Please thoroughly research any lender with whom you choose to consolidate.




Direct Loan Servicer

Great Lakes


Loan Forgiveness and Cancellation

There are multiple loan forgiveness and cancellation programs available for students that meet certain criteria.

Educators in some fields are eligible for up to $17,500 in loan forgiveness and teachers who teach in low-income schools for at least 5 years and meet other requirements are eligible for $5,000 off their federal student loans.

The Public Service Loan Forgiveness Program was created to encourage individuals to enter and continue to work full-time in public service jobs. Under this program, you may qualify for forgiveness of the remaining balance due on your eligible federal student loans after you have made 120 payments on loans under certain repayment plans while employed full time by certain public service employers.

If you received a Perkins loan from PSU, and are now an educator, you may qualify to have some of your loan canceled.