Consolidating plus stafford loans

You can refinance loans with private lenders as often as you would like.If you consolidate parent PLUS loans with other direct federal student loans into a Federal Direct Consolidation Loan, the only income-driven repayment (IDR) program that loan will be eligible for is income-contingent repayment (ICR), the least generous of all IDR plans.Remember to keep making your loan payments in a timely and consistent manner until your consolidation application is approved!Simply submitting an application for consolidation does not mean you can stop making payments. Consolidating allows you to merge multiple eligible loans into a single loan.Before you consolidate, consider the following pros and cons: Note: Just remember, you must continue making payments after submitting your application until you receive notice from your servicer that underlying loans have been paid off.If you’re able to make consistent, timely payments towards your student loans, you may see your credit score improving over time.

My husband and I will borrow Parent PLUS loans next year for our daughter's college (unless she runs off to Uruguay, which is distinctly possible).

What this means is that Parent PLUS Loan borrowers who consolidate those loans into Federal Direct (as we say in the South) earn Public Service Loan Forgiveness, if they owed “enough”, didn’t earn “too much”, and met all the requirements.

A couple of special notes of caution for parents with student loans: Finally, Parent PLUS and Grad PLUS student loans are different.

You have the option to select the servicer of your choice (of which, Nelnet is an option) After your new Direct Consolidation Loan is complete, you may still add more eligible loans to your existing consolidation.

If you would like to add other eligible loans, your servicer must receive your Request to Add Loans Form within 180 days from the date your Direct Consolidation Loan is completed (originated).


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