Q & A's

Questions and Answers about Loan Consolidation

Q. What is loan consolidation?
A. Loan consolidation is a program that allows borrowers to combine multiple educational loans into a single, new loan.

Q. What are the benefits of loan consolidation?
A. Loan consolidation may make loan repayment easier by allowing a single, monthly repayment, by providing an extended repayment period, and by setting a fixed interest rate.

Q. Who might benefit from loan consolidation?
A. Borrowers with loan amounts of $7500 or greater and those who have loans from multiple sources.

Q. Who should I contact for information on loan consolidation?
A. You should contact your loan guarantor or loan servicer. Most borrowers at Western have loans guaranteed by the Illinois Student Assistance Commission (ISAC) and serviced by either NelNet or Sallie Mae. Contact numbers are:

Q. Does the Financial Aid Office consolidate loans or recommend someone who does?
A. No. We recommend that all borrowers first check with the agency who has serviced or guaranteed your loan.

Q. What should I ask when inquiring into loan consolidation?
A. Start by asking if loan consolidation would benefit you and when is the best time to consolidate.

Check out Nelnet's Consolidation Loan calculator and U.S. Department of Education Information on Consolidation.