Does Consolidating Student Loans Save Money Like a Refinance?

Consolidating ffelp loans to direct loans Although the specific terms for each Direct Loan Consolidation application will vary, some of these eligibility requirements may apply. Consolidated loans must be in a repayment status or in the grace period allowed before the first payment is due. You cannot include an existing Direct Consolidation Loan in a new loan consolidation unless you include another eligible loan. You cannot include a defaulted loan being collected through wage garnishment or court order until these orders have been lifted. You cannot include other defaulted student loans unless you make an acceptable number of consecutive monthly payments usually three before consolidation, or you must agree to repay the Direct Consolidation Loan under one of its income-based repayment plans. The fixed interest rate on a Federal Direct Consolidation Loan is based on a weighted average of the interest rates on the loans being consolidated. This number will be rounded up to the nearest one-eighth of one percent.


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Mark Kantrowitz May 16, 2011 I have a question concerning consolidating my federal loans. I have some that are subsidized and some that are unsubsidized. Can I combine these at a lower interest rate?

Mary Carroll Mary Carroll has spent her career in public service. Like many public servants, in exchange for her public service for the Illinois Department of Children and Family Services, she intended to benefit from public service loan forgiveness for her federal student loans.

Student Loan Consolidation Pitfalls to Avoid

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