LOAN PROCESS

Loan Process - Federal Student Loan Consolidation
Please note that ScholarPoint is not offering a Federal Consolidation Loan at this time.
ScholarPoint is the ideal place to consolidate your federal student loan online. We designed our technology platform to provide you with the most simple, instant and complete online student loan experience. As a national direct education lender we handle every step involved with funding your loan, so you never have to deal with anyone else from application to disbursement.Get Started Consolidating Federal Student loans with ScholarPoint.
Your online application will take about 10-15 minutes to complete. Once you sign electronically (E-sign) you are finished and we start the steps to get your loan ready for funding. It's that easy! Other student loan lenders may say they're fast, however they only collect your personal information in order to send you a long paper application - which can add weeks or sometimes months to the time it takes to get your student loan funded.
After You Apply
ScholarPoint's mission is to make federal student loan consolidation easier for you. We will post the status of your application to your online account and send you regular emails to keep you informed. Our innovative system allows you to the track up-to-the-minute status of your loan in a private and secure online environment.
Funding
It takes 4-6 weeks to complete processing and fund your new consumer direct consolidation loan. Your new consolidation interest rate will the lowest federal base rate available on the date you completed the online application. Once your loan is funded, we will post a disclosure statement on the My Account page that provides your official loan terms. The My Account page is only available to borrowers who have started an application.
During or just after funding, your loan will be transferred to one of our funding and servicing partners. These ScholarPoint partners assume ownership and loan servicing responsibilities for your loan, and you will be notified of this transfer by ScholarPoint and our partner. Any ScholarPoint loan transferred to another party maintains the rates and benefits offered through ScholarPoint. We are available to answer any questions you may have about this part of the process.
Grace Period Hold Requests
When you apply, you can request that we hold your application until the end of your Grace Period. If you are in your Grace Period and have Stafford loans, you may be receiving an interest rate that is 6/10th less than what it will be when in repayment. If you have Subsidized loans, the government is paying your interest. When you consolidate at the end of your Grace Period, you will receive the lowest rate possible and still have the government pay your interest for the longest possible time.