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School Loans
Applying for a Student Loan
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School Loan Consolidation | Student Loan Consolidation
Eligibility | Sally Mae Student Loan
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SchoolLoan Consolidation or Refinancing
refers to applying for a School Loan
intended to replace an existing student loan.
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School Loan Consolidation
Eligibility
To qualify for Direct
Consolidation Loans, borrowers must have at least one Direct or
Federal Family Education Loan (FFEL) Program loan that is in
grace, repayment, deferment or default status.
Loans that are in an in-school
status cannot be included in a Direct Consolidation Loan.
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Borrowers
can consolidate most defaulted FFEL and Direct Loan
Program loans, if they make satisfactory repayment arrangements with
the current loan holders or agree to repay their new Direct
Consolidation Loan under the Income Contingent Repayment Plan.
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Borrowers who do not have Direct Loans
may be eligible for a Direct Student Consolidation Loan if they
include at least one FFEL Loan and have been unable to obtain a
Federal Consolidation Loan with a FFEL consolidation lender or have
been unable to obtain a Federal Consolidation Loan with
income-sensitive repayment terms acceptable to them.
Eligible Student Loans
The following federal education
loans are eligible for consolidation into a Direct Consolidation
Loan:
- Direct Subsidized and Unsubsidized
Loans
- Federal Subsidized and
Unsubsidized Federal Stafford Loans
- Direct PLUS Loans and Federal PLUS
Loans
- Direct Consolidation Loans and
Federal Consolidation Loans
- Guaranteed Student Loans
- Federal Insured Student Loans
- Supplemental Loans for Students
- Auxiliary Loans to Assist Students
- Federal Perkins Loans
- National Direct Student Loans
- National Defense Student Loans
- Health Education Assistance Loans
- Health Professions Student Loans
- Loans for Disadvantaged Students
- Nursing Student Loans
Ineligible Student Loans
Some loans are always ineligible for consolidation. While these
loans may not be included in a Direct Consolidation Loan, they may
be considered in the calculation of the maximum repayment period
under the Graduated or Extended Repayment Plan. These include but
are not limited to the following:
- Loans made by a state or private
lender and not guaranteed by the federal government
- Primary Care Loans
- Law Access Loans
- Medical Assist Loans
- PLATO Loans
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Sources: Wikipedia, FCIC, Department of Education and other public sources.
School Loan Consolidation | Student Loan Consolidation
Eligibility | Sally Mae Student Loan
SchoolLoan Consolidation or Refinancing
refers to applying for a School Loan
intended to replace an existing student loan.
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