What is consolidation?
Federal student loan consolidation is a loan you can borrow to combine your existing eligible federal student loans into a single loan. When you apply for a Federal Consolidation Loan, you are taking out a new loan to pay off all or a portion of your original eligible federal student loans. The Federal Consolidation Loan has a fixed interest rate and a repayment term of up to 30 years – depending on the total amount of your student loan debt. • FEDERAL LOAN CONSOLIDATION is an option that MAY help you manage repayment of your federal student loans, particularly if you have loans with variable interest rates. • Consolidation may NOT be right for you if you only have loans with fixed interest rates. • You may be able to save money (monthly amount and overall amount repaid) if you do NOT consolidate your fixed rate loans.
Consolidation begins the day after Room Change Week. Sometimes students find themselves looking for a new roommate because their roommate was a no-show or moved out during Room Change Week. If this situation happens to you, you will be given a list of other students without roommates and an opportunity to meet with them. After meeting with the other students, you can choose to move to a new room, have someone move into your room, or declare a private room (if space is available). To declare a private room, you must sign a contract for a private room, and your rent will be charged at the private room rate. You can obtain private room rate information by calling 662-325-3555 or clicking on the Housing Costs tab at the top of this page. After seven days, students who have not found a roommate or declared a private room will be consolidated based upon priority.
