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Consolidating direct federal student loans

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After consolidation, you’ll only have to make one loan payment per month instead of multiple payments on your various federal student loans.

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Changing your repayment plan to a different plan, later on, is possible in most cases.An existing Federal Consolidation Loan can be consolidated into a Direct Consolidation Loan (without adding an additional loan) under certain circumstances as well.An application for a Direct Consolidation Loan can be submitted: To obtain further information about a Direct Consolidation Loan before submitting an application, contact the Loan Consolidation Information Call Center at 1-800-557-7392.(Other types of eligible federal student loans can be consolidated as well, so long as they’re combined with at least one Direct Loan or FFEL program loan.) Loans that are in an in-school status are not eligible to be included in a Direct Consolidation Loan Almost all federal student loans can be consolidated under the Direct Consolidation Loan program.Among others, Subsidized Federal Stafford Loans, Unsubsidized Federal Stafford Loans, Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans, Federal Supplemental Loans for Students (SLS), Federal Perkins Loans, and certain kinds of existing consolidation loans can be consolidated. Ford Federal Direct Loan Program, it’s possible to combine one or more federal student loans into one new loan.

There are various repayment options under the Direct Consolidation Loan program, including a standard repayment plan, a graduated repayment plan, an extended repayment plan, the Income-Contingent Repayment Plan (ICR), the Pay As You Earn, and the Income Based Repayment Plan (IBR).

If there is a court judgment on a defaulted loan, that loan can’t be included in the consolidation unless the judgment has been vacated.

Defaulted loans can be included in the consolidation, but there are some special requirements.

Another benefit to consolidation is that the monthly payment on a Direct Consolidation Loan may be less than the combined payments that were previously due each month on the individual loans that were consolidated.

Of course, there are also downsides to consolidation.

Almost all federal student loans are eligible for the Direct Consolidation Loan program.