Us department of education consolidating student loans

Married borrowers may not consolidate their loans together, nor may a student’s Direct Loans be consolidated with the parent’s Parent PLUS Loan.

(A parent who has a Parent PLUS Loan borrowed to pay for a child’s education and a Direct Loan borrowed to pay for the parent’s education may consolidate those loans together.) Previously, married borrowers could consolidate their loans together.

For example, if the borrower rehabilitates the loan by making satisfactory repayment arrangements through his/her loan servicer, he/she may be eligible to consolidate the loans.

The first payment on a federal consolidation loan is due no more than 60 days from the date of disbursement.

Instead, several lenders offer private consolidation loans for consolidating or refinancing private student loans.

The new private consolidation loan pays off the balances on the private student loans.

The following types of loans may be consolidated, including loans made in the FFEL program and the Direct Loan program.

Private student loans may not be included in a federal consolidation loan.

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