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Kentucky Higher Education Student Loan Article
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Types of Student Loans That Can Be Consolidated
from: Kyle BesserMost federal student loans are eligible for a US Department of Education loan consolidation, including subsidized and unsubsidized Direct and FFEL federal Stafford Loans, Direct and FFEL federal PLUS loans, Supplemental Loans for Students (SLS), Federal Perkins Loans, Federal Nursing Loans, Health Education Assistance Loans, and some existing consolidation loans. If you are in default, you must meet certain requirements before you can consolidate your loans.
Private education loans are not eligible for consolidation. federal PLUS loans made to the parent of a dependent student cannot be transferred to the student thus a student who is applying for a US Department of Education loan consolidation cannot include the parent's federal PLUS loans.
Before July 1, 2010, federal Stafford Loans, federal PLUS loans, and Consolidation Loans were also made by private lenders under the Federal Family Education Loan Program. As a result of the passage of the Health Care and Education Reconciliation Act of 2010, no further loans will be made under the Federal Family Education Loan Program (FFEL Program) beginning July 1, 2010. All new federal Stafford Loans, federal PLUS loans, and Consolidation Loans will come directly from the U.S. Department of Education Direct Loan Program.
Generally, you are eligible to consolidate education loans after you graduate, leave school, or drop below half-time enrollment. If you consolidate education loans, you do not need to pay any application fees and you will not be charged any prepayment penalties.
Requirements to qualify for a Direct Consolidation Loan:
You must have at least one Direct Loan or Federal Family Education Loan (FFEL) that is in grace or repayment.
You can consolidate most defaulted education loans if you make satisfactory repayment arrangements with the current education loan services or servicer or agree to repay your new Direct Consolidation Loan under the Income Contingent Repayment Plan or the Income Based Repayment Plan.
If you have a Direct Consolidation Loan, you cannot consolidate again unless you include an additional FFEL or Direct Loan. If you have a FFEL Consolidation Loan you also may be able to consolidate again under certain circumstances. For additional details, go to www.loanconsolidation.ed.gov.
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