Consolidating into direct loan program
Understanding all the benefits will help you make a good financial decision.Here is an overview of some of the many benefits: Consolidation may not be the best option for everyone.Federal Direct Subsidized and Unsubsidized Loans are eligible for all income-driven repayment plans.However, other types of federal loans must be part of a consolidation loan to be eligible for income-driven plans.If you have a lot of federal student loans, it can be hard to keep track of everything.
This removes the burden from the borrower of trying to keep track of many different loans, with different lenders, balances, and interest rates.
Gather all of your education loan records, account statements, and bills so that you will have all the information needed to complete the Federal Direct Consolidation Loan Application and Promissory Note (Note). Put your initials next to any information that you change.
Cross out any information that is incorrect and enter the correct information.
Incorrect or incomplete information may delay processing.
Item 1: Enter your last name, then your first name and middle initial.
Depending on your situation, using a Direct Consolidation Loan could be a great strategy to help pay down your debts more quickly: If tracking all your student loan payments is driving you crazy, Direct Loan Consolidation may inject a well-needed dose of sanity into your life and budget.