
Direct Consolidation Loan Additional Loan Listing Sheet Form
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People also ask
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Are direct consolidation loans eligible for forbearance?
After the consolidation application is processed, borrowers will begin repayment generally within 60 days of the disbursement of the consolidation loan. If the borrower qualifies for a deferment or forbearance, then loan payment can be postponed.
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Are direct consolidation loans eligible for forgiveness?
Benefits of Consolidating (Direct Loans are from the William D. Ford Federal Direct Loan Program.) If you consolidate loans other than Direct Loans, consolidation may give you access to forgiveness options, such as income-driven repayment or Public Service Loan Forgiveness (PSLF).
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Which is a drawback of using a direct consolidation loan?
You might lose borrower benefits such as interest rate discounts, principal rebates, or some loan cancellation benefits associated with your current loans.
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Are consolidated loans eligible for IDR?
FFEL borrowers can consolidate their loan(s) and be eligible for these IDR benefits. You have the option to resignNow or recalculate your plan at any time if you make less income than when you last filed taxes.
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Do direct consolidation loans qualify for IDR?
If a loan type is listed as “eligible if consolidated,” this means that if you consolidate that loan type into a Direct Consolidation Loan, you can then repay the consolidation loan under the income-driven plan.
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How do I know if my loan is a direct consolidation loan?
You can identify your loan types by logging on to StudentAid.gov and selecting “My Aid” in the dropdown menu under your name. In the “Loan Breakdown” section, you'll see a list of each loan you received. You'll also see loans you paid off or consolidated into a new loan.
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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.
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Are Direct Loans eligible for IDR?
Saving on a Valuable Education (SAVE) Plan is the newest income-driven repayment (IDR) plan available for all Direct Loans. It replaced the Revised Pay As You Earn (REPAYE) Plan in 2023. Borrowers on the REPAYE Plan automatically get the benefits of the new SAVE Plan.
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