Loan Consolidation Services


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Loan Consolidation Services

Consolidating federal college loans can make it easier to pay your bills, but it could also result in you losing certain benefits.

Direct Consolidation Loans allow you to consolidate federal student loans and combine them into one loan.

Is it a good idea for me to combine my loans?

The answer will depend on your specific circumstances.


  • Consolidating federal student loans from different servicers can significantly reduce loan payments.
  • Consolidation can reduce your monthly payments by allowing your debts to be repaid over a longer period (up to 30 Years).
  • Consolidating other debts than Direct Loans can provide you with more income-driven repayment options and Public Service Loan Forgiveness.
  • Variable-rate loans can be converted to fixed-rate loans.


  • Consolidating your debts will take longer to pay off, so you’ll make more payments and pay more interest if you do.
  • Any interest you accrue on loans that you combine is part of your original principal amount. This means that interest may accrue on a higher principal amount than if the loans weren’t combined.
  • Consolidating may result in you losing certain borrower benefits, such as principal refunds or interest rate reductions.
  • If you have income-driven loans or are eligible for Public Service Loan Forgiveness, consolidating existing loans is not a good idea. For any income-driven repayment plan forgiveness or PSLF payments, you will lose credit.

Consolidating your loans would cause you to lose the benefits of your existing loans. You don’t have to consolidate all of your qualifying debts when applying for a Direct Consolidation loan.

If you have direct loans and other federal student loans and you are paying towards PSLF, you should not merge them.

While you can lower your monthly payments, be aware of the potential impact of consolidating debt. For short-term payment relief, you might consider forbearance or deferral. You could also consider an income-driven plan for longer-term payment relief.

Your debts cannot be repaid after consolidation.

Can I refinance federal student loan debts and combine them with a personal loan to repay?

Federal student loan borrowers have certain rights. This is because private loans can be more expensive than federal student loans. Your terms and conditions for a private loan may be different than those of your federal student loan.

It is important to carefully read the terms and conditions for private student loans before deciding whether or not you want to use federal student loans.

Suppose you cannot pay your loan payments because of financial hardships, your completion of education, or military service. In that case, you may be eligible for loan payment assistance through the authorized periods (deferment, forbearance).

Subsidized student loans are exempt from interest accrual during delayed payments.

There are income-based repayment options that offer debt forgiveness for those who have paid 20 or 25 years.

There are many loan forgiveness programs and discharge programs, including Teacher Loan Forgiveness and Public Service Loan Forgiveness, Total Disability Discharge, Total Disability Discharge, and Borrower Defence to Repayment Discharge.

What types of loans are available for consolidation?

Consolidation is possible on the majority of federal student loan debts, including those listed below.

  • Federal Stafford Loans With Interest Subsidies
  • Federal Government Subsidized or Non-Subsidized Stafford Loans
  • PLUS loans can be used for federal student loans.
  • Supplemental loans for students
  • Federal Government Perkins Loans
  • Student Loans
  • Loan to Nurse Professors
  • Health-related education loans
  • Student loans for health professions
  • Student loans are available to students who aren’t financially secure
  • Subsidized Direct Loans
  • Unsubsidized Direct Loans
  • PLUS Loans (Direct PLUS).
  • Federal Government Coverage Student Loans
  • Guaranteed Student Loans
  • Direct Student Loans are available in the Country
  • Department of Defense Student Loans
  • Parental Student Loans for Undergraduates

Students can get auxiliary loans.

Private education loans cannot be combined. The total amount of your education loan debt, including any private education loans, will impact the time it takes to repay your Direct Consolidation loan under certain repayment plans.

PLUS Direct Loans Parents receive to pay education costs for dependent students can’t be combined with federal student loans.

When is it possible to combine my debts?

After you have finished high school, dropped below half-time attendance, or quit school, you may be eligible for consolidating your earnings.

What criteria do you need to consolidate a loan?

These are the requirements to obtain a Consolidated Direct Loan:

  • Any debts in repayment or grace periods can be combined.
  • Consolidating existing consolidation debts can’t be done without consolidating another qualifying loan.
  • You may be able to consolidate an existing consolidation loan without taking on new debt.
  • Before consolidating a defaulted loan, you must make acceptable repayment arrangements. This means that you must make three consecutive monthly payments. You must also agree to repay the Direct Consolidation Loan under the new Direct Consolidation Loan terms.

-Income-Based Repayment Plan (IBRP) is a plan to repay debts that are based on income.

-Repayment Plan on a pay-as-you-earn Basis

-Pay as you Earn Repayment Plan Revised

-Income-Dependent Repayment Plan

  • Before you can combine an income garnishment amount with a wage garnishment amount, you must first get rid of the order for garnishment or vacate the judgment.

You might be able to reorganize an existing plan.

  • Pay your Direct Consolidation Loan if it is late or in default.
  • To be eligible for the PSLF Program, you must consolidate all of your debt.
  • Active-duty personnel can benefit from the no-accrual interest loan for Consolidationnow Consolidation. Direct Consolidation loans that have repaid Direct Program or Consolidationnow Program loans that were first disbursed on Oct. 1, 2008, will not incur interest.

What’s the interest rate for a consolidation loan?

Direct Consolidation Loans have a fixed interest rate for the term. This is the average weighted interest rate from all combined loans. This number is multiplied by one-eighth percent.

When is it possible to start paying off my debts?

Consolidation Loans are due within 60 days. The loan services will inform you when your first payment is due.

If your loan is still in grace, you may indicate on your Direct Consolidation Loan Application whether you want the services to hold off consolidating your loans until the end of their terms.

What are the different options for repayment?

There are many options for repayment. There are many repayment options available.

How can I apply for a Direct Consolidation loan?

Apply to a Direct Consolidation loan. You can either fill out the online form and submit it or download and print a paper copy that you can mail in.

You can submit your application online or by mail. The consolidation services will handle all the necessary steps to combine your qualifying loans.

You should continue to make payments until your consolidation services inform that your new Direct Consolidation Loan has become available.



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