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Consolidating PLUS loans

By consolidating your PLUS loan(s) your interest rate will be a fixed rate and the rate is determined by the weighted average of the interest rates on the loan(s) being consolidated, rounded to the nearest higher one-eighth of one percent.

For variable rate PLUS loans, fully disbursed on or after July 1, 1998 through June 30, 2006, the PLUS Consolidation loan fixed interest rate, effective July 1, 2006 through June 30, 2007, is 8.00%.

There is no fee involved with loan consolidation!

NOTE that you must wait until your PLUS loan is entirely disbursed before applying for a consolidation loan. For most PLUS borrowers this means that the best time to begin the consolidation process is early March, after the second disbursement is paid to Hampshire in late January or early February.

NOTE that the in-school forbearance option on PLUS loans is not available for PLUS consolidation loans. So, if you are currently not making payments on your PLUS loan(s) because of the in-school forbearance, you will need to use another type of forbearance option on the PLUS consolidation loan if you want to continue the postponement of payments while the student is enrolled. Realize that there are limits on the lengths of certain forbearance options. Be sure to inquire about postponement options available to you from your consolidation loan servicer.

Shop around for the best PLUS Consolidation Loan offer
To begin the PLUS loan refinancing process, you may contact your current loan servicing agent or any of the many consolidation loan companies in the country offering PLUS consolidation loans. Be sure to inquire about their available repayment incentives. Several of the major consolidation loan servicers are listed to the left. Click on your current loan servicer to see how you can apply for a PLUS consolidation loan, or shop around for the best benefit.

With the repeal of the Single Holder Rule on June 15, 2006, PLUS loan borrowers are now able to shop the many lenders which offer consolidation loans to choose the best consolidation loan that best meets their needs. Borrowers who have borrowed all of their loans through one lender are no longer required to consolidate their loans through that same lender. This will make the consolidation loan market much more competitive and it may make it more beneficial for borrowers.



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