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If you consolidate your federal and private loans with a private loan provider, you may lose your chance to enroll in income-based repayment options or to apply for a deferment if you become unemployed, experience an economic hardship, or experience other circumstances.
You may also lose your ability to explore loan forgiveness options, where all or a portion of your loan debt can be erased in exchange for joining the military, working in certain fields, volunteering, or moving to a specific location.
While you can’t combine your private student loans with federal loans into the Direct Consolidation Federal Loan, you may find that a private loan consolidation will accept your federal loans.
However, most sources advise against consolidating federal and private loans together. For instance, Discover Student Loans offers a number of repayment assistance options, including deferments, extensions, forbearance, and hardship to help borrowers repay their loans.
For purposes of the Teacher Loan Forgiveness Program, an academic year is defined as one complete school year at the same school, or two complete and consecutive half years at different schools, or two complete and consecutive half years from different school years (at either the same school or different schools).
Half years exclude summer sessions and generally fall within a 12-month period.
The Direct Consolidation Loan allows you to consolidate multiple federal student loans into one.
The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website.
For more information on student loan consolidation and to determine if this option is right for you, check out our student loan consolidation guide.
This is the amount of the academic work measured in either credit or clock hours you must complete each year, and the time period in which you are expected to complete it, as defined by your school.
Unlike federal loans, these loans are not managed by the government.
Instead, your loan is managed by a lending institution, such as a bank, credit union, college foundation, or a state agency.