Loan Consolidation
Until July 1, 2006, a Direct Consolidation Loan allows you to refinance your federal loans and lock in a lower interest rate of 4.75%. The advantage of consolidating with Direct Loans is that you will also retain your 6 month grace period, which means that you will have no loan payment due until 6 months after you graduate or are no longer enrolled in school at least half-time.
Additional advantages:
- Lock in a low fixed rate for the life of the loan.
- No minimum or maximum loan amounts or fees. Consolidation is FREE .
- Lower interest rate if you consolidate while in-school or during your grace period. This saves you money! In school consolidations are only offered to you, the Direct Loan borrower.
- One lender, one bill, and one monthly payment to deal with.
For more information:
May Graduates
Continuing Students
To Apply for Consolidation:
Consolidation Application
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Last year, during the week prior to June 30th, it became almost impossible to access the consolidation website, due to the large number of borrowers attempting to complete the online application. Consolidate now and avoid the rush!
And, if you are graduating in May, you must complete and submit the application no later than Tuesday, May 16th, the last official date of the semester, if you wish to keep your 6 month grace period and the 0.6% reduction in intererest.
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