Financial Aid & Scholarships

Federal Loan Consolidation

Consolidation combines multiple federal student loans into a single loan with one monthly payment; this payment can be significantly lower than the payment required otherwise.

A Consolidation Loan pays off the existing federal student loans; the borrower then repays the Consolidation Loan. Most federal student loans are eligible for consolidation, including:

  • Subsidized & Unsubsidized Federal Direct and Federal Stafford Loans
  • Federal Graduate PLUS loans
  • Federal Perkins Loans
  • Health Professions Student Loans
  • Federal Parent PLUS loans.

Consolidation Loans are available through the FFEL (Federal Family Education Loan) program and the Federal Direct Loan Program. Both allow the borrower to combine different types and amounts of federal student loans to simplify repayment.

Remember, once made, consolidation loans can't be unmade because the loans that were consolidated have been paid off and no longer exist. So, make sure to research your consolidation options before you apply.

Private Loan Refinancing

If you borrowed to pay for college, it is important to remember that student loans have to be repaid.  Refinancing is one option to consider as you begin repayment.

Refi loans combine all your private student loans and possibly federal student loans into one loan and one payment with an interest rate based on your current situation.  This option may reduce the amount you pay and/or provide a more manageable monthly payment amount. 

Please Note: If you combine federal loans with private loans, make sure you

clearly understand any impact to losing federal loan repayment benefits.


Refi Option


INvestEd works with Indiana families to help them make responsible decisions in the refinancing process and offers refinancing options designed specifically for Indiana residents.  To learn more about the INvestEd Refi Loan click here, or apply here now.

Important information as you consider refinancing:

      • Identify all your current loans (lender, servicer, type of loan, type of interest rate, borrower benefits, repayment options, etc.)
      • Understand that you may need a cosigner to refinance your loans
      • Refinancing is not always the best solution, so review the possible rates and overall costs to determine if this is the right choice for you.


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Thank you so much for your interest in IU East! Please feel free to contact us with any questions at or (765) 973-8208.
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