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Loans > Student Loans
Should I consolidate
What are the interest rates on your loans?
If a Direct Consolidation Loan offers you a lower rate than your current loans, you may want to consolidate. Currently, the interest rate for a Direct Consolidation Loan is based on the weighted average interest rate on the loans being consolidated, rounded to the next nearest higher one-eighth of one percent. This rate is fixed for the life of the loan and cannot exceed 8.25 percent. Use our online calculator to find out what your weighted average interest rate would be if you consolidate with us.
Are your monthly payments manageable?
If you have trouble meeting your monthly payments, have exhausted your deferment and forbearance options, and/or want to avoid default, consolidation may help you. Use our online calculator to find out what your monthly payments would be under each of our repayment plans.
How much are you willing to pay over the long term?
Like a home mortgage or a car loan, extending the years of repayment increases the total amount you have to repay.
How many payments do you have left on your loans?
If you are close to paying off your student loans, it may not be worth the effort to consolidate or extend your payments.
What consolidation loan benefits do your current lenders offer?
Check with the loan holders currently servicing your loans to see if they can offer terms and repayment plans that meet your needs better than a Direct Consolidation Loan.
Eligible Loans
The following federal education loans are eligible for consolidation into a Direct Consolidation Loan:
* Direct Subsidized and Unsubsidized Loans
* Federal Subsidized and Unsubsidized Federal Stafford Loans
* Direct PLUS Loans and Federal PLUS Loans **
* Direct Consolidation Loans and Federal Consolidation Loans
* Guaranteed Student Loans
* Federal Insured Student Loans
* Federal Supplemental Loans for Students
* Auxiliary Loans to Assist Students
* Federal Perkins Loans
* National Direct Student Loans
* National Defense Student Loans
* Health Education Assistance Loans
* Health Professions Student Loans
* Loans for Disadvantaged Students
* Nursing Student Loans
** PLUS loans are eligible for in-school consolidation only if the parent borrower also includes other eligible, non-PLUS loans in an in school period
Ineligible Loans
Some loans are always ineligible for consolidation. While these loans may not be included in a Direct Consolidation Loan, they may be considered in the calculation of the maximum repayment period under the Graduated or Extended Repayment Plan. These include but are not limited to the following:
* Loans made by a state or private lender and not guaranteed by the federal government
* Primary Care Loans
* Law Access Loans
* Medical Assist Loans
* PLATO Loans
The tips on this website should be considered food for thought only. Lendingtips.com is a clearinghouse of ideas, not a professional adviser. Before any important decision, please consult the appropriate professionals (lawyer, accountant, real estate agency, broker etc.).
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• Loans > Student Loan Articles Archive
• Amortizing Loan Calculator Enter your desired payment - and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
• Loan Prequalification Calculator Use this calculator as your first step in determining your ability to qualify for a loan.
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