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Posted by / 22-Jul-2017 02:19

Once you consolidate through the Direct Federal Loan Program you lose the grace period provided with your Perkins Loan, which is nine months – compared to the six month periods for other loans, like Stafford.Many lenders have expanded their portfolios of debt management tools to include lower-cost alternatives to student loan consolidation.If your Perkins Loans already carry low rates, it may not benefit you to consolidate.Another consolidation benefit realized by students having difficulty keeping up with student loan payments, is restructured repayment.

Perkins Loans may be consolidated through the Federal Direct Loan Consolidation Program, provided eligible borrowers also hold at least one Direct Federal Loan other than the Perkins that is to be consolidated.If you hold private loans, and are having a hard time making payments, consult with your loan representative to help evaluate your resources, debt obligation, and ability to pay.The best consolidation or student loan repayment alternatives help students avoid default, which has significant long-term consequences.Over the course of a student’s post-secondary education, he or she may enter into multiple loan arrangements, with private lenders, as well as the Department of Education.Perkins borrowers may have multiple outstanding loans, but many students also carry federal Stafford Loans, and others issued through the Direct Loan Program.

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Loan Consolidation applies to outstanding federal debt, whether Perkins, Stafford or Federal Direct Loans.