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Repayment of a Direct Consolidation Loan will begin within 60 days after the loan is disbursed (paid out).Your loan servicer will let you know when the first payment is due. Whom do I contact if I have questions about consolidation?Private education loans are not eligible for consolidation, but for some Direct Consolidation Loan repayment plans, the total amount of your education loan debt—including any private education loans—determines how long you have to repay your Direct Consolidation Loan.Luckily, you don’t have to give yourself a headache over this—because we’ve done the research for you.
(Get a ballpark idea of how much you could save with our calculator.) But choosing the right lender is key.
The fixed rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent.
There is no cap on the interest rate of a Direct Consolidation Loan.
You can complete and submit the application online, or you can download and print a paper application from Student for submission by U. The consolidation servicer will be your point of contact for any questions you may have related to your consolidation application.
Unless the loans you want to consolidate are in a deferment, forbearance, or grace period, it’s important for you to continue making payments on those loans until your consolidation servicer tells you that they have been paid off by your new Direct Consolidation Loan.