By giving you the option to repay over a longer period of time, consolidation may cut your monthly payments substantially although extending the years of repayment increases the total amount you will repay.
Any borrower with one or more FFEL or Direct student loans, including parents with PLUS Loans, can consolidate these loans into a Direct Loan account.* A consolidation loan combines favorable repayment terms, convenience, financial flexibility and competitive interest rates.
With the Graduated Repayment Plan I can repay my loan without going broke.
"With a career in the arts, nothing is certain -least of all, your income.Although you pay more total interest over the life of the loan when you make lower monthly payments, you can switch at any time to a more rapid payment plan when you can afford to pay more."The Income Contingent Plan would allow me the flexibility to choose the career that I want.Budgeting and financial planning can be almost impossible.That's why I like the idea of being able to change my repayment plans with a Direct Consolidation Loan to fit the way my career is going It's flexible like my work." -- Tim Hussey, Actor Illustrator ATTENTION: STUDENTS -- CONSOLIDATE WHILE YOU'RE IN SCHOOL If you are attending school at least half time, have a Direct Loan or are attending a Direct Loan school and have at least one Direct Loan or Federal Family Education Loan (FFEL) in an "in-school" period, you are eligible for in-school consolidation, and it can make your life easier.