Loan Consolidation

If you’re a Stevens graduate student repaying multiple student loans, you may want to consider loan consolidation to simplify your monthly loan payments. Learn more about the pros and cons of loan consolidation below.

Consolidating Your Federal Student Loan

If you have more than one federal loan from the Department of Education, such as loans from your undergraduate education as well as loans for your Stevens graduate program, you can consolidate them into a single loan, called a Direct Consolidation Loan. Under this program, your old loans are paid off and the Department of Education issues you a new loan. There are pros and cons to consolidation, so be sure to review all of the official information in order to decide what’s right for you.The advantages of loan consolidation may include:

  • Lower your monthly payment

  • Extend the length of your loan repayment period to up to 30 years

  • Access loan repayment plans that might not have been previously available to you

  • Switch your variable interest loans to a fixed interest loan

Disadvantages of loan consolidation may include:

  • Paying more interest over time with a longer repayment period

  • Losing certain benefits from the terms of your original loan, such as interest rate discounts, principal rebates or loan cancellation benefits

For full information on Direct Consolidation Loans, visit or call the Loan Consolidation Information Call Center at 1-800-557-7392 before you apply.

Consolidating Your Private Student Loans

Options also exist for consolidating your private student loans. Your private loans cannot be consolidated with your federal loans, and the low interest rates that apply to federal loans are not available for private loans. You may, however, be able to obtain a lower interest rate for your private loans through consolidation if your credit rating has changed significantly since you first obtained the loans. For more information about consolidating private student loans, visit our school's Historical Lender List, and select Private Consolidation to see different options. You may also wish to research consolidation at