Consolodating school loans
If you have problems with or questions about any part of the application, you can call Federal Student Aid’s Loan Consolidation Information Call Center at 1-800-557-7392.
There are major benefits and drawbacks of federal consolidation; it’s important to understand both because consolidation can’t be undone.
On the standard repayment plan for direct consolidation loans, you’ll make equal monthly payments for 10 to 30 years, depending on your total federal student loan balance.
You’ll save money if your new loan has a lower interest rate.Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.