You must be experiencing a partial financial hardship to initially select this plan and once you select this plan you cannot change to any other plan except standard.For more in-depth information on the repayment plans, please see our Repayment Plans page Can I later on change my repayment plan?Your monthly payment will be at least for up to 10-30 years, based upon your total education indebtedness (loan amounts).
* Before July 1, 2010, Stafford, PLUS, and Consolidation Loans were also made by private lenders under the Federal Family Education Loan Program (FFELP). A borrower may consolidate: For Federal Consolidation Loans, the fixed interest rate is the weighted average of the interest rates in effect on the loans at the time that you consolidate, rounded to the nearest higher 1/8th of one percent.
The interest rate may not exceed the maximum rate of 8.25%.
Back to Top Consolidating student loans will put all your existing loans into the Federal Direct Loan Program with the Department of Education.
Can consolidate my loans or apply for government programs myself? You can certainly contact the Department of Education and see what programs you qualify for and apply.
Your payment start off low and then increase every two years.
• Income Contingent Repayment Plan (ICR) Your monthly payments will be based on annual income, Direct Loan balance, and family size. • Income-Based Repayment Plan (IBR) Your monthly payments will be based on your annual income and family size, and spread over 25 years.
We find that many consumers prefer to work with our company since we have expertise work on their behalf to educate them about the programs available to them and streamline the process to get them in the pest programs for their situation.
Yes you can consolidate your Perkins Loan into the Direct Consolidation Loan if you include at least one Direct Loan or Federal Family Educational Loan (FFEL). There are some disadvantages to consolidating your Perkins Loan so you should consider them prior to consolidating them.
Federal Consolidation Loans allow borrowers to combine any number of existing federal educational loans into a single, more manageable loan. Ford Federal Direct Loan Program (Federal Direct Loans).* Most federal educational loans are eligible for consolidation, including subsidized and unsubsidized Federal Family Education Loan Program (FFELP) and Federal Direct Loan Program Stafford and PLUS Loans, SLS, Perkins Loans, FISL, Nursing Student Loans, Health Education Assistance Loans, and Health Professions Student Loans.