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Loan Consolidation

Federal Loans
If you have borrowed multiple kinds federal student loans, you may consolidate them into a new single loan with one monthly payment, where the payment can be significantly lower than that required under the usual repayment options. The William D. Ford Federal Direct Loan Program of the federal government provides the loans. You must consolidate during your grace period, the time between ceasing at least 1/2 time enrollment and when your first payment is due.

Most federal education loans are eligible for consolidation, including subsidized and unsubsidized Direct Loans and Federal Perkins Loans. Private education loans (alternative loans) are not eligible for consolidation with your federal loans. Parent borrowers can consolidate their PLUS loans if they have borrowered for more than one child.

Before deciding on applying for a consolidation loan, investigate the regular repayment options available and fully understand the advantages and disadvantages of consolidation. Look into the Interest Rate, Repayment Period, Costs of a Consolidation Loan among others.

To obtain a complete list of the federal student loans that can be consolidated and for complete information on loan consolidation, contact the Direct Loan Origination Center's Consolidation Department at 1-800-557-7392, or visit loanconsolidation.ed.gov.

Private Student Loans
Some private student loan companies offer consolidation loans if you have borrowed through different lenders. The follwoing website offers more information: