Eligibility

The anticompetitive “single holder” rule which limited a student’s choice of lenders for consolidation was repealed effective June 15, 2006 by the Emergency Appropriations Act of 2006. By law you may obtain a Consolidation Loan to pay off your Federal student loans regardless of the lender your loans were made, serviced, or is being held by including Direct student loans made by the U.S. Department of Education through your school.

You are Eligible to Consolidate Your Loans with the EAS Loan Consolidation Program if you:

• Are in the grace or the repayment period
  
• Do not have another consolidation loan application pending and
  
• Have not previously defaulted on a FFELP or Direct Stafford and/or PLUS loan and/or Consolidation loan.
  

Loan Types Eligible for Consolidation:

• Federal Subsidized and Unsubsidized Stafford Loans
  
• Federal Direct Subsidized and Unsubsidized Loans
  
• Federal Supplementary Loans (SLS)
  
• Federal Perkins Loans
  
• Federal Nursing Student Loans (NSL)
  
• Health Professions Student Loans (HPSL)
  
• Health Education Assistance Loans (HEAL)
  
• Federal PLUS Loans
  
• Federal Direct PLUS Loans
  

Unfortunately, with the enactment of the Deficit Reduction Act of 2005 which became effective July 1, 2006, “In-School” and “Reconsolidation” was eliminated.

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