College Loan Consolidation
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Loan consolidation is similar to refinancing, but there is no loan
fee. It simplifies loan repayment by combining several types of
federal education loans into one new loan—Federal Direct loans
borrowed while at Hampshire and at previously attended college(s),
Federal Stafford loans borrowed while at previously attended
college(s), and Federal Perkins loans may be consolidated into one
Federal Consolidation loan. Federal PLUS loans may also be
consolidated into one Federal Consolidation loan. A borrower may
consolidate just one loan.
Students and parents who borrow under one or more of the federal
loan programs may consolidate, or refinance, their loans into one
Federal Consolidation loan. The interest rate is FIXED at the
weighted average of the rates of the loans being consolidated.
For loans first disbursed on or after July 1, 1998 through June 30,
2006, the fixed interest rates for federal consolidation loans,
effective July 1, 2006 through June 30, 2007, are as follows:
6.625% FIXED for Direct student loans (for loans approved during
grace, and deferment periods);
7.250% FIXED for Direct student loans (for loans approved during
repayment and forbearance periods);
8.000% FIXED for Federal PLUS loans.
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