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The calculator also allows you to find out what your monthly payments might be.Back to Top I have a Direct Consolidation Loan and want to go back to school on at least a half-time basis.It's a good idea to ask the servicer to figure out what your monthly payment will be if you consolidate and how long it will take to pay the total loan balance.If the servicer offers you an extended repayment period so that you can have a lower monthly payment, be sure you weigh that option carefully.
A FFELP Consolidation Loan borrower may consolidate that loan into a Direct Consolidation Loan for purposes of: What questions should I ask the Direct Loan servicer if I am considering consolidation? In addition, there is never an application fee for a federal education loan, including a Direct Consolidation Loan. Unlike the Federal Direct Subsidized, Federal Direct Unsubsidized, and PLUS Loan Programs which each have a loan fee, a borrower does not have to pay a fee to consolidate.Will I be required to make payments on my Direct Consolidation Loan while in school? If your Direct Consolidation Loan servicer (an entity that services Direct loans on behalf of ED) receives information from your school that you are enrolled once again on at least a half-time basis, or receives your request for an in-school deferment, your servicer will put your Consolidation loan into an in-school deferment status.
Who can help me decide if consolidation is right for me?
You can contact the Direct Loan servicer or your school financial aid office for more information about consolidation. If you have multiple student loans at different interest rates and want to know what the interest rate will be for a Consolidation loan, TG's Consolidation Calculator can help you make that determination.