Education Consolidation Loan

Have existing private student loans?

Simplify the repayment of your private student loans with the Education Consolidation Loan. Save time, paper, and the hassle of shuffling through various statements by combining existing private student loans into a new loan with one simple payment. You could potentially reduce your payments with competitive interest rates.


About the program:

  • Recommended for primary members who are no longer in school
  • Repayment begins immediately
  • Minimum loan amount is $1,000
  • Maximum loan amount is $50,000*
  • The minimum payment amount on each loan is $50
  • 15 - year repayment term
  • Loan origination fees of 1% will be added to the principal balance of the loan
  • Fixed rate as low as 5.59% or variable rate as low as 4.88% options*

For member support with application issues please call 1-800-897-5918, if a representative is unavailable please leave a message and they will return your call within 24 hours.

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Benefits 

  • Simplicity of one payment
  • Competitive annual percentage rate
  • Apply and sign loan documents completely online
  • Once in repayment, borrowers can sign up for monthly auto debit payments and receive an immediate 0.25% interest rate reduction


Eligibility Requirements

To be eligible for the Education Consolidation Loan program, applicants must meet the following requirements:

  • Be a primary member of Greater Texas Federal Credit Union or Aggieland Credit Union or complete the membership process
  • Be at least 18 years of age
  • Be a U.S. citizen or have Permanent Resident Status
  • One or multiple private student loan(s) from any lender may be consolidated
  • Existing private student loan consolidations qualify
  • Federal student loans are not eligible to be considered within this program; for details on federal student loan consolidation, click here .  
  • Debt to income ratio requirements and credit standards must be met
  • Must be creditworthy
    • Have at least 5 years of established credit history
    • Have a minimum income of at least $32,000 per year
    • Or add a creditworthy cosigner


*Maximum individual Private Consolidation Loan amount includes loan origination fee. Maximum disbursement amount should not exceed $49,504.95 which allows for a 1% fee of $495.05. This is a Variable Rate and is calculated by adding a margin to the three-month London Interbank Offered Rate (“LIBOR”) as published in The Wall Street Journal on the fifteenth day of each December, March, June and September. The Interest Rate will be determined by several factors when you apply, most importantly your credit history and that of your cosigner, if applicable. Most of our loans allow you to apply with a cosigner, which can help you to qualify and may reduce your interest rate. Approval is subject to credit qualification, completion of an online application, verification of information provided and the completion of a Promissory Note. All rates subject to change. Please call the credit union for complete rate details. The Fixed Interest Rate will be determined by several factors when you apply, most importantly your credit history and that of your cosigner, if applicable. Most of our loans allow you to apply with a cosigner, which can help you to qualify and may reduce your interest rate. Approval is subject to credit qualification, completion of an online application, verification of information provided and the completion of a Promissory Note. All rates subject to change. Please call the credit union for complete rate details.