This means you can shop around for a lender that offers a lower rate or better discounts. Each lender will have their own criteria, such as a minimum balance before they will consolidate your loans.

The lowest limit is generally around $5000 - $7,500.

The Federal Direct Consolidation Loan program has no minimum balance for consolidation loans.

Lenders MAY NOT discriminate against borrowers who seek consolidation loans on the basis of number/type of student loans, type/category of educational institution, the interest rate on the loans, or the type of repayment schedule sought by the borrower.

Main Providers of Loan Consolidation Schemes

The main student loan service providers include:

NextStudent Federation Loan Consolidation Scheme

USA Funds - education-loan guarantor, linking colleges, universities, private career schools, private lenders, students and parents to promote financial access to higher learning. Main program is the Federal Family Education Loan Program.

Sallie Mae - a leading provider of student loans.

Student Aid On The Web - an office of the U.S. Department of Education, to ensure that all eligible individuals benefit from federal financial assistance—grants, loans and work-study programs—for education beyond high school.

eduPASS - information for international students who are thinking about pursuing an undergraduate, graduate, or professional education in the United States.

IEFA - resource for financial aid, college scholarship and grant information for US and international students wishing to study abroad. Their site provides a comprehensive college scholarship search and grant listings plus international student loan programs and other information to promote study abroad.

International Student Loan.com - owned and operated by Envisage International Corporation. See ISL Better Business Bureau profile

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Remember to compare both the student loan consolidation program and the student consolidation loan rates.

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