Today, the answer to that question is probably yes!7 out of 10 graduates are now graduating with some form of student loan debt. Whom do I contact if I have questions about consolidation?There is no cap on the interest rate of a Direct Consolidation Loan.allows you to consolidate (combine) multiple federal education loans into one loan. Top Private education loans are not eligible for consolidation, but for some Direct Consolidation Loan repayment plans, the total amount of your education loan debt—including any private education loans—determines how long you have to repay your Direct Consolidation Loan.The result is a single monthly payment instead of multiple payments. Direct PLUS Loans received by parents to help pay for a dependent student’s education cannot be consolidated together with federal student loans that the student received. You can consolidate all, just some, or even just one of your student loans.
How can I determine how much of my payment will go toward my outstanding principal balance?
It's never too early to start a file and fill it up.
What are the interest rates for federal student loans? What are the interest rates on federal student loans first disbursed before July 1, 2017? The table below provides interest rates for Direct Loans first disbursed on or after July 1, 2017.
Once your loans are combined into a Direct Consolidation Loan, they cannot be removed.
If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan.