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Additionally, you’ll get a new loan term ranging from 10 to 30 years.
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; click on the link below for more details.
Request to Add a Loan to an Existing Federal Direct Consolidation Loan Mail your completed form to: Navient - Department of Education Loan Servicing Attn: Loan Consolidations Originations P. Box 6180 Indianapolis, IN 46206-6180 The interest rate is calculated by the weighted average of the interest rates of the loans consolidated, rounded up to the nearest 0.125 percent.
So, the interest rate on a consolidation loan may be higher than the underlying loans.
Under the Direct Loan Consolidation Program, you can consolidate Subsidized and Unsubsidized Stafford Loans, Supplemental Loans for Students (SLSs), Federally Insured Student Loans (FISLs), PLUS Loans, Direct Loans, Perkins Loans, Health Education Assistance Loans (HEALs), and just about any other type of federal student loan.
Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed.
Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.
As part of the process, you’ll need to provide details about your existing federal student loans, and choose a federal loan servicer and repayment plan for your new consolidation loan. Tired of managing and keeping track of multiple loans?Then a Direct Loan Consolidation could be a great loan repayment option for you.Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.As you weigh the pros and cons, keep in mind that timing is critical.