Consolidating student loans us bank

Posted by / 11-Feb-2020 07:00

When you apply for a Direct Consolidation Loan, you don’t have to consolidate all of your eligible loans.

If consolidation would cause you to lose the benefits associated with some of your current loans and you are working toward earning those benefits, you should not include those loans in your new Direct Consolidation Loan.

Direct PLUS Loans received by parents to help pay for a dependent student’s education cannot be consolidated together with federal student loans that the student received.

A Direct Consolidation Loan has a fixed interest rate for the life of the loan.

If you submitted your application online, your consolidation servicer’s contact information was provided at the end of the online process. Repayment of a Direct Consolidation Loan will begin within 60 days after the loan is disbursed (paid out).Your loan servicer will let you know when the first payment is due.You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. There’s no need to pay anyone for assistance in getting a Direct Consolidation Loan. The loans that were consolidated are paid off and no longer exist. For example, if you have both Direct Loans and other types of federal student loans, and you have been making payments toward PSLF on your Direct Loans, you should not consolidate your Direct Loans along with your other loans.

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Keep in mind that your actual interest rate may vary as it will be determined by several factors when you apply.

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