Both the Federal Direct Loan Program and the Federal Family Education Loan Program (FFEL) offer consolidation loans.Most federal student loans or PLUS loans can be consolidated under a Direct Federal Consolidation Loan.The picture painted by these statistics is clear: many borrowers are in over their heads with student loan debt and are looking for relief.
The last section is dedicated to identifying the best private consolidation loans for those with a few different financial profiles.
If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan.
Student loans can come from the federal government or from private sources such as a bank or financial institution. Department of Education responsible for HEAL Program loans?
Some consolidation plans allow you to base your repayment on your income.
The interest rate on your new consolidated loan will be the weighted average of interest rates on loans you choose to consolidate, and will be fixed for the life of the loan.