Consolidating stafford and perkins student loans

24-Aug-2017 09:43

You'll pay more interest than you would on the Level Repayment Plan.

Want to simplify your life with one monthly payment? There is one caveat: federal student loans can be combined into Federal Direct Loan Consolidation but private student loans can't.

You can consolidate your loans by visiting https:// Call us 800-294-0294 if you have concerns or need assistance. A consolidation loan combines several individual student loans with various interest rates and repayment schedules into one larger loan from a single lender.

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You will no longer be able to apply for forgiveness (loan cancellation) for occupations such as teaching, nursing, social work, or law enforcement.

Perkins loans charge a flat rate of 5% for all borrowers. The pool of money available to institutions for Perkins loans is more limited than that available for Federal Direct Loans. Perkins loans have one yearly limit for undergraduates and a larger one for graduate students.

Although Perkins loans have federal limits on how much a student may borrow – both annually and cumulatively – institutions typically set a limit that is substantially below these levels in order to preserve their funding pool. Federal Direct Loans have different limits for graduates vs. Perkins doesn't differentiate by undergraduate status or type of grad school.

See our Cancellation page for descriptions of these benefits.

Pros: If you are in default on a federal education loan, you may receive a consolidation loan from the Direct Program if certain conditions are met.* Before July 1, 2010, Stafford, PLUS, and Consolidation Loans were also made by private lenders under the Federal Family Education Loan Program (FFELP). A borrower may consolidate: For Federal Consolidation Loans, the fixed interest rate is the weighted average of the interest rates in effect on the loans at the time that you consolidate, rounded to the nearest higher 1/8th of one percent.