Consolidating loan stafford
Maximum Loan Amount: None Interest Rate: Weighted average interest rate on the loans being consolidated, rounded to the nearest one-eighth of 1 percent, not to exceed 8.25 percent.
Currently, the interest rate is fixed for the life of the loan.
The number one drawback to consolidating a Perkins Loan is the loss of loan cancellation benefits.
If you are, or will be, a public school teacher, or if you teach math, science or special education subjects, you may qualify for Perkins loan cancellation.
Select, economically disadvantaged students are eligible for additional loans through the Perkins program.
The aid is designed to increase college access for the neediest groups of students.
Perkins borrowers may have multiple outstanding loans, but many students also carry federal Stafford Loans, and others issued through the Direct Loan Program.
If your Perkins Loans already carry low rates, it may not benefit you to consolidate.
Another consolidation benefit realized by students having difficulty keeping up with student loan payments, is restructured repayment.
For more information of the specific loan terms, please visit the Loan Consolidation home page.
Maximum Loan Length: 10-30 years Frequency of Payments: Varies Prepayment penalties: None Fees: None You apply for a Direct Consolidation Loan through Student