What is the difference between a direct subsidized consolidation loan and a direct unsubsidized consolidation loan?

Direct Subsidized Consolidation Loan combines federal student loans eligible for interest subsidies, such as subsidized FFELP and Direct Loans, and Federal Perkins Loans. Direct Unsubsidized Consolidation Loan combines federal student loans not eligible for interest subsidies.

What is a direct consolidation loan?

A Direct Consolidation Loan allows you to consolidate (combine) one or more federal education loans into a new Direct Consolidation Loan for the purpose of lowering your monthly payment amount or gaining access to federal forgiveness programs.

Can you add a loan to a consolidated loan?

If you want to add loans to your Direct Consolidation Loan application, you may do so within 180 days of when your new consolidation loan is made without having to submit a new Direct Consolidation Loan application. Contact your consolidation loan servicer for more information.

Are direct consolidation loans eligible?

Most federal student loans are eligible for consolidation. Important note: Direct PLUS Loans received by parents to help pay for a dependent student's education cannot be consolidated together with federal student loans that the student received. Private student loans are not eligible for consolidation.

What are some disadvantages of getting a direct consolidation loan?

Consolidation has potential downsides, too: Because consolidation may lengthen the repayment period, you'll likely pay more interest over the long run. ... You might lose borrower benefits such as interest rate discounts, principal rebates, or some loan cancellation benefits associated with your current loans.

Who owns a direct consolidation loan?

Direct Consolidation Loans are made by the U.S. Department of Education. You repay a Federal Consolidation Loan to the U.S. Department of Education. Federal Consolidation Loans are made through the Federal Family Education Loan (FFEL) Program. No new loans are being made under the FFEL Program.

What does direct loan consolidation do?

On This Page. A Direct Consolidation Loan allows you to consolidate (combine) one or more federal education loans into a new Direct Consolidation Loan for the purpose of lowering your monthly payment amount or gaining access to federal forgiveness programs.

Are direct consolidation loans eligible for forgiveness?

Only federal Direct Loans can be forgiven through PSLF. If you have other federal student loans such as Federal Family Education Loans (FFEL) or Perkins Loans you may be able to qualify for PSLF by consolidating into a new federal Direct Consolidation Loan.

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Additional Loan Listing Sheet 2016

Get Additional Loan Listing Sheet 2016-2024

Alse statement or misrepresentation on this form or on any accompanying document is subject to penalties that may include fines, imprisonment, or both, under the U.S. Criminal Code and 20 U.S.C. 1097. BEFORE YOU BEGIN Read the Instructions for Completing the Direct Consolidation Loan Application and Promissory Note ( Instructions ). Use this form only if you need additional space to list loans in the Loans You Want to Consolidate section or the Loans You Do Not Want to Consolidate section o.

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