Consolidating private federal student loans together
There is no cap on the interest rate of a Direct Consolidation Loan.Top Repayment of a Direct Consolidation Loan can begin 60 days after the loan is disbursed, or sooner.You can also consider deferment or forbearance as options for short-term payment relief needs.
The loans that were consolidated are paid off and no longer exist.
Top cannot be transferred to the student through consolidation.
Top A Direct Consolidation Loan has a fixed interest rate for the life of the loan.
The fixed rate is based on the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of 1%.
Top There are several repayment plans that are designed to meet the different needs of individual borrowers. Review & Sign After you submit your application electronically via Student or by mailing a paper application, the consolidation servicer selected will complete the actions required to consolidate your eligible loans.
You will receive more detailed information on your repayment options from your consolidation servicer when you consolidate your loan. Top You apply for a Direct Consolidation Loan through Student The consolidation servicer will be your point of contact for any questions you may have related to your consolidation application.
To ask questions after you submit your Federal Direct Consolidation Loan Application and Promissory Note, contact the consolidation servicer you selected to complete the actions required to consolidate your eligible loans. mail, your consolidation servicer’s contact information was available when you downloaded or printed the paper application.
If you submitted your application electronically, your consolidation servicer’s contact information was provided at the end of the electronic process.
You might also have access to alternative repayment plans you would not have had before, and you’ll be able to switch your variable interest rate loans to a fixed interest rate.