Consolidating financial aid loans

It is not unusual to owe money to 8-10 separate lenders, maybe more if you had a combination of private and federal loans.If you continue borrowing for graduate school, it’s easy to add another 4-6 lenders to the mix.

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It is recommended that you visit the National Student Loan Data System (NSLDS) Student Access website at The calculated rate is fixed for the remainder of the repayment period.For more information, visit Once you graduate or are no longer attending school on a half-time basis, you can contact the Direct Loan (DL) Program for an application for a Direct Consolidation Loan which will combine Federal Family Education Loan (FFEL) and DL loans into one loan. Department of Education Consolidation Department at (800) 557-7392 or visit While Special Direct Consolidation Loans offer certain benefits, such as a reduced interest rate, some borrowers may choose not to take advantage of this limited time offer because they are satisfied with the current repayment arrangements on their existing loans, or they wish to consolidate all of their federal loans (including those loans ineligible for this special consolidation opportunity) into a traditional Direct Consolidation Loan.Your interest savings must be evaluated on a loan-by-loan basis.If you are eligible for a Special Direct Consolidation Loan, the federal loan servicer that contacts you will be able to provide you with detailed interest reduction information.

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