You can also consider deferment or forbearance as options for short-term payment relief needs.
There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. You also should consider the impact of losing any borrower benefits offered with the original loans.
If you are contacted by someone offering to consolidate your loans for a fee, you are not dealing with one of the U. Department of Education’s (ED's) consolidation servicers. To apply for a Direct Consolidation Loan, you must follow the process outlined below. Borrower benefits from your original loan, which may include interest rate discounts, benefits, can significantly reduce the cost of repaying your loans. If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you can consider reevaluating your and income situation.
Top A Direct Consolidation Loan has a fixed interest rate for the life of the loan.
The fixed rate is based on the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of 1%.
Consolidating allows you to merge multiple eligible loans into a single loan.