Loan consolidation can be arranged through two ways – either through commercial lenders via the Federal Loan Consolidation program or directly with the federal government using the U.S. Department of Education Direct Federal Loan Consolidation program.
The Direct Federal Loan Consolidation program offers a special income-contingent option to students who have borrowed at a heavy level. This income contingent loan consolidation option is available to all borrowers whether they have taken a Federal Stafford Loan or a Federal Direct Loan. Under this program, all loan obligations are brought together into a new consolidated loan with a monthly payment structure determined according to income level. Thus, students with lower incomes have lower monthly payments for them, and the payments increase when the income increases. The repayment period will last as long as it takes to pay the loan off under this program, but if the borrower is unable to pay off after 25 years, the rest of the loan amount is paid by the government. However, there would be a tax liability assessed for the portion that was paid off by the government. This consolidation program involves high amount of interest that must be paid due to the long repayment period. Thus, the income-contingent repayment option is not recommended unless the student clearly cannot make payment in any other way.
If you have borrowed from more than one source to fund your education expenses and find the total amount borrowed to be burdensome, you have the opportunity of consolidating your loans into a single new loan under the Federal Consolidation Loan program. When you consolidate you may get convenient repayment arrangements such as lower monthly payments, extended length of loan repayments, etc.
The following loans may be included in a Federal Consolidation Loan:
Stafford Loan, subsidized and unsubsidized (or Guaranteed Student Loans)
Perkins Loan (or NDSL)
Supplemental Loan for Students (SLS)
PLUS Loan (in the student's name)
Federal Insured Student Loan
Health Professions Student Loan
The variable rate Stafford loans are often converted to fixed rate loans under loan consolidation program to avail the benefit in times when variable rates descend to a low point.
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