What will consolidating a perkins loan do

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Before you consolidate, consider the following pros and cons: Note: Just remember, you must continue making payments after submitting your application until you receive notice from your servicer that underlying loans have been paid off.You have the option to select the servicer of your choice (of which, Nelnet is an option) After your new Direct Consolidation Loan is complete, you may still add more eligible loans to your existing consolidation.

You can use the National Student Loan Data System (NSLDS) to find out what federal loans you have. If you do not already have an FSA ID, you can create one when logging into fafsa.gov, the NSLDS system at Student or at Student

» MORE: Should you refinance federal student loans Like the federal government, private companies offer the option to consolidate multiple student loans into one.

But unlike the federal government, they can consolidate both federal and private loans.

Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.

When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.

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