One of the key benefits of Direct loan consolidation is payment relief. By combining all of your direct student loans into one consolidated loan, you can lengthen your repayment term from the standard 10 years to up to 30 years, depending on the amount of your education debts. With a lower monthly payment, you'll have more money available to meet other living expenses, including car payments, housing expenses, and career-related necessities. Because there are no penalties for overpayment, you can make larger payments and reduce your repayment term when it becomes affordable.
Additional Benefits of Consolidating Direct Student Loans
- Reduce your monthly payment up to 53%!
- Reduce your interest rate 0.6% by consolidating during your grace period
- Simplified finances - one payment per month
- Improve your credit rating
- No credit checks, fees, or application charges
Requirements for Direct Student Loan Consolidation
- Minimum amount of $10,000 in federal student loans
- Loans must not be in default
- Must be graduated or enrolled less than half time
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