To obtain a Direct Consolidation Loan, a borrower must submit a completed application to the Secretary.
Whether you’re looking to refinance federal student loans, pay off loans sooner, or get a lower monthly payment (maybe all three), we offer a range of rates and terms.
Repayment for a FFELP Stafford and Direct Subsidized or Unsubsidized student loan begins six months after you graduate, drop below half-time enrollment, or withdraw from school.
First you should consider if you will lose any good rights or benefits when you consolidate your loans.
You might lose loan cancellation benefits, discounted interest rates, or principal rebates.
The monthly payment amount may decrease because repayment can be spread over a longer time period.
Because there are no penalties for prepaying the loan in full or in part, borrowers may make larger monthly payments or extra payments if they wish.As long as your servicer has your current contact information, you will receive periodic updates detailing your outstanding balance, payment due dates, etc.Most servicers make your account information available online 24/7. So Fi is one of few lenders that handles federal and private student loan consolidation.Plus, as a member, you’ll have access to a whole lot of perks: career strategy services, customer support seven days a week, invites to So Fi events, and more.In the case of a Direct Consolidation Loan made before July 1, 2006, the term “Direct PLUS Consolidation Loan” refers to the portion of a Direct Consolidation Loan attributable to the loans identified in paragraphs (b)(9) through (b)(12) of this section.