Dept of ed consolidating student loans
This opportunity is only available on a first-come, first-served basis until the 0 million has been allocated or other criteria are met.
The Department will reconsider eligibility for the TEPSLF opportunity using an expanded list of qualifying repayment plans, which includes the Graduated Repayment Plan, Extended Repayment Plan, Consolidated Standard Repayment Plan, and Consolidated Graduated Repayment Plan.
This means the total cost of repaying the loan will be higher after consolidation even though your payment per month may decrease.
Other borrower benefits resulting from the original loan also may be lost.
Not all lenders offer the .25% interest rate reduction.
A Direct Consolidation Loan allows you to combine multiple federal education loans into one loan.
This results in lower monthly payments for the duration of the new consolidated loan.
Plus, most deferment and forbearance options are not affected by loan consolidation.
Both the Federal Direct Loan Program and the Federal Family Education Loan Program (FFEL) offer consolidation loans.
For more information, check with your lender or a financial aid administrator.
Or visit or contact the Loan Origination Center's Consolidation Department at (800) 557-7392.
Other loan consolidation programs are available from participating private or state lenders (such as banks, credit unions and savings and loan associations), guarantee agencies, the Student Loan Marketing Association and other secondary markets.
Some consolidation plans allow you to base your repayment on your income.
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Funds for this opportunity are limited, and borrowers will be considered on a first come, first serve basis.