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Consolidating direct and non direct student loans

Consolidation is often the first step borrowers must take to enroll in some of the government’s more flexible repayment plans, including income-driven plans, many of which are restricted to borrowers with Direct Loans.Borrowers who graduated before 2010, when the government shifted to Direct Loans, for example, need to consolidate their loans to access the latest income-driven plan, Revised Pay As You Earn.Only federal student loans are eligible for consolidation.The interest rate is fixed for the life of the loan and based on the weighted average of the interest rates of each loan being consolidated.If you want to consolidate a loan that's in default, you have to either make satisfactory repayment arrangements with your lender or agree to repay it under one of the Department of Education's payment plans that tie payments to your income level. You'll need your Federal Student Aid personal identification number, or PIN, in addition to your personal information.If you don't already have a PIN, request one online at

Here are four things to consider before you make the leap.1. One of the myths of consolidation is that it makes your debt less expensive by lowering your interest rate.

There are no application fees for a direct consolidation loan and no prepayment penalty.

Once you finish your application, the loan servicer will complete the process.

Consolidating student loans can make educational debt easier to manage.

Instead of having to handle payments for a series of student loans, you'll have one single monthly payment that covers everything.

774 comments

  1. Consolidating your federal student loans can. many of which are restricted to borrowers with Direct Loans. you can’t return and are no longer.

  2. Not sure how to decide between federal and private student loan. Consolidating federal student loans. no cost to originate a federal Direct.

  3. Consolidating those loans into. since the government stopped issuing student loans. many of which are restricted to borrowers with Direct Loans.

  4. What Is Student Loan Consolidation. Consolidating Federal Student Loans. There are no fees to apply for a Direct Consolidation Loan and no credit check is.

  5. Direct Loan Consolidation is a great option for. How to Decide If Direct Loan Consolidation Is. Because consolidating student loans effectively erases the.

  6. While it’s not possible to use the federal Direct loan consolidation. if consolidating all my student loans. 1 private loan totaling 75K. No.

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