Consolidating federal graduate student loans

But even with scholarships and Federal grants, most students will face a gap in their college fund that requires a student loan of one form or another.

These low interest Federal loans offer a substantial benefits as compared with private lenders.

And If you qualify for a Pell Grant, which is also awarded based on financial need, then you are probably also a priority candidate for a Perkins Loan.

One way to resolve a defaulted loan is to combine your existing federal student loans into a new Direct Consolidation Loan from the US Department of Education (ED).

Even if you have only one defaulted student loan, you may obtain a Direct Consolidation Loan to resolve the default.

In the process of consolidation, each original loan is paid in full and a new Direct Consolidation Loan is originated for the combined balance of the consolidated loans.

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The controlled lower interest rates mean lower monthly payments and students are often eligible for extensions or deferments on repayment periods.

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