Prepare and Apply for Federal Student Loan Consolidation Great Lakes. Are you tired of managing multiple federal student loan payments with multiple interest rates or multiple servicers? Department of Education made the landmark decision to allow you to choose your consolidation servicer of which Great Lakes is one under the Direct Consolidation Loan program. Learn more about Direct Consolidation loan on the Federal Student Aid site. Loans that are eligible for Direct Loan Consolidation include. Federal Stafford Subsidized and Direct Unsubsidized Loans. Up to 15-year repayment term with no pre-payment penalties.Direct PLUS and FFELP Plus Loans for Parents and Graduate Students. Supplemental Loans for Students SLS Federal Perkins Loans and Federal Nursing Loans. Interest ranges from 3M Prime 1.50% to 3M Prime 4.00%. What Is Navient Sallie Mae New Student Loan Issuer?

But now that the choice is available its important to understand whether federal and private loan consolidation is right for you especially when theres the potential for significant cost savings on the line. Student loan issuer Sallie Mae NASDAQSLM emailed all its borrowers Thursday informing them that they would be dealing with an offshoot company Navient NASDAQNAVI starting Oct.

The new lender will essentially do the same things Sallie Mae does and there will no changes to loan terms or conditions.

The news comes just months after the lender paid millions to settle a series of federal lawsuits against it amid other public relations troubles.

Student Loan Consolidation Best 7 Refinancing Companies. You can consolidate student loans without a new private student loan lender.

In fact the Department of Education allows you to consolidate federal student loans through the Direct Consolidation Loan program.

The Direct Student Loan Consolidation program is allows you to consolidate federal student loans into one new federal student loan. You should not consolidate your federal student loans together with your private education loans.You will not need to pay any fees to consolidate federal student loans through this program. They should be consolidated separately as the federal consolidation loans offer superior benefits and lower interest rates for consolidating federal student loans.In fact you can consolidate your federal student loans for free online. When you consolidate federal student loans you will no longer have to deal with multiple federal student loan payments. When evaluating a private consolidation loan ask whether the interest rate is fixed or variable whether there are any fees and whether there are prepayment penalties.After consolidation you will only have one loan one interest rate and one monthly payment. If you have good credit and a strong financial picture you could get a lower interest rate and see substantial savings through refinancing. Your interest rate is simply the weighted average of the original loans rates. For the most updated information its best to check the individual lender websites.Direct Student Loan Consolidation Student Loan Refinancing. Many private lenders only refinance private loans but So Fi accepts both federal and private loans. Your interest rate will be a new hopefully lower rate based on your credit score and other relevant finance data. Generally you wont see any savings since you are not getting a new interest rate. Northwestern University Office of Undergraduate Financial Aid. Loan consolidation can be helpful for borrowers who want to combine their eligible federal student loans into a single Direct Consolidation Loan. Have trouble paying the amount due on your loans and need a lower payment. Cedar Education Lending Private Student Loan Consolidation.Federal student loan consolidation Wikipedia the free encyclopedia. Federal Student Loan Interest Rate and Consolidation Fact Sheet from the Federal Student Aid site information is outdated. It's important to gather your application information ahead of time especially since you're required to complete your application in one session. It's important to understand and carefully consider all factors before consolidating. Realize there are advantages and disadvantages to loan consolidation. Maximum of 125000 in undergraduate private student loan debt and 175000 in graduate school debt.