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Federal student loans are different. Since they are initiated by the Department of Education, federal student loans are eligible for Federal Direct Loan Consolidation. This is available to students who have Direct Loans or Federal Family Education Loans. These loans can be consolidated as long as they are not in in-school status – that means even if a student’s loans are in a grace period, repayment, deferment, or default, they can be consolidated.
Why does that matter? Well, federal direct consolidation loans can help you in a variety of ways. Not only do you get one monthly payment and (in some cases) a lower interest rate, but you will also continue to be eligible for benefits that apply to federal student loan borrowers, such as public service loan forgiveness and alternative repayment plans. These repayment plans include:
  • Standard Repayment Plan – Payments are a fixed amount each month and the loan must  be paid off within 10 years.
  • Graduated Repayment Plan – Payments start low and go up every few years, with the loan to be paid off in 10-30 years, depending on the amount you owe.
  • Extended Repayment Plan – Payments can be fixed or graduated, with the loan to be paid off over 12-25 years (available to those who owe more than $30,000).
  • Income Contingent Repayment Plan (ICR) – Payments depend on your income, loan amount, and family size, and the loan must be paid off in 25 years (any remaining balance after 25 years can be forgiven).
  • Income Based Repayment Plan (IBR) – Payment is capped at 15% of your disposable income and the loan must be paid off in 25 years. This option is only available to those who can provepartial financial hardship (any remaining balance after 25 years can be forgiven).