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If you have a defaulted loan that’s currently being collected through a garnishment of your wages, or in accordance with a court order after a judgment, you can’t consolidate the loan unless the wage garnishment order is lifted or the judgment vacated. Department of Education’s Federal Student Aid website.) Borrowers with these kinds of loans are eligible to consolidate after they graduate, leave school, or drop below half-time enrollment.
The vast majority of federal loans are eligible for consolidation, including subsidized and unsubsidized Stafford loans, Direct loans, Federal Perkins Loans, Nursing Student Loans, and more. The interest rate is fixed for the life of the loan.
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Yes, there may be tax consequences, but that shouldn't deter you from these programs.
You don’t have to pay a fee to consolidate your federal student loans into a Direct Consolidation Loan.
The repayment term on a Direct Consolidation Loan is up to 30 years, and depends on the amount of the consolidation loan, your other student loan debts, and the repayment plan you pick.
And, as noted earlier in this article, borrowers who are in default must meet certain requirements before they can consolidate.
The circumstances under which you can consolidate a loan or loans that have already been consolidated are limited.
You start repaying the loan 60 days after the loan gets disbursed.