Federal Consolidation Loans

What if I'm still in school?
You can consolidate your federal student loans while in school although it depends on the status of the loan(s). Loans must be in their grace period or in repayment to be eligible for consolidation. As such, Federal Stafford and Federal Direct Loans that have an in-school status cannot be consolidated. However, Federal PLUS Loans enter repayment as soon as they are fully disbursed. Although you may be in school and your PLUS Loan may be in an in-school deferment status, it is eligible for consolidation while you are in-school.


Is a credit check performed on a federal consolidation student loan application?
No, a credit check is not performed for an Access Group Federal Consolidation Loan. Credit checks are not required to obtain an Access Group Federal Consolidation Loan, nor will an inquiry be recorded on your credit report.


When is the best time to consolidate student loan debt?

There is no single best time to consolidate student loan debt because there are several things you will need to consider.

How can I locate information about my federal student loan debt?
The best way to gather information about your student loan debt is by contacting the companies that service your student loans.

Are there any application fees for federal student loan consolidation?
No, there are no application or other fees for the Federal Consolidation Loan.

What is the minimum loan amount and/or number of loans that must be consolidated?
Current federal regulations require that you consolidate at least one eligible loan when applying for a Federal Consolidation Loan, but there is no defined minimum loan amount. Individual lenders, however, may impose a minimum loan amount to be consolidated in order to participate in their program. Access Group does not have a minimum loan balance requirement. Therefore, any amount of your eligible federal student loan portfolio can be consolidated through Access Group.

How long does it take to apply for and obtain a Federal Consolidation Loan from Access Group?
The Federal Consolidation Loan application process takes up to 90 days from the date your completed application is received by the Access Group Loan Servicing Center.

What happens to my Federal Consolidation Loan application once it is received at the Access Group Loan Servicing Center and how long does each step take?
1. When an online application is completed, the Servicing Center generates Loan Verification Certificates (LVCs) immediately and mails them to the current holders of each of your loans.

LVCs are used by the loan holders to confirm the outstanding balance due on each federal loan being consolidated. The amount of time it takes to receive the LVCs varies, depending on the responsiveness of the loan holders. While a maximum of 10 business days upon receipt is legally mandated, in practice most loan holders typically take at least 10 to 30 business days to complete and return these forms.

2. When the signed application is received, it is reviewed for completeness and approval (normally 5-7 business days). If it is a paper application, or if an additional lender/loan has been added by hand to an online application, the necessary LVCs are generated and mailed at this time. The applicant will be contacted if more information is needed or if there are any problems in processing the application.

3. After all LVCs are returned and processed, the fixed interest rate is calculated and the Disclosure Statement for the Federal Consolidation Loan is prepared (up to 3 business days).

4. Checks are issued to each of the current loan holders to pay off the outstanding loan balances plus any accrued interest (up to 5 business days).

5. When the consolidation loan is issued, the borrower will receive the Disclosure Statement.

Please Note: You should continue to make payments on existing federal student loans until notified that the Federal Consolidation Loan has been issued.

In general, if your signed application and all LVCs are returned promptly, the entire process can be completed in 30 to 45 days. Online applications speed up the process, because the Servicing Center can send LVCs immediately without waiting to receive the signed application. Also, applications with Access Group as the only lender can be processed more quickly than those with multiple lenders.

Any applicant who has not received any information about the consolidation loan after 30 to 45 days may call the Access Group Loan Servicing Center at 888-250-6401 for a status update.

What if I forget to include all my federal loans when I submit my Federal Consolidation Loan application?
You can add eligible existing or new loans to the Federal Consolidation Loan for up to 180 days following the issue date.

The new loans will be added at the rate in effect when you request add them, not the rate in effect when you first submitted your application, and the weighted average interest rate on your loan will be recalculated.

Q. I have loans that were not listed on my Federal Consolidation Loan application. Can I add them?

A. You should carefully review the application we send you for completeness. If there is anything missing or incorrect, please handwrite the changes on the paper application and initial them. If there are loans missing from section D, please list them in either section D.1 (loans you would like to consolidate) or section D.2 (loans you do not want to consolidate). Please note, only eligible federal loans can be consolidated with a Federal Consolidation Loan. Private loans can be listed in section D.2 so that we may consider the length of repayment, however, they cannot be consolidated with this loan.

Q. I applied online. How long do I have to review, sign, and return my online application?

A. You have 45 days to review, sign, and return your online application. If we do not receive your completed application within this window, it will be considered invalid and you may have to reapply.

Q. I haven't received a copy of my application yet. What should I do?

A. Please allow 4-6 weeks to receive your application by mail. If you received a notice from Access Group indicating that you should have received your application by now, it may have been lost in the mail. To order a reprinted copy of your application, please contact Access Group's Loan Servicing Center at 888-250-6401 M-F from 9 a.m. until 8 p.m. ET.