Depending upon the total balance you are consolidating, you may extend the repayment period for up to 30 years with consolidation.
Learn more about Direct Consolidation Loans on the Federal Student Aid site Apply now at Student Private student loans are NOT eligible for consolidation into a Direct Consolidation Loan.
You may also add eligible loans to your existing Direct Consolidation Loan using the form below – if you are within 180 days of the date we paid off the first loans you are consolidating.
Learn more about when to consolidate and refinance federal and private loans.
Federal student loan consolidation basics How to consolidate federal student loans Benefits of federal consolidation Drawbacks of federal consolidation Private student loan consolidation (student loan refinancing) When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.
Additionally, you’ll get a new loan term ranging from 10 to 30 years.
Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors; click on the link below for more details.
When it comes to student loans, it seems like nothing is ever easy.
In some cases, it almost appears they went out of their way to make the process as confusing as possible.
People who are working in the public sector or taking advantage of federal debt relief programs such as income-based repayment or public service forgiveness may not want to refinance, as these programs do not transfer to private refinance loans.
Consolidating student loans via refinancing is best for people whose financial position - in terms of employment, cash flow, and credit - has improved since they graduated from school.
You’re generally eligible once you graduate, leave school or drop below half-time enrollment.