Frequently Asked Questions

What are the penalties for defaulting on a Student Loan Payment?

You can suffer from Administrative Wage Garnishments of up to 25% of your salary.
Your federal income tax return can be withheld to repay the defaulted student loan.

Can you consolidate private student loans with federal student loans?

No, a private loan cannot be consolidated with your federal student loans. It can only be consolidated with other private loans.

Is SLFD Processing a part of the Department of Education?

No. SLFD Processing is not affiliated with the Department of Education, or any academic or governmental entity. SLFD Processing is a for-profit business and all of the services provided by SLFD Processing can be performed without paid assistance if you have the time and energy to learn and complete the procedures and obtain the paperwork necessary to do so accurately.

Is SLFD Processing a loan consolidation company?

No. SLFD Processing helps prepare documents for consolidation and does not make any loans or negotiate with your lenders. SLFD Processing is a document processing company, not a loan consolidation company.

How do I qualify for consolidation?

It’s simple,

- Call one of our trained staff for a free consultation to quickly determine if you qualify for consolidation
- Review your new available repayment plans with our staff.
- Finally, SLFD Processing will help you prepare your documents for consolidation to enroll in a new repayment plan with a LOWER MONTHLY PAYMENT.

In many cases our clients are able to qualify for a repayment plan that can lower their monthly payments to $25 or less and can determine all the plans they qualify for.
For your free evaluation, please call us today 1-800-844-4959

Is there a minimum or maximum amount that I can consolidate?

At this time, there are no upper or lower limits on how much Federal Student Loan debt you are able to consolidate. Contact one of our trained staff and we will find a repayment plan that works for your budget regardless of the amount you owe.

What are the penalties for defaulting on a Student Loan Payment?

It is important never to default on your Federal Student Loan payments because the consequences can be very heavy. For example:

- You can suffer negative reporting to all three credit bureaus causing you difficulties in obtaining credit for a home, auto and credit cards.
- You can suffer from Administrative Wage Garnishments of up to 25% of your salary.
- Your federal income tax refund can be withheld to repay the defaulted student loan.
- You can get sued to collect on the defaulted student loans. Unlike other debts, there is no time limit on suing to collect on your student loans.