Consolidating government loan student

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For information about Perkins Loan cancellation, see the federal publication Your Federal Student Loans: Learn the Basics and Manage Your Debt.For information about Health Professions Loan and Nursing Loan cancellation, see your promissory note. You can request a paper application by calling 1-800-557-7392.Students who have more than one federal student loan may want to consider combining the loans into one Direct Consolidation Loan.Consolidating different types of loans into one monthly payment can help borrowers better manage their loan repayment. Weigh all of the information before you choose to consolidate.The fixed interest rate of a consolidation loan is the weighted average interest rate on all the loans you are consolidating.See the federal Direct Consolidation Loans web page for more information.The easiest way to apply is online through the website using your U. Sign in at and either go to the My Account page to access the Loan Consolidation link or find the link under the Tools and Resources on the Home page.During the consolidation process, you will: You may receive mail from private loan companies offering consolidation loans.

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Let’s say you have fifty thousand dollars in federal loans.Some private lenders also consolidate loans, but these cannot be consolidated with federal loans.The Loan Origination Center’s Consolidation Department offers a complete list of loans eligible for Direct Consolidation.Consolidating your federal student loans may help you to stay on track with your monthly payments and avoid the risk of student loan default—which can have serious consequences on your credit and your income. Once you log in, you can fill out a free loan consolidation application online—or download the paper application to fill out and send in by mail.Keep in mind: If you have both federal and nonfederal loans, you will likely still have more than 1 servicer after loan consolidation. Federal loans can be consolidated during periods of repayment, grace, deferment, and forbearance.

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