How to Reduce Student Loan Debt Consolidation

Many students have thousands of dollars in student loans to repay after graduation.

Many college and technical school students are only able to afford tuition and other expenses associated with schooling thanks to their ability to take federal student loans. Although these loans can be beneficial for students, there comes a time after graduation when loan recipients must begin to pay back the money they borrowed. Those who took out loans over several years may seek ways to reduce student loan debt through consolidating their loans. Consolidating loans often brings lower interest rates.

Instructions

1. Access the U.S. Department of Education's "Borrower Services" debt consolidation site and start the online Application and Promissory Note Web form for loan debt consolidation.

2. Gather your student loan documentation and fill out the form. Click "Submit" when completing the form.

3. Print, sign and mail the Promissory Note. You should mail the Promissory Note to:

   U.S. Department of Education
   Consolidation Department
   P.O. Box 242800
   Louisville, KY 40224

4. Request a PIN on the "Apply for a PIN" page if you do not yet have one.

5. View your application status on the "View Application Status" page. You are responsible to pay on all loans you have until you receive word that your loan consolidation has been approved.

6. Retrieve your submitted and e-signed promissory note and other documentation from the "Retrieve Your Promissory Note" page. File away the documentation for future reference.

References

• U.S. Department of Education: Borrower Services

Resources

• U.S. Department of Education: Apply for a PIN
• U.S. Department of Education: View Application Status
• U.S. Department of Education: Retrieve Your Promissory Note
• U.S. Department of Education: Get Started