is ffel consolidation a direct loan

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No. The law no longer permits joint consolidation loans to be made, so joint FFEL Consolidation Loan borrowers can’t jointly reconsolidate their FFEL Consolidation Loan into a Direct Consolidation Loan. Also, you can’t individually reconsolidate your joint FFEL Consolidation Loan into a new Direct Consolidation Loan to take advantage of PSLF.

Oct 16, 2021 · By consolidating, the FFEL loan becomes a Direct Loan eligible for forgiveness under the Public Service Student loan forgiveness (PSLF) program. Historically, borrowers had to weigh the pros and cons of consolidation and restarting the clock towards forgiveness.

Learn more about loan consolidation. A Direct Consolidation Loan allows you to consolidate multiple federal education loans into one loan at no cost to you. Through your completion of the free Federal Direct Consolidation Loan Application and Promissory Note, you will confirm the loans that you want to consolidate and agree to repay the new Direct Consolidation Loan.

Feb 03, 2022 · Borrowers with individual FFEL loans have the option of consolidating their loans into a federal direct loan. Those who use this path can sign up for the REPAYE plan and get considerably lower monthly payments. Unfortuantely, borrowers with FFEL Joint Consolidation Loans cannot consolidate into a direct loan.…

Dec 07, 2021 · further, consistent with the department’s longstanding policy on this matter, the direct consolidation loan verification certificate directs ffel program participants who are certifying a loan selected for consolidation to report the interest rate that is legally in effect on the loan as of the date of certification, including any interest rate

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