Direct consolidation loans are now the only type of federal student consolidation loan.
Under the Direct Loan Consolidation Program, you can consolidate Subsidized and Unsubsidized Stafford Loans, Supplemental Loans for Students (SLSs), Federally Insured Student Loans (FISLs), PLUS Loans, Direct Loans, Perkins Loans, Health Education Assistance Loans (HEALs), and just about any other type of federal student loan.
You can consolidate all, just some, or even just one of your student loans.
Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.
Sallie Mae loans can be consolidated with other federal loans, but not with private loans.
For federal loan consolidation, the government allows multiple federal student loans to be combined into a single loan, lowering monthly payments.
But while there are a growing number of options available to consumers, most student loan forgiveness programs and other repayment plans are only available to those with federal student loans.
Learn more about how to take advantage of both student loan discounts. The lifetime limit for this loan combined with all other education-related debt is 0,000.
Calculate how to potentially pay less interest on your student loan: Student Loan Interest Calculator Calculate the monthly payments on your private student loans: Student Loan Repayment Calculator If you’re a borrower with little or no credit history, or you have limited income, a cosigner may help you to qualify for this loan and potentially receive a lower interest rate.
Borrowers who are having difficulty with private student loans, from lenders like Sallie Mae and others, have fewer options.
Today we are going to take a look at the programs available to private student loan borrowers.