When you’re ready, go to studentloans.gov, log in, and follow these steps to apply: You can consolidate all your federal loans or just some of them.
If you’re a parent with PLUS loans and you also have other federal student loans, you may want to consolidate your PLUS loans in a separate consolidation loan; consolidating them with your other federal loans will make that consolidation loan ineligible for all income-driven repayment plans except income-contingent repayment.
To find the best plan for you, check out Federal Student Aid’s repayment estimators before you begin the consolidation application.
The tool shows you how much you’d pay per month on the various plans.
Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
Additionally, you’ll get a new loan term ranging from 10 to 30 years.
You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action.
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I have a good job, but I have more than 0,000 in college loans from different banks coming due in two months. A: First, check to see if you have any federal loans, like Staffords.
I need to consolidate them but have not found a bank willing to do so. Even if they came through a private lender, you can consolidate them through the Federal Direct Consolidation Loan program, which offers different repayment schedules that are meant to help you take control of your debt.