Department of education consolidating federal loans

Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. That loan is then serviced by the servicer of your choosing – of which Nelnet is one! Consolidating allows you to merge multiple eligible loans into a single loan.You will lose your cancelation benefits, such as performing public services. Interest does not accrue when your Perkins Loan is in deferment.Perkins Loans generally have lower interest rates but less flexible repayment periods.The objective of the program is to consolidate ones existing student debts into one debt.Student loans make sense fast even if you have taken the loans from banks, private means or brand new.Click here for more information on defaulted loans No, if you want to clear the default notation, you will need to contact your loan holder to discuss rehabilitation with them.

Yes you can consolidate your Perkins Loan into the Direct Consolidation Loan if you include at least one Direct Loan or Federal Family Educational Loan (FFEL). There are some disadvantages to consolidating your Perkins Loan so you should consider them prior to consolidating them.Yes, as long as you agree to pay under either the Income Contingent or Income Based Repayment Plan, OR make satisfactory repayments with your current loan holder.You cannot consolidate a default loan if a judgment has been issues against a defaulted loan which has not been dismissed.Before you consolidate, consider the following pros and cons: Note: Just remember, you must continue making payments after submitting your application until you receive notice from your servicer that underlying loans have been paid off.You have the option to select the servicer of your choice (of which, Nelnet is an option) After your new Direct Consolidation Loan is complete, you may still add more eligible loans to your existing consolidation.

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