Graduating with Student Loans Part III – Consolidating Loans

If you have decided that consolidation is right for you.  It is important to understand that you can consolidate your student loans for free. One of the biggest scams in student loans are companies that consolidate your federal student loans for you and charge you a fee.  These companies charge $200, $400, or even up to $800 to consolidate your federal student students.  Depending on your student loan payment each month that could be several months worth of payments.

Most federal student loan can be consolidated together.  The most common type of federal student loans are the Subsidized Federal Stafford Loan, Unsubsidized Stafford Loan, Perkins Loans and Graduate PLUS Loans. Loans from your undergraduate and graduate programs can all be consolidated together as well.  Consolidating your federal student loans is easy and free.  It can be done online at

There are five sections to the loan consolidation application process.

1. Choose Loans & Servicer
2. Repayment Plan Selection
3. Terms & Conditions
4. Borrower & Reference Information
5. Review & Sign

But wait! We haven’t talked about selecting your repayment plan. Do not consolidate yet! Our final part in this series is going to discuss student loan repayment options. Generally, you will want to wait until after you have graduated but before your grace period has expired to consolidate.  The grace period on your Stafford Loans is 6 months and Perkins Loan is 9 months and it is a period where you do not pay on your student loans.  Look for our final part in this series next week.

If you have not already, sign up for SALT to learn more about student loans, scholarship opportunities, and other money matters topics at  Join us next week as we discuss your student loan repayment options!


Graduating with Student Loans Part II — Is consolidation right for you?

Welcome back for part II of Graduating with Student Loans.  In our first part, you explored where to find your student loan information in order to know your overall student loan debt and who services your student loans. If you missed the Part I, check it out here.  During this part, we are going to […]

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Graduating with Student Loans? — Part I – Where are your student Loans


  Graduation is coming up soon.  Do you know if you have any student loans?  Join us over the next few weeks to learn about where to find your student loans, how to consolidate your student loans and how to select the best repayment option for you.  If you are not graduating this semester, it […]

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Academic Scholarship Application Available for 2015-2016

The 2015-2016 scholarship application for Washburn University now is available online. Login at this site using your MyWashburn username and password. Select the “Academic Scholarship Application.” Also select any other applicable scholarships previously received, located in the scholarship section on the application. February 15, 2015 is the priority deadline for this application. Any application received after this date […]

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Updated Regulation on Financial Aid Disbursements

Greetings from the Financial Aid Office, The Financial Aid Office would like to provide all Washburn University students with an update on how Federal Direct Student Loans will be disbursed in the future as not all Federal Direct Student Loans will be disbursed immediately at the beginning of a semester.  Traditionally, Federal Direct Loans were […]

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2014-2015 Federal Stafford Loan Interest Rate Change

Effective, July 1, 2014, the interest rates for the Federal Stafford Loans have changed. The table below provides interest rates for Direct Loans first disbursed on or after July 1, 2013. Perkins Loans (regardless of the first disbursement date) have a fixed interest rate of 5%. Interest Rates for Direct Loans First Disbursed on or […]

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Heads Up, Students: You Could Win $500

Sweepstakes Details First things first: Have you set up your SALTTM account yet? Your school got you free access! Once you’re registered at, all you have to do is complete a My Money 101TM module or SALT lesson. There are 13 different money lessons to choose from, so you can earn up to 13 chances […]

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Scholarship Renewal Criteria

Applied for your academic scholarship renewals? Do you remember your renewal criteria? Listed below is the renewal requirement for Washburn University Academic Scholarships.  Washburn Academic Scholarship Initially awarded in the 2011-2012 School Year—You must successfully complete 24 hours between the fall 2014 and spring 2015 semesters and maintain at least a 3.0 cumulative GPA.  Please […]

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SALT Ambassadors Wanted!

 Washburn University’s Financial Aid Office is looking for 6 – 7 excellent students to be members of our SALT Ambassador Program. What’s SALT? SALTTM is a program that helps give students money skills for life. SALT helps you track and manage student loans, get free financial advice, find scholarships, jobs, and internships, and plenty more. […]

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Financial Aid — and YOU!!!

Ever wonder what Sockabod and Danny Funk, the Washburn University’s Scholarship Coordinator, would be doing during this month if it was the 1940’s? Check it out on YouTube: Don’t forget the priority submission date is February 15, 2014.

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