NEW! GSFC Consolidation Loans 

The Georgia Student Finance Commission (GSFC) is pleased to announce that it is expanding services to students and parents by offering Consolidation Loans to borrowers who have one or more GSFC education loan.  

“This is the first time in GSFC’s 38-year history that the agency has offered loan consolidation services,” said GSFC Executive Director Shelley Nickel. “It’s the latest of many steps we are taking to better meet the needs of our customers. The terms of our consolidation loans are attractive, and, when consolidation is the best solution for the borrower, I hope financial aid offices will recommend GSFC to their students.” 

Borrowers who consolidate their loans through GSFC can receive a .35 percent rate discount by signing up for auto debit of loan payments.  

The types of loans that may be included in a GSFC Consolidation Loan are:  

To qualify, borrowers must currently have at least $7,500 in education loans. At least one of the loans must be owned by the Georgia Student Finance Authority (GSFC’s loan division), and all of the loans must be in either grace or repayment status, and cannot be in default. If a service-cancelable loan is included in a consolidation loan, the option of re-paying the loan through service is forfeited. 

GSFC Consolidation Loans provide borrowers with four repayment options: 

• Standard Repayment – Payments remain the same for the entire repayment period.

• Graduated Repayment – Repayment begins with two, three, or four years of reduced payments, followed by level payments until the loan is repaid. 

• Income-Sensitive Repayment – Monthly payments are adjusted each year based on the borrower’s income.  

• Extended Repayment – If education loans being consolidated total more than $30,000, the repayment period is spread over a longer period of time (20 to 30 years), making monthly payments smaller. With this option, borrowers have the choice of a standard (level) or graduated repayment plan.  

Schools, students, and parents interested in GSFC Consolidation Loans can phone 1-800-505-GSFC (4732) or visit GSFC online at www.gsfc.org. 

“I am committed to making GSFC the lender of choice for Georgia schools and students,” said Nickel. “Just last week we announced a new borrower’s benefits package, Georgia Advantage+, which features some very attractive terms, including a loan origination fee of just 1.75 percent, plus additional incentives for borrowers who use auto-debit and those who make 48 consecutive payments on time. Georgia Advantage+ is a great deal for students and their parents. 

“Now, with the addition of loan consolidation, we are providing our borrowers a truly comprehensive range of loan services, and some of the most competitive terms available anywhere.”  

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