Consolidating federal grad plus loans
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However, students tend to have much better credit histories after graduation.
This could help qualify you for a lower interest rate on your loan.
One of the biggest myths when it comes to student loans is whether you can consolidate your Federal and private student loans. Well, since 2014, you can actually refinance and consolidate both your Federal and private student loans into a single loan with many private lenders.
By contrast, if that student refinanced into a private student loan, they could significantly lower their interest rate and monthly payments.
According to Student Aid.gov, the following types of student loans are eligible for consolidation: • Direct Subsidized Loans • Direct Unsubsidized Loans • Subsidized Federal Stafford Loans • Unsubsidized Federal Stafford Loans • Direct PLUS Loans • PLUS Loans from the FFEL Program • Supplemental Loans for Students (SLS) • Federal Perkins Loans • Federal Nursing Loans • Health Education Assistance Loans • Some previous consolidation loans When you The interest rate will also be fixed at the current Federal Direct loan rate.
You are eligible for any “Direct” repayment plan – and you can setup a timeline from 10 to 30 years to pay back the loan.
With multiple loans, it can be tough to manage different amounts due, different payment due dates, and many more statements to keep track of.
By consolidating your private student loans and federal student loans, you can have a single bill each month, with the potential for lower payments.
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This is one of the best ways to lower your current payment on your Federal student loans.