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There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan.
Borrower benefits from your original loan, which may include interest rate discounts, benefits, can significantly reduce the cost of repaying your loans. If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you can consider reevaluating your and income situation.
You can also consider deferment or forbearance as options for short-term payment relief needs.
You might also have access to alternative repayment plans you would not have had before, and you’ll be able to switch your variable interest rate loans to a fixed interest rate.
Loan consolidation can greatly simplify loan repayment by centralizing your loans to one bill and can lower monthly payments by giving you up to 30 years to repay your loans.
Carefully consider whether loan consolidation is the best option for you.
If you are contacted by someone offering to consolidate your loans for a fee, you are not dealing with one of the U. Department of Education’s (ED's) consolidation servicers. To apply for a Direct Consolidation Loan, you must follow the process outlined below.