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Direct Consolidation Loan allows borrowers to combine one or more of their Federal education loans into a new loan that offers several advantages.

One Lender and One Monthly Payment.

With only one lender and one monthly payment, it is easier than ever for borrowers to manage their debt. Borrowers have one lender, the U.S. Department of Education, for all loans included in the Direct Consolidation Loan.

Flexible Repayment Options.

Borrowers can choose from four different plans to repay their consolidation loan(s), including an Income Contingent Repayment Plan. These plans are designed to be flexible to meet the different and changing needs of borrowers. With a consolidation loan, borrowers can switch repayment plans at anytime.

No Minimum or Maximum Loan Amounts or Fees.

There is no minimum amount required to qualify for a Direct Consolidation Loan! In addition, consolidation is free.

Varied Deferment Options.

Borrowers with consolidation loans may qualify for renewed deferment benefits. If borrowers have exhausted the deferment options on their current Federal education loans, a consolidation loan may renew those deferment options. In addition, borrowers may be eligible for additional deferment options if they have an outstanding balance on a FFEL Program Loan made before July 1, 1993, when they obtain their first Direct Loan.

Reduced Monthly Payments.

A consolidation loan may ease the strain on a borrower's budget by lowering the borrower's overall monthly payment. The minimum monthly payment on a consolidation loan may be lower than the combined payments charged on a borrower's Federal education loans.

Retention of Subsidy Benefits.

There are two (2) possible portions to a consolidation loan: Subsidized and Unsubsidized. Borrowers retain their subsidy benefits on loans that are consolidated into the subsidized portion of a consolidation loan.

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