Consolidating undergraduate and graduate student loans

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Federal Direct Loans are student loans that are provided to the student directly from the U. Four types of loans offered under this program: Stafford Loans are loans available to undergraduate students on the basis of financial needs.

For the most part, any student loan distributed after July 1, 2010 is a federal Direct Loan.

The average student loan debt for 2016 college graduates who borrowed for college, was ,172 and 70% of the graduates left school owing money.

Private student loans are available, but every expert, even those who work for banks and credit unions, advise students to exhaust all avenues for federal aid first.

Freshmen can borrow up to ,500; sophomores ,500; and third-year students and beyond can borrow up to ,500 in subsidized loans.

You cannot accrue more than ,000 in subsidized Stafford Loans throughout your undergraduate studies.

If you have an unsubsidized loan, you’re responsible for paying off all the interest.

Subsidized loans are reserved for students who can demonstrate a financial hardship.

Consolidating your loans may result in the loss of benefits and incentives offered by the current holder of your loans.

Please contact your lender directly if you believe there are benefits associated with your loans before you consider consolidating.

A consolidation loan is a federal student loan that combines multiple federal student loans into one loan to lower monthly payment and make repayment more manageable.

This loan is made to students who have entered their grace or repayment period on their loans.

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