Repayment and Loan Consolidation
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Loan Repayment
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Repayment of loans is handled through the loan's servicer. Contact the loan servicer for any questions about repayment dates and amounts, deferment or forbearance.
Direct Loan Servicing
Servicer for all subsidized and unsubsidized student loans and parent PLUS loans. (800) 848-0979
TDD - (800) 848-0983
Perkins Loans Servicer
Contact Student Loan Accounting
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Consolidation Loans
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Consolidation loans combine several student or parent loans into one bigger loan from a single lender, which is then used to pay off the balances on the other loans resulting in a single payment. It is very similar to refinancing a mortgage. Consolidation loans are available for most federal loans, including Direct/FFELP loans (Stafford, PLUS and SLS), and Perkins. Some lenders offer private consolidation loans for private/alternative education loans as well. Before consolidating, always evaluate the benefits provided by the current holder of your loans.
FinAid's Loan Consolidation Calculator can help you understand the tradeoffs of consolidating your loans. It compares the reduction in the monthly loan payment with the increase in the total interest paid over the lifetime of the loan. It also shows you the interest rate on your consolidation loan.
Additional information about consolidation loans may be found in the consolidation loan and private consolidation loan sections of "FinAid.org". Including a list of lenders that provide consolidation loans and a basic comparison chart that highlights the loan discounts offered by each lender. Only consolidators that offer loan discounts are included in this list. You may choose any lender that is right for you.
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