Consolidating defaulted private loan

Direct PLUS Loans received by parents to help pay for a dependent student’s education cannot be consolidated together with federal student loans that the student received.

A Direct Consolidation Loan has a fixed interest rate for the life of the loan.

Whom do I contact if I have questions about consolidation?

Private education loans are not eligible for consolidation, but for some Direct Consolidation Loan repayment plans, the total amount of your education loan debt—including any private education loans—determines how long you have to repay your Direct Consolidation Loan.

And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward — and free. Our partners cannot pay us to guarantee favorable reviews of their products or services. " At Nerd Wallet, we strive to help you make financial decisions with confidence. Debt consolidation is a strategy to roll multiple old debts into a single new one.

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There is no cap on the interest rate of a Direct Consolidation Loan.To ask questions after you have submitted your , contact the servicer for your new Direct Consolidation Loan. mail, your consolidation servicer’s contact information was available when you downloaded or printed the paper application.If you submitted your application online, your consolidation servicer’s contact information was provided at the end of the online process. This depends on where you are in the consolidation process.To ask questions about consolidating your loans before you apply for a Direct Consolidation Loan, contact the Student Loan Support Center at 1-800-557-7394.

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