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What Is Loan Consolidation?

  • If you have multiple student loans you may be able to combine them into one loan with a fixed interest rate based on the average interest rates on the loans being consolidated.
  • A Direct Consolidation Loan allows you to consolidate multiple federal education loans into one loan at no cost to you.
  • Through your completion of the free Federal Direct Consolidation Loan Application and Promissory Note, you will confirm the loans you want to consolidate and agree to repay the new Direct Consolidation Loan.
  • Once the consolidation is complete, you will have a single monthly payment on the new Direct Consolidation Loan instead of multiple monthly payments on the loans you consolidated.
  • https://studentaid.ed.gov/sa/repay-loans/consolidation

Understanding Repayment Plans

  • Understanding how to repay your federal student loans can save you a lot of time and money.
  • Repayment plans can give you more time to repay your loans or can be based on your income.
  • Your loan servicer can help you:  find the right repayment plan for you, learn how to make payments, negotiate unaffordable payments, see what circumstances might result in a loan being forgiven, canceled, or discharged.
  • https://studentaid.ed.gov/sa/repay-loans/understand/plans

          The Standard Repayment Plan

  • This repayment plan saves you money over time because your monthly payments may be slightly higher than payments made under other plans, but you’ll pay off your loan in the shortest time. For this reason, you will pay the least amount of interest over the life of your loan.
  • When it comes time to repay your loans, you have the option to choose a repayment plan. If you don’t choose a different repayment plan, your loan servicer, the company that handles the billing and other services on your federal education loan, will place you on the Standard Repayment Plan.
  • Payments are fixed and made for up to 10 years (between 10 and 30 years for consolidation loans).
  • https://studentaid.ed.gov/sa/repay-loans/understand/plans/standard

         The Extended Repayment Plan

  • The Extended Repayment Plan allows you to repay your loans over an extended period of time.
  • If you need to make lower monthly payments over a longer period of time than under plans such as the Standard Repayment Plan, then the Extended Repayment Plan may be right for you.
  • Payments are made for up to 25 years.
  • https://studentaid.ed.gov/sa/repay-loans/understand/plans/extended

         The Graduated Repayment Plan

  • The Graduated Repayment Plan starts with lower payments that increase every two years.
  • If your income is low now, but you expect it to increase steadily over time, this plan may be right for you.
  • Payments are made for up to 10 years (between 10 and 30 years for consolidation loans).
  • https://studentaid.ed.gov/sa/repay-loans/understand/plans/graduated

         The Income-Sensitive Repayment Plan

  • The Income-Sensitive Repayment Plan is available to low-income borrowers who have Federal Family Education Loan (FFEL) Program loans.
  • If you need to make lower payments on your FFEL Program loans, this plan may be for you.
  • The payments under this plan increase or decrease based on your annual income.
  • https://studentaid.ed.gov/sa/repay-loans/understand/plans/income-sensitive

         The Income-Driven Repayment Plan

  • Income-driven repayment (IDR) plans are designed to make your student loan debt more manageable by reducing your monthly payment amount.
  • If you need to make lower monthly payments or if your outstanding federal student loan debt represents a significant portion of your annual income, one of the following income-driven plans may be right for you:
    • Revised Pay As You Earn Repayment Plan (REPAYE)
    • Pay As You Earn Repayment Plan (PAYE)
    • Income-Based Repayment Plan (IBR)
    • Income-Contingent Repayment Plan (ICR Plan)
  • https://studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven

Understanding Default

Deferment and Forbearance

Forgiveness, Cancellation, and Discharge


  • If you are a loan borrower who defaulted on federal education debt and have not repaid per your loan requirements, use this Web site for information and tools to help you resolve your debt.
  • https://myeddebt.ed.gov/borrower/

Loan Servicers


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