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Federal Direct Consolidation Loans allow borrowers to combine one or more of their Federal education loans (Stafford, PLUS, and Perkins) into one new loan. The majority of Federal Stafford Loans and PLUS Loans borrowed prior to 2010-11 while enrolled at Union Institute & University are Federal Family Education (FFEL) Loans. All Stafford and PLUS loans disbursed for 2010-2011 and later are Federal Direct Loans.
The interest rate on a Direct Consolidation Loan is fixed based on the weighted average of the interest rates on the loans at the time you consolidate. The interest rate cannot exceed 8.25%. The consolidation rate is fixed for the life of the loan, which protects you from future increases in variable rate loans but prevents you from benefiting from future decreases in variable rates.
Repayment of Direct Consolidation Loans begins within 60 days of the disbursement of the loan, or at the end of your grace period.
For more information, including a consolidation loan interest rate estimator, visit Direct Consolidation Loans or call the Federal Student Aid Information Center at 800.4.FED.AID.