Consolidating stafford subsidized loans speed dating ice breakers

How to Get a Consolidation Loan Apply for a Federal Direct Consolidation Loan through Student Do not pay a fee to consolidate your federal student loans, change repayment plans, postpone payments or qualify for loan forgiveness. Repayment of Federal Consolidation Loans Repayment of a Federal Consolidation Loan begins within 60 days after disbursement of the consolidation loan.As you may or may not know, there are two versions of Stafford Loans: subsidized and unsubsidized.These are funded through the government’s Direct Loan Program and the Federal Family Education Loan (FFEL) Program lenders.Eligible Federal Education Loans include: subsidized and unsubsidized Federal Stafford Loans, Federal Perkins Loans, Federal Grad PLUS Loans, Federal Parent PLUS Loans, Supplemental Loans for Students (SLS), Nursing Student Loans, Nurse Faculty Loans, Health Education Assistance Loans (HEAL), Health Professions Student Loans and Loans for Disadvantaged Students.Even though Federal Stafford Loans and Federal PLUS Loans can be consolidated together, a student’s Federal Stafford Loans cannot be consolidated with their parent’s Federal Parent PLUS Loans.

Congress previously allowed joint consolidations, but repealed it effective July 1, 2006 because of the problems that arose when married borrowers divorced and the joint consolidation could not be undone.

The Federal Consolidation Loan combines multiple Federal Education Loans into a single loan, simplifying the repayment process.

Read on for everything you need to know about the Federal Consolidation Loan application and payment process.

Borrowers who consolidated FFELP loans would lose the loan discounts.

Consolidation could be used to lock in variable-rate federal loans at a fixed rate.

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Consolidation provides borrowers with access to additional repayment plans.

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