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.
Direct consolidation loans are now the only type of federal student consolidation loan.
Under the Direct Loan Consolidation Program, you can consolidate Subsidized and Unsubsidized Stafford Loans, Supplemental Loans for Students (SLSs), Federally Insured Student Loans (FISLs), PLUS Loans, Direct Loans, Perkins Loans, Health Education Assistance Loans (HEALs), and just about any other type of federal student loan.
For example, when borrowing ,000 to make home repairs, it may not be a good idea to select a loan that would require repayment of the loan within one to 2 years because the payments each month could be too high to manage.
There is no cap on the interest rate of a Direct Consolidation Loan.
You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. There’s no need to pay anyone for assistance in getting a Direct Consolidation Loan. The fixed rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent.
The loans that were consolidated are paid off and no longer exist.
But if you're looking to consolidate debts, renovate your home or replace your old vehicle, secured homeowner loans are a fast, flexible and convenient option which you can use in a way that suits you.
You decide how much you want to borrow, how you'll pay it back and how long you'll need it for.
Another option, if there is enough equity, is to refinance and borrow funds in excess of the current loan balance.