Consolidating federal direct loans Women or aunties chat number

Once you do consolidate, the decision is irreversible.Parent PLUS loans cannot be included in a student’s consolidation loan.If you do want to consider refinancing federal loans with a private lender – or if you’re looking for a lower interest rate or a single monthly payment on private loans – continue to the next chapter on private student loan consolidation.

Consolidation combines multiple federal loans into a single federal loan.

If you’re currently in default on any loan you want to consolidate, special conditions apply.

The loan must not be in collections, and you must either make three consecutive monthly payments to get current first, or choose one of the income-linked repayment plans when you consolidate.

The funds you receive are disbursed to pay off your original federal student loans, leaving only the consolidation loan to pay off.

Consolidating debt is generally done to simplify debt repayment.

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