Alse statement or misrepresentation on this form or on any accompanying document is subject to penalties that may include fines, imprisonment, or both, under the U.S. Criminal Code and 20 U.S.C. 1097. BEFORE YOU BEGIN Read the Instructions for Completing the Direct Consolidation Loan Application and Promissory Note ( Instructions ). Use this form only if you need additional space to list loans in the Loans You Want to Consolidate section or the Loans You Do Not Want to Consolidate section o.
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How to fill out the ED Direct Consolidation Loan Additional Loan Listing Sheet online
Filling out the ED Direct Consolidation Loan Additional Loan Listing Sheet is a crucial step in the consolidation process of your federal education loans. This guide will walk you through each section of the form, ensuring clarity and precision as you complete it online.
Follow the steps to easily complete the form.
- Click ‘Get Form’ button to obtain the form and open it in the editor.
- Provide your personal information in the Borrower Information section. Fill in your last name, first name, middle initial, and social security number.
- In the Loans You Want to Consolidate section, list each federal education loan that you wish to consolidate. Ensure you include any Direct Loan Program loans individually, using the format specified for each loan. Make sure to provide the loan code, loan holder or servicer name and address, loan account number, and estimated payoff amount.
- Proceed to the Loans You Do Not Want to Consolidate section. List all education loans that you are opting not to consolidate, while still considering them in your repayment calculations. Again, provide the same details as above for each loan: loan code, loan holder or servicer name and address, loan account number, and estimated payoff amount.
- After reviewing all the information you've entered for correctness and completeness, make sure to save your changes. You can then choose to download, print, or share the completed form as needed.
Complete your ED Direct Consolidation Loan Additional Loan Listing Sheet online today for a smoother consolidation process.
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Are direct consolidation loans eligible for forgiveness?
Only federal Direct Loans can be forgiven through PSLF. If you have other federal student loans such as Federal Family Education Loans (FFEL) or Perkins Loans you may be able to qualify for PSLF by consolidating into a new federal Direct Consolidation Loan.
What does direct loan consolidation do?
On This Page. A Direct Consolidation Loan allows you to consolidate (combine) one or more federal education loans into a new Direct Consolidation Loan for the purpose of lowering your monthly payment amount or gaining access to federal forgiveness programs.
Who owns a direct consolidation loan?
Direct Consolidation Loans are made by the U.S. Department of Education. You repay a Federal Consolidation Loan to the U.S. Department of Education. Federal Consolidation Loans are made through the Federal Family Education Loan (FFEL) Program. No new loans are being made under the FFEL Program.
What are some disadvantages of getting a direct consolidation loan?
Consolidation has potential downsides, too: Because consolidation may lengthen the repayment period, you'll likely pay more interest over the long run. ... You might lose borrower benefits such as interest rate discounts, principal rebates, or some loan cancellation benefits associated with your current loans.
Are direct consolidation loans eligible?
Most federal student loans are eligible for consolidation. Important note: Direct PLUS Loans received by parents to help pay for a dependent student's education cannot be consolidated together with federal student loans that the student received. Private student loans are not eligible for consolidation.
Can you add a loan to a consolidated loan?
If you want to add loans to your Direct Consolidation Loan application, you may do so within 180 days of when your new consolidation loan is made without having to submit a new Direct Consolidation Loan application. Contact your consolidation loan servicer for more information.
What is a direct consolidation loan?
A Direct Consolidation Loan allows you to consolidate (combine) one or more federal education loans into a new Direct Consolidation Loan for the purpose of lowering your monthly payment amount or gaining access to federal forgiveness programs.
What is the difference between a direct subsidized consolidation loan and a direct unsubsidized consolidation loan?
Direct Subsidized Consolidation Loan — combines federal student loans eligible for interest subsidies, such as subsidized FFELP and Direct Loans, and Federal Perkins Loans. Direct Unsubsidized Consolidation Loan — combines federal student loans not eligible for interest subsidies.
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