FAQ'S

Here is some information on qualifying for a Direct Federal Student Consolidation Loan:

You must have at least one Direct Federal Student Loan or FFEL Program that's in a grace period or in repayment.

If you want to consolidate a defaulted loan, you must either make satisfactory repayment arrangements on the loan with your current Loan Servicer before you consolidate, or Enroll in the William D. Ford program , A.K.A (Obama Loan Forgiveness Program) you must agree to repay your new Direct Consolidation Loan under the

• Income-Based Repayment Plan.
• Pay As You Earn Repayment Plan. (not eligible prior to 2007)
• Income-Contingent Repayment Plan.

A Student Consolidation Loan has a fixed interest rate it doesn't change for the life of the loan. The fixed rate is based on the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of 1%. There is no cap on the interest rate of a Direct Consolidation Loan.

Repayment of a Consolidate Student Loan can begin 60 days after the loan is disbursed, or sooner. Your loan servicer will let you know when the first payment is due. The repayment term ranges from 10 to 30 years, depending on the amount of your consolidation loan, your other education loan debt, and the repayment plan you select.

There are several repayment plans that are designed to meet the different needs of individual borrowers. You will receive more detailed information on your repayment options from your consolidation Case Officer when you consolidate your loan.

Student loan consolidation can be a good option for you. Loan consolidation can reduce and simplify loan repayment by centralizing all your Federal Student loans to one bill by giving you up to 30 years repayment terms on your loans.

Most federal student loans are eligible for consolidation such as:

• Direct Subsidized Loans
• Direct Unsubsidized Loans
• Subsidized Federal Stafford Loans
• Unsubsidized Federal Stafford Loans
• Direct PLUS Loans
• PLUS loans from the Federal Family Education Loan (FFEL) Program
• Supplemental Loans for Students (SLS)
• Federal Perkins Loans
• Federal Nursing Loans
• Health Education Assistance Loans

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• Parent plus loans.
• Private Student Loans.