Consolidating direct student loans
And if you have any Parent PLUS loans, consolidating those with your other federal loans will mean you might lose access to certain repayment plans.Remember to keep making your loan payments in a timely and consistent manner until your consolidation application is approved!To provide more complete comparisons, the site features products from our partners as well as institutions which are not advertising partners.While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products."Advertiser Disclosure Wednesday, February 1, 2017 The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.According to the Department of Education, you cannot consolidate a loan with the federal government that’s already been consolidated, unless you add on an additional, existing eligible loan or loans.You can refinance loans with private lenders as often as you would like.If you have federal student loans and a) have too many different payments to keep track off or b) would like to qualify for different repayment plans like income-driven repayment or Public Service Loan Forgiveness, consolidation might be a good idea!Consolidating your federal loans will give you the opportunity to consolidate multiple loans into one (lower) monthly payment, and also let you choose a new repayment term and repayment plan.
Select all the loans that you want to consolidate (you can consolidate all your existing loans, or just choose some to consolidate).
If you consolidate parent PLUS loans with other direct federal student loans into a Federal Direct Consolidation Loan, the only income-driven repayment (IDR) program that loan will be eligible for is income-contingent repayment (ICR), the least generous of all IDR plans.
You will not be eligible to enroll in PAYE, REPAYE or IBR to repay a federal direct consolidation loan that includes a parent PLUS loan.
It’s hard enough to start a career or raise a family, and when a large chunk of your income is going toward student loans every month, it can feel downright impossible.
To help ease the burden of student loan payments, many borrowers opt to consolidate or refinance their student loans.