Consolidating federal school loan

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There are no fees and no pre-payment penalities on a federal consolidation loan.

Direct PLUS consolidation loan borrowers are subject to a credit check.

Repayment terms range from 10 to 30 years, depending on the amount being refinanced.

Most of the current deferment and forbearance provisions of federal PLUS loans are retained after being consolidated.

However, if you’re concerned about the impact on your borrower benefits, consider reevaluating your budget and determine how you can continue to make your existing payments.

This is done through a private lender such as a bank or credit union.

Unlike federal loan consolidation, private student loans often come with a variable interest rate when consolidated.

Parent borrowers of the federal PLUS loan may consolidate, or refinance, their loans into a federal consolidation loan. There are two main reasons borrowers decide to consolidate their federal loans: a fixed interest rate and lower monthly payments.

Other reasons include the convenience of having just one loan with one monthly payment and prevention of defaulting on one's loans.

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