There are both benefits and drawbacks to consolidating your loans, which we’ll discuss in this article.Choosing to consolidate your loans is an individual choice and the right decision will depend on the specifics of your loans — the types of loans, interest rates, balances, borrower benefits, and more — as well as your current financial situation.A low interest rate that’s locked in for the life of your loan – so your monthly payments never change.A fixed rate may result in a higher total cost, but you’ll rely on predictable monthly payments.For any other defaulted Federal education loan, all collection costs that are owed may be charged to the borrower.Upon receipt of the proceeds of a Direct Consolidation Loan, the holder of a consolidated loan must promptly apply the proceeds to fully discharge the borrower's obligation on the consolidated loan.
If, like many college graduates, you have multiple student loans, you’ve probably heard the term “student loan consolidation” thrown around more than once when talking about repayment options.
Common Bond allows you to transfer your loan to your child.
To transfer your Parent PLUS loan to your child, please ask your child to start an application, and select "Refinance Student Loans." They should have the loan information and documents that pertain to your Parent PLUS loan handy.
A borrower may consolidate education loans made under certain Federal programs into a Direct Consolidation Loan.
Loans consolidated into a Direct Consolidation Loan are discharged when the Direct Consolidation Loan is originated.
Click here if you are looking for information on the Special Direct Consolidation loan .