"Direct Consolidation Loan"
By U.S. Department of Education

What is Direct Consolidation Loan ?

A Direct Consolidation Loan is a type of federal student loan that allows borrowers to combine multiple federal student loans into a single loan with a fixed interest rate. 

How Direct Consolidation Loan Works ?

Direct Consolidation Loan can provide access to additional repayment plans. Depending on the repayment option you select, the length of your consolidation loan can reach 30 years.

Who is Eligible for Direct Consolidation Loan ?

To be eligible for a Direct Consolidation Loan, a borrower must have at least one federal student loan that is in grace, repayment, deferment, or default status.

CHECK ELIGIBILITY

What Types of Loans can be Consolidated ?

Most federal student loans are eligible including, Subsidized Federal Stafford Loans, Direct PLUS Loans, Federal Perkins Loans, Guaranteed Student Loans and many more.

Direct Consolidation Loan Interest Rate

Interest rate on a Direct Consolidation Loan is fixed that is based on weighted average of the interest rates on federal student loans being consolidated, rounded up to the nearest ⅛ of 1%. 

How to Apply for Direct Consolidation Loan ?

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Borrowers can apply for a Direct Consolidation Loan online through the Federal Student Aid website or by completing a paper application. 

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