combining your outstanding private education loans into one loan

EdFed private loan consolidation means combining your outstanding private education loans into one loan, including private loans used to cover educational expenses such as tuition, housing and/or other educational expenses. This is in addition to already consolidated private educational loans. Consolidating your private educational loans with EdFed allows you to lower your monthly payment significantly by lengthening the term of your loans, while receiving a low variable interest rate. This is possible even if your private educational loans are held by more than one lender or are of different types.

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Eligibility
Eligibility to consolidate private educational loans with EdFed is based on the following criteria:
Be at least 21 years old at the time of application
Have a minimum of $7,500 in US issued private educational loans
Are in repayment status of private education loans at the time of application
Have good credit standing
Are a US citizen or permanent resident (eligible non US citizen)
Benefits
With EdFed, consolidating private educational loans permits several benefits.
Simple repayment terms
Low, variable interest rate
No penalties for prepayment
One low convenient monthly payment to one lender rather than various monthly payments
EdFed offers personalized and friendly customer service. With EdFed, you work with one loan consultant throughout the process of consolidating your private educational loans.
Process
The process of consolidating your private educational loans is made simple and fast with EdFed.
Begin an application either online or over the phone to receive an instant credit decision, interest rate information, and fees.
Sign and return your completed application. Consolidations are normally complete in approximately 6-8 weeks.
Continue to make payments to your current lender until you are notified that the consolidation is complete.
Receive your new repayment information in the mail.
Payment Options
Repayment begins approximately 30 days from the time your private consolidation loans is funded.
The repayment term is a maximum 30 year plan, regardless of private consolidation balance. You may choose one of several repayment options for your private loan consolidation with EdFed, and there is NO penalty for early repayment


Equal Payments: Standard payments are made according to principal and interest over a 30 year term. This equal payment option allows equal monthly payments over the life of the loan
Select 2/Graduated Payments: Allows for interest-only payments for the first two year of repayment. Beginning the third year, payments increase to level installments of principal and interest payments for the remaining life of the loan.
Select 5/Graduated Payments: Allows for interest-only payment for the first two years of repayment. During the third through fifth year, payments increase to include a portion of principal. Beginning the sixth year, payments increase to level investments of principal and interest payments for the remaining life of the loan
Tax Benefits
Consolidate your private education loans with EdFed and take advantage of tax benefits offered by the Federal Government.
By way of the Taxpayer Relief Act of 1997, the Government now permits individuals to deduct the interest paid on loans taken out to attend eligible educational institutions
Ability to deduct up to $2,500 in student loan interest. Taken as an adjustment to income, allowing the deduction regardless if you itemize deductions on Schedule A of your 1040.
Deductions phased out for taxpayers with adjusted gross incomes of $50,000 to $65,000 [single filers] and $100,000 to $130,000 [married filing jointly]. Taxpayers who are married but file separate returns are not eligible.
Deferment and Forbearance
EdFed does not offer deferment options at this time. Forbearance may be available on a case-by-case basis.