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Federal Consolidation Loans combine one or more eligible federal student loans into a new loan with a single lower payment and a fixed interest rate.  The interest rate carries a maximum rate of 8.25%.  There are no application fees, origination fees or prepayment penalties associated with a federal Consolidation loan.  The length of the repayment period is based on the total loan balance, with a maximum repayment period of 30 years.

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Federal Direct Loans

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Consolidation Loans

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As of July 1, 2010, all new Consolidation loans are originated under the Direct Loan program.  Student borrowers can consolidate their qualifying federal education loans during grace, repayment, deferment or forbearance periods.

Parent borrowers can consider consolidation at any time once each loan being included in the Consolidation loan has been fully disbursed.

Before consolidating, borrowers should consider various factors:

  • Consolidation can lower borrower's monthly payment and simplify loan repayment.

  • A longer repayment period may help lower monthly payments, but borrowers are likely to pay more in interest charges.

  • Consolidation may help defaulted borrowers to restore eligibility for Title IV aid.

  • Borrowers should be aware that some deferments and other benefits may be lost through consolidation.

For additional information, please visit the Direct Consolidation Loan website at http://loanconsolidation.ed.gov



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