Issues arise concerned with consilidating departments

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Unless the lender determines that extenuating circumstances exist, you will not pass the credit check if you: Consolidation is similar to refinancing a loan.

You can consolidate all, just some, or even just one of your student loans.

The Department posts information to help you determine whether you are a dependent or independent student.

The Department has a fact sheet with information about the different types of loans and borrowing limits. The maximum interest rates, and many of the important terms of federal loans are set by Congress, and are similar in both the FFEL and Direct Loan programs.

The limits vary for each year of study, depending on the length of the program and the student’s year of study.

There is more information on Stafford loan limits on the Department of Education’s web site.

The interest rate must not exceed 8.25% for consolidation loans prior to July 2013.

Unlike Stafford loans, PLUS borrowers are generally required to pass a credit check.

There are limits on the amount in subsidized and unsubsidized loans that you may be eligible to receive each academic year (annual loan limits) and the total amounts that you may borrow for undergraduate and graduate study (aggregate loan limits).

The actual loan amount you are eligible to receive each academic year may be less than the annual loan limit.

The fixed interest rate for undergraduate Stafford loans first disbursed on or after July 1, 2019 and before July 1, 2020 is 4.53%. Most older loans from before July 2006 have variable interest rates.

After 2007, the interest rates are fixed, but change almost every year.

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