Borrowers with more recent loans may also get a benefit now that interest rates are changing each year. You should check the interest rates on your loans. If you are close to paying off your loans, consolidation may not be worthwhile. The Department of Education says it is trying to place borrowers with multiple Direct loans with a single servicer. You will get a summary sheet after you apply. The good news is that the Department explains on its web site that if any loan you want to consolidate is still in the grace period, you can delay entering repayment on your new Direct Consolidation Loan until closer to your grace period end date. Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors. This means, for example, that a Perkins Loan on its own cannot be consolidated into a Direct Loan. Choose a repayment plan. Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed. Be sure to meet the deadline for responding if you think there are problems with the consolidation or if you have decided you do not want to go forward. Borrower and Reference Information, and 5.
The sooner your payments start counting toward the ten year cancellation period, the better, or Military service members are also allowed to re-consolidate to take advantage of the limits on interest accrual for Direct Loans. Consolidation loan borrowers should not be charged origination fees. With just a few exceptions, you get only one chance to consolidate with the government loan programs. This obligation continued even after divorce. If you have variable rate loans from before July 1, , you may be able to get very significant interest rate reductions by consolidating. Both spouses are jointly liable for the loan and both must request IBR. Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed. Continue making student loan payments as usual until your servicer confirms consolidation is complete. The goal with this process is not only to get the ease of a single payment, but to receive a lower interest rate based on your financial history. If you are close to paying off your loans, consolidation may not be worthwhile. This is not as useful as it used to be for most borrowers since nearly all new federal loans are made through the Direct Loan program. It is very important to review this sheet and check to make sure all of the loans you wanted to consolidate are included in the new consolidation loan. You will need to sign in using your personal identifiers and PIN. However, once you consolidate, you lose any remaining grace period. There are numerous problems that can arise—for example, if one of the divorced ex-spouses wants to apply for IBR. You are required to select from the choices listed by the Department of Education. The interest rate must not exceed 8. If you submitted a paper application by U. How to consolidate federal student loans Log in to studentloans. Your financial history — including your credit score, income, job history and educational background — will dictate your new interest rate when you refinance. Not surprisingly, this caused a lot of problems for borrowers and Congress eliminated the program as of July 1, Extending the length of repayment increases the total amount you have to repay over the life of the loan. This may be a good idea if you want a single monthly payment. Private Consolidation Loans Borrowers cannot consolidate private student loans with the federal consolidation loan programs. If you have an eligible loan that was not included in the first consolidation and you include that loan in the new consolidation.
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