Consolidating my stafford loans

With a Federal Direct Consolidation Loan, which is made by the U. All, some, or just one federal student loan can be consolidated under this program.

Ford Federal Direct Loan Program, it’s possible to combine one or more federal student loans into one new loan.

Based on the amount of federal student loans you combine, you may be eligible for up to 30 years to repay your student loans.

Direct Consolidation sets a fixed interest rate based on a weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of 1%, capped at 8.25%.

I would like your advice since I went back to college am 40yrs old now that I finished college.

Please be aware that other federal loans, such as Perkins Loans, Health Education Assistance Loans (HEAL), Health Professions Student Loans (HPSL), Nursing Student Loans (NSL), and Loans for Disadvantaged Students (LDS) cannot be consolidated through the Special Direct Consolidation Loan but may be included in the Traditional Direct Consolidation Loan.

Qualifying Special Direct Consolidation Loan borrowers will receive a .25% interest rate reduction on their consolidated FFEL loans plus the .25% interest rate reduction for payments made through automatic debit.

If you have a FFELP loan(s) you may be able to consolidate in the Direct Consolidation Loan Program. If you don't know who your servicer(s)/lender(s) is, go to the National Student Loan Data System (NSLDS), which is the central database for all federal student loan information. Waiting to consolidate until after that six-month to nine-month grace period allows you to delay repayment.

However, if you consolidate sooner you may be able to lock into a lower, fixed interest rate on your consolidation loan before the variable interest rates on your individual loan(s) start to rise.

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