A Federal Direct Consolidation Loan allows borrowers to combine multiple federal student loans into a single loan. For many borrowers, consolidation can help to simplify the repayment process by providing a single monthly bill, a single due date, and up to 30 years to repay the principal.
Add Your Student Loans
The weighted average interest rate for your loans is .
How to use this calculator
This calculator will help you to determine the interest rate you’ll pay on a Direct Consolidation Loan.
The interest rate on a Direct Consolidation Loan is fixed for the life of the loan. The rate is determined by calculating the weighted average interest rate, rounded up to the nearest one-eighth of one percent, of the individual loans being consolidated.
To get started, you’ll need to know the balance and interest rate for the individual loans you want to consolidate. This information should be readily available from the student loan servicer for each of your loans. Alternatively, you can find the details for all of your federal student loans by logging into the National Student Loan Data Service (NSLDS) web site.
Which loans can be consolidated?
The following types of subsidized and unsubsidized loans can be consolidated:
- Subsidized Federal Stafford Loans
- Direct Subsidized Loans
- Subsidized Federal Consolidation Loans
- Direct Subsidized Consolidation Loans
- Federal Insured Student Loans (FISL)
- Guaranteed Student Loans (GSL)
- Unsubsidized and Nonsubsidized Federal Stafford Loans
- Direct Unsubsidized Loans
- Unsubsidized Federal Consolidation Loans
- Direct Unsubsidized Consolidation Loans
- Federal PLUS Loans (for parents or for graduate and professional students)
- Direct PLUS Loans (for parents or for graduate and professional students)
- Direct PLUS Consolidation Loans
- Federal Perkins Loans
- National Direct Student Loans (NDSL)
- National Defense Student Loans (NDSL)
- Federal Supplemental Loans for Students (SLS)
- Parent Loans for Undergraduate Students (PLUS)
- Auxiliary Loans to Assist Students (ALAS)
- Health Professions Student Loans (HPSL)
- Health Education Assistance Loans (HEAL)
- Nursing Student Loans (NSL)
- Loans for Disadvantaged Students (LDS)
Subsidized and unsubsidized loans can be consolidated into a single loan, with a single monthly payment, though the loan may have up to two individual loan identification numbers. The subsidized portion of the loan will have one identification number, while the unsubsidized portion will have another.
How to Apply
Applying for a Direct Consolidation Loan is uncomplicated. The entire process can be completed online in about 30 minutes, and a paper mail-in application is also available.
The following section addresses some of the most frequently asked questions when it comes to consolidating federal student loans.
What if my loans are in default?
If your loans are in default, you can still apply for a consolidation loan. However, you will first need to do one of the following:
(1.) Make arrangements for repayment with the loan servicer
(2.) Choose to repay your Consolidation Loan under an income-based repayment plan
Can married couples consolidate student loans?
No. Married couples can consolidate their loans individually, but cannot combine their loans into a single consolidation loan. This rule aims at mitigating complications that may arise over student loan debt in the event of divorce.
Can a student consolidate a parent’s PLUS loan with his or her loans?
No. A PLUS loan issued to the parent of a dependent student cannot be consolidated with the student’s loans.
Will consolidating my federal student loans affect my credit score?
No. Applying for a Direct Consolidation Loan will not affect your credit score.