Loan consolidation is the process of combining several student loans into one new loan. You may be able to combine your federal student loans into a single new loan with a Direct Consolidation Loan. As shown below, there are several reasons why loan consolidation might be helpful.
- 的 loans included in the Direct Consolidation Loan will be paid when the loan disburses.
- You will receive a new 还款 schedule based on the amount of your Direct Consolidation Loan, the loan 利率 and the 还款 plan chosen.
- Standard, graduated, extended, income-contingent, and income-driven 还款计划 是可用的.
- Direct Consolidation 贷款 提供 延期 and forbearance 选项.
Loan consolidation requires research and careful consideration. Consolidation may be a helpful strategy for successful 还款 if you:
- 需要减少 your total monthly loan payments
- 有多个 贷款服务商
- 有贷款 with variable 利率s (利率s for the loan that change yearly)
- 想做什么? FFEL, Perkins, and Nursing loans eligible for Public Service Loan Forgiveness
Reduction of monthly payment vs. increase in total interest paid
Consolidated loans can have longer 还款 periods than unconsolidated loans, which 提供s the advantage of having lower monthly payments. 然而, the downside to this is that, since the 还款 period is longer, more interest generates over the life of the loan. 的 Direct Consolidation Loan application will include estimated 还款 information under eligible 还款计划.
例子
All amounts estimates.
A graduate’s multiple student loans total $29,000.
- Total of monthly payments: $319
- 利率: 3.4% to 6.8%
- Total interest over life of loans: $6,669
- Total paid over life of loans: $35,669
A graduate’s multiple loans become a single consolidated loan with standard 还款 totaling $29,000.
- Single monthly payment: $183
- 利率: 4.5%
- Total interest over life of consolidated loan: $15,032
- Total paid over life of consolidated loan: $44,032
With a consolidated loan, a graduate pays $136 less per month, but pays an additional $8,363 in interest over the life of the loan.
Find more information with the additional calculators below, or at your loan servicer’s website:
资格
To qualify for a Direct Consolidation Loan, you must have eligible loans — such as at least one Direct Loan or Federal Family Education Loan (FFEL) — that is in grace, 还款, 延期, 或者默认状态. 贷款 that are in an in-school status cannot be included in a Direct Consolidation Loan.
- If you do not have 直接贷款, you may be eligible for a Direct Consolidation Loan under the following conditions:
- Either you include at least one FFEL loan and have been unable to obtain a Direct Consolidation Loan with a FFEL consolidation lender,
- Or you have been unable to obtain a Direct Consolidation Loan with income-sensitive 还款 条款 acceptable to you,
- Or you intend to apply for loan forgiveness under the Public Service Loan Forgiveness Program.
- If you have only a Direct Consolidation Loan, you cannot consolidate again unless you include an additional eligible loan.
- Federal nursing student loans are eligible to be included in a Direct Consolidation Loan.
- If you are delinquent or in default, you may have certain requirements to meet before you may consolidate loans. 联系 your loan holder or servicer for more information.
- Eligible loans are borrower specific; students cannot include a Parent PLUS Loan in their Direct Consolidation Loan.
- Alternative (private) loans are not eligible for a Direct Consolidation Loan.
利率
的 利率 for a Direct Consolidation Loan is based on the weighted average of the loans that are consolidated rounded up to 1/8 of a percent.
的re is no cap on the 利率 of a Direct Consolidation Loan. Borrowers who have variable rate direct loans and PLUS loans may wish to wait until the new variable 利率s are announced to evaluate whether to consolidate loans before or after the new variable rates are effective.
Application process
Application information is available at studentaid.政府.
- You must sign and complete a promissory note to complete your application.
- 的 Direct Consolidation Loan disburses approximately 60–90 days after the application is completed.
- 的 Direct Consolidation Loan online application will incorporate your cumulative loan records. 的 application and your loan records can be found at studentaid.政府.
- Federal Nursing student loans are eligible to be included in a Direct Consolidation Loan, but are not included in NSLDS and must be added to be included.
Continue to make payments on your loans or you may request a period of forbearance (a period of time in which your monthly payments are reduced or stopped) until you are notified that the disbursement of your Direct Consolidation Loan has been completed.
Perkins Loan considerations
的 Perkins Loan forgiveness (取消) 选项 are not available for the Perkins Loan amount included in a consolidation loan.
If you anticipate eligibility for Perkins Loan forgiveness (取消) you may withhold the loan(s) from consolidation. 在未来, if you don’t qualify for forgiveness on the loan, or still have a balance remaining after maximum forgiveness has been received, you can consolidate the loan and the existing Direct Consolidation Loan.
Perkins 贷款 are unsubsidized portions of a Direct Consolidation Loan; the interest subsidy of an unconsolidated Perkins Loan is not retained.
Private consolidation loans
Some lenders offer private consolidation loans, varying from lender to lender. If you wish to pursue a private consolidation loan, be sure to fully understand the calculation of interest, 条款, and borrower benefits.
Additional information regarding private consolidation loans is available from 资助.org and from the lender offering you a private loan consolidation product.