Top Borrowers have different needs, so there are several repayment plans—including income-driven repayment plans, which base your monthly payment amount on your income and family size.You’ll select a repayment plan when you apply for a Direct Consolidation Loan. Top You apply for a Direct Consolidation Loan through Student After you submit your application electronically at Student or by mailing a paper application, the consolidation servicer you selected will complete the actions required to consolidate your eligible loans.Finding a Personal Consolidation Loan Using a Balance Transfer Consolidating Student Loans Community Q&A Loan consolidation can save you money if done right.You consolidate loans by rolling all your little loans into one bigger one.To request technical assistance while you are signed in and completing the online, select the “Contact Us” tab in the top menu bar of Student
This is mostly accurate, but everything is best in moderation.
You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. There’s no need to pay anyone for assistance in getting a Direct Consolidation Loan. The fixed rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent.
Top Private education loans are not eligible for consolidation, but for some Direct Consolidation Loan repayment plans, the total amount of your education loan debt—including any private education loans—determines how long you have to repay your Direct Consolidation Loan.
The loans that were consolidated are paid off and no longer exist.
Once your loans are combined into a Direct Consolidation Loan, they cannot be removed.