Consolidating plus stafford loans
Three of them are Federal student loans and two of them are private. Here is what you need to know about consolidating and refinancing your Federal and private student loans together.Consolidating multiple loans into one single loan can really help borrowers who prefer to have a simple, single payment for their student loans.According to Student Aid.gov, the following types of student loans are eligible for consolidation: • Direct Subsidized Loans • Direct Unsubsidized Loans • Subsidized Federal Stafford Loans • Unsubsidized Federal Stafford Loans • Direct PLUS Loans • PLUS Loans from the FFEL Program • Supplemental Loans for Students (SLS) • Federal Perkins Loans • Federal Nursing Loans • Health Education Assistance Loans • Some previous consolidation loans When you consolidate your Federal student loans, you will get a new loan through the Department of Education, which you can then setup a repayment plan that works for you.
Your Federal benefits will disappear if you do this, and you’ll end up owing the full balance of your loan over time.
Having multiple loans can be tough to manage – different amounts due, different payment due dates, and a lot more statements to keep track of.
By combining your loans into a single loan, you can have one single bill, and you may even be able to lower your payments.
A PLUS loan made to the parent of a dependent student cannot be transferred to the student through consolidation.
Therefore, a student who is applying for loan consolidation cannot include the PLUS loan the parent took out for the dependent student’s education.