Program · Federal
Debt consolidation loan
A single lower-rate loan used to pay off multiple higher-rate debts. Reduces interest cost without affecting credit beyond a short-term dip from the hard pull.
Eligibility
- Credit score typically 660+ for competitive rates
- Stable income, manageable debt-to-income ratio
- Total debt usually under $50,000 for unsecured consolidation loans
Limits and rules
- New rate must actually be lower than your current weighted average, run the math
- Terms typically 3–7 years
- Unsecured: rates 8–18% depending on credit; secured by home: prime + 1–3%