Consolidating federal stafford loans

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Although student and parent borrowers are each eligible to consolidate their loans, they may not consolidate their loans together.

Married borrowers may no longer consolidate their loans together.

Previously, the interest rate would have been capped at 8.25%.

For example, if the borrower rehabilitates the loan by making satisfactory repayment arrangements through his/her loan servicer, he/she may be eligible to consolidate the loans.

Also, borrowers may rehabilitate defaulted loans by consolidating them and agreeing to repay them in the income-based repayment plan.

To be eligible for Federal Loan Consolidation, borrowers must have at least one loan from the Federal Direct Loan program or Federal Family Education Loan (FFEL) program that is not in an “in-school” status.

Defaulted loans may be consolidated in certain circumstances.

Because there are no penalties for prepaying the loan in full or in part, borrowers may make larger monthly payments or extra payments if they wish.

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The interest rate on a federal consolidation loan is a fixed rate equal to the weighted average of the interest rates on the federal education loans that are being consolidated, rounded up to the nearest one-eighth of one percent.For example, suppose a borrower has a ,500 loan at 3.4% and a ,000 loan at 3.86%.The interest rate on the federal consolidation loan would be This would then be rounded up to the nearest one-eighth of a point, or 3.75%.Since July 1, 2013, the interest rate on new federal consolidation loans is no longer capped.

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Federal consolidation loans allow borrowers to combine several federal student loans into one loan to streamline loan repayment.

The monthly payment amount may decrease because repayment can be spread over a longer time period.

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