If you decide to consolidate while in default, your default notation in your credit will also show that the loan was paid off in full.
This notation will remain on your credit history for seven years.
• Perkins Loans generally have lower interest rates but less flexible repayment periods. Back to Top Yes, you can consolidate certain health professions loans sponsored through the U.
You will only have to worry about one payment instead of multiple payments. Further, within this program there are options that can help make payments more affordable to certain borrowers and may forgive some portion of the loan balance at the end of the loan term. Back to Top In many cases yes, your payment in the new consolidated loan can be lower than your current payment.
Back to Top Consolidating student loans will put all your existing loans into the Federal Direct Loan Program with the Department of Education.
Loans that are in-school status cannot be included in the Federal Loan Forgiveness Program.
Can consolidate my loans or apply for government programs myself for free? Borrowers must have at least one Direct Loan of Federal Family Education Loan (FFEL) that is in grace, repayment, deferment, or default status to qualify.
• Standard Repayment Plan You will pay a fixed amount each month until your loans are paid in full.