As with all private loans, terms and conditions are set by the individual lending institution.
Students with outstanding Federal Direct Loans may be able to take advantage of the government’s Federal Direct Consolidation Loan.
Students are eligible to consolidate their outstanding Federal loans only after they have graduated, left school, or have dropped to below half-time enrollment.
These are the most common questions borrowers ask concerning student loan consolidation: When borrowers consolidate their outstanding student loans, whether the loans are Federal or private, they are essentially securing a new loan.
While the term “consolidate” implies a combing of outstanding loans, it is a misnomer.
Interest rates are based on the weighted average of the interest rates on the loans being consolidated, but may not exceed 8.25 %.
Many private lenders specializing in student loans offer loan consolidation services.
It may take some time before students realize their full earning potential, and it can be difficult for some graduates to keep up with their loan repayment plans.
Student loan consolidation may offer the solution, but many borrowers may be unfamiliar with the process.
Department of Education made the landmark decision to allow you to choose your consolidation servicer (of which, Great Lakes is one) under the Direct Consolidation Loan program.
Consolidation gives you the opportunity to choose one of the U. Department of Education's consolidation servicers (of which, Great Lakes is one) to complete and service your Direct Consolidation loan.