Once your loans are combined into a Direct Consolidation Loan, they cannot be removed. If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan.Get started by checking your rates online in just two minutes.No origination fees in most states, no prepayment penalties.
At Lend EDU, we help borrowers compare the top student loan companies in one place.
You can see the full list of lenders below, but we recommend you start here, and check rates from the top 4 national lenders offering the lowest interest rates.
These 4 lenders also allow you to check your rate without impacting your score (using a soft credit pull), and offer the best rates of 2017: If you are in financial difficulty and can’t afford your monthly payments, a refinance is not the solution.
Loan consolidation can also give you access to additional loan repayment plans and forgiveness programs. Refer to the complete list of federal student loans eligible for consolidation in the application.
There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. Department of Education (ED) or ED’s consolidation loan servicers. Top A Direct Consolidation Loan has a fixed interest rate for the life of the loan.