By far, the hardest part of completing the student loan consolidation process is getting started. With so much information and a diverse number of program options, the endeavor can be a bit overwhelming. This article will help acquaint you with one of the most popular Federal student loan options. The Direct Student Loan Consolidation.

There are 3 basic categories of Direct consolidation loans..

1) Direct PLUS Consolidation Loan
2) Direct Subsidized Consolidation Loan
3) Direct Unsubsidized Consolidation Loan

Direct student loan consolidation offers a fixed interest rate that is fixed for the life of the loan. There are 4 types of Direct student loan consolidation repayment plans as follows…

1) The Standard Plan
This option gives you up to 10 years to repay your loan

2) The Extended Plan
This option allows up to 30 years for repayment. This plan can offer much lower monthly payments. However, you will pay more in interest payments as a result of the extended life of the loan.

3) The Income Contingent Plan
The repayment life of this loan is typically 25 years. The monthly payments are determined based on your gross annual income. They also take into account the size of your family and how much you owe.

4) The Graduated Plan
This plan typically has a loan life of 12-15 years. The term graduated in this case means the amount of your monthly payments will increase every 2 years.

Contact your Lender or the Department Of Education about applying for a Direct Student Consolidation Loan today. They can suggest the best course of action for your financial needs. Student loan consolidation could very well be the option you need to regain control of your life.

Dorene Patterson is the author of many articles about Direct Student Loan Consolidation that will help save you time and money.

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