Education Loan Consolidation
Education Loan Consolidation 2023 – Consolidation Loans are available to most borrowers of Federal education loans. See below for all you need to know to apply;
Consolidation loans are available to most borrowers of
Generally, you are eligible to consolidate after you graduate, leave school, or drop below half-time enrollment. Most Federal student loans are eligible for consolidation, including:
Private educational loans are not eligible.
Therefore, a student who is applying for loan consolidation cannot include the PLUS loan the parent took out for the dependent student’s education.
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You apply for a Direct Consolidation Loan through StudentAid.gov.
Once you sign in to Studentaid.gov using your personal identifiers and Federal Student Aid PIN, you will be able to electronically complete the Federal Direct Consolidation Loan Application and Promissory Note. The electronic application on StudentLoans.gov consists of the following five steps:
1. Choose Loans & Servicer
2. Repayment Plan Selection
3. Terms & Conditions
4. Borrower & Reference Information
5. Review & Sign
Maximum Loan Amount: None
Interest Rate: Weighted average interest rate on the loans being consolidated, rounded to the nearest one-eighth of 1 percent, not to exceed 8.25 percent. For more information of the specific loan terms, please visit the Loan Consolidation home page.
Maximum Loan Length: 10-30 years
Frequency of Payments: Varies
Prepayment penalties: None
Fees: None
For more information, visit the Federal Student Aid Loan Consolidation page. Or Visit the StudentLoans.gov Contact Us page.
| Max Loan Length | 10-30 years |
|---|---|
| Interest Rate | Varies, does not exceed 8.25% |
| Payment Frequency | Varies |
| Prepayment Penalties | None |
| Fees | None |
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