Education Consolidation Loans

Program Description
Consolidation Loans are available to most borrowers of Federal education loans and come from one of two sources:

Whether you receive a Direct or FFEL Consolidation Loan depends on which program you choose. In either case the terms of the loan (loan amounts, interest rate, and other benefits) are generally the same.

General Program Requirements
Most Federal student loans are eligible for consolidation, including subsidized and unsubsidized Direct and Federal Family Education (FFEL) Stafford Loans, Direct and FFEL PLUS Loans (parent loans), Federal Perkins Loans, Federal Nursing Loans, and Health Education Assistance Loans. Private educational loans are not eligible.

You can get an FFEL Consolidation Loan during your grace period, once you have entered repayment, or during periods of deferment or forbearance. Direct Consolidation Loans are also available when you are still in school. Borrowers who are in default must meet certain requirements before they may consolidate their loans.

Loan Terms
Maximum Loan Amount: none

Interest Rate: weighted average interest rate on the loans being consolidated, rounded to the nearest one-eighth of 1%, not to exceed 8.25%. Currently, the interest rate is fixed for the life of the loan. To get an estimate of your interest rate, go to the Online Calculator at https://loanconsolidation.ed.gov/loancalc/servlet/common.mvc.Controller?controller_task=startCalculator

Maximum Loan Length: 30 years

Frequency of Payments: monthly or quarterly

Prepayment penalties: none

Fees: none

Application Process
For more information, see the Program Contact Information below.

Contact Information (Register above for free access!)

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For more information about Education Consolidation loans, visit The Student Guide online at:

http://studentaid.ed.gov/students/publications/student_guide/index.html

Or click on the "Repaying" tab and then scroll down to the topic "Loan Consolidation", you can double click on the title "Loan Consolidation" for additional screens of information at:

http://www.studentaid.ed.gov

The U.S. Department of Education's Student Aid on the Web, the gateway to Federal student aid, offers a single source of free information not only for applying for Federal aid, but also on choosing a career, selecting a school, and identifying non-Federal resources to pay for higher education. See:

http://www.studentaid.ed.gov

In addition to loans, the U.S. Department of Education provides Pell Grants to students with financial need. Pell Grants do not have to be repaid. See:

http://studentaid.ed.gov/PORTALSWebApp/students/english/grants.jsp?tab=fund...

For general information about the Federal student aid programs, assistance in completing the FAFSA, and information about FAFSA on the Web, call the Federal Student Aid Information Center (FSAIC) at the following toll-free number:
800-433-3243

People who are hearing impaired may call this toll-free number:
800-325-0778

TTY users for the hearing impaired can call:
800-730-8913

The U.S. Department of Education's Federal Direct Loan Consolidation website is at:

http://www.loanconsolidation.ed.gov

The National Student Loan Data System (NSLDS) is a centralized database that stores information on all student loans as well as school enrollment information. See:

http://www.nslds.ed.gov/

To report fraud, waste, and abuse involving Federal student aid funds, call:
800-647-8733

Callers in locations without access to 800 numbers may call this non-toll-free number:
319-337-5665

Managing Agency
U.S. Department of Education
http://www.ed.gov

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