Once you consolidate your federal education loans into a Direct consolidation loan, there is no going back.
When you consolidate your loans into one new loan, all your previous student loans are paid off.
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For example, the government’s Pay As You Earn (PAYE) and Income-Based Repayment (IBR) programs allow borrowers to make reduced monthly payments based on financial hardship.
But if your income is over a certain threshold, you won’t benefit from these programs.
When you apply, you select a student loan servicer and a repayment plan (learn more about Any questions you have about your loan application should go to the student loan servicer you selected for your consolidation loan.
You can apply electronically or get a paper application.
Failing to make , as well as result in late-payment fees, which is why it’s so important you keep up with your payments until your consolidation loan has been finalized.