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The interest rate must not exceed 8.25% for consolidation loans prior to July 2013.

However, the interest rate may be greater than 8.25% if your consolidation application was received on or after July 1, 2013.

Consolidation loan borrowers should not be charged origination fees.

If you already have a consolidation loan with either FFEL or Direct, you are not allowed to “reconsolidate’, except in limited circumstances.

This means, for example, that a Perkins Loan on its own cannot be consolidated into a Direct Loan.

You may consolidate with Direct Loans during grace periods, once you have entered repayment, or during periods of deferment or forbearance.

Interest rate for loans made before July 1, 2006: For Stafford and Unsubsidized Stafford, in-school rate is 91-day T-Bill 1.7%; in-repayment rate is 91-day T-Bill 2.3%; both rates are capped at 8.25%. 1, 1998, who teach for five consecutive years in qualifying schools serving low-income students may qualify for up to ,000, and, in the case of highly qualified mathematics, science, and special education teachers, up to ,500, in loan forgiveness.

Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.You will lose your rights under the federal loan programs once you choose to consolidate with a private lender.Direct consolidation loans are now the only type of federal student consolidation loan.Under the Direct Loan Consolidation Program, you can consolidate Subsidized and Unsubsidized Stafford Loans, Supplemental Loans for Students (SLSs), Federally Insured Student Loans (FISLs), PLUS Loans, Direct Loans, Perkins Loans, Health Education Assistance Loans (HEALs), and just about any other type of federal student loan.

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Borrowers in default may also consolidate in certain circumstances.

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