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DIRECT LOAN CONSOLIDATION
A Direct Consolidation Loan allows you to combine one or more of your federal
education loans into a new loan that offers several advantages. Some of the loans that are eligible for consolidation include Federal Perkins Loans, Federal Stafford
Loans, Guaranteed Student Loans, and Federal Direct Loans. If a Direct Consolidation Loan offers you a lower rate than your current loans, you may want to consolidate.
Lower Interest Rate For In-School and In-Grace Consolidation
If you consolidate while in school or during your grace period you may receive a lower interest rate. This saves you money! In-school consolidations are only offered
via a Direct Consolidation Loan.
One Lender and One Monthly Payment
With only one lender to deal with and one monthly bill, you will find it easier than ever to manage your debt. The Department of Education is the lender and this will
never change.
Flexible Repayment Options
Direct Consolidation Loans provide four convenient and hassle-free ways to repay your loans, including an income-contingent repayment plan. These plans are
designed to be flexible to meet the different and changing needs of borrowers. With a Direct Consolidation Loan, you can switch your repayment plan at anytime.
No Minimum or Maximum Loan Amounts or Fees
Direct Consolidation Loans do not exclude anyone based on the size of their loan debt! In addition, consolidation is FREE.
Retention of Subsidy Benefits
Borrowers retain the subsidy benefits of the subsidized loans that are consolidated.
To learn more about Direct Loan Consolidation:
You can call toll - free: 1-800-557-7392
Toll - Free TDD Number: 1-800-557-7395
Or visit their web site at http://www.loanconsolidation.ed.gov/
FEDERAL STUDENT LOAN CONSOLIDATION
You may also want to consider consolidating your federal education loans through a lender other than the Direct Loan Program.
See http://FederalConsolidation.Org for more information on loan consolidation.
STEP 1 | STEP 2 | STEP 3 | STEP 4
BORROWING LIMITS | ENTRANCE COUNSELING | EXIT COUNSELING DIRECT LOAN PROMISSORY NOTE DIRECT PLUS (PARENT) LOANS
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