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The repayment term of a Direct Consolidation Loan ranges from 10 to 30 years, depending on the amount of your consolidation loan, other educational loan debt you may have and the repayment plan you select.

Depending on the length of the loan, you could potentially pay more interest with a Direct Consolidation Loan over time than you would by paying off your existing federal student loans, unless you pay off the consolidation loan more quickly than required.

For example, at Common Bond, you can add a cosigner to lower your interest rate.

The percentage of discretionary income paid each month depends on the plan you choose and when you took out your federal student loans.

Under all income-driven plans, any remaining loan balance is forgiven and taxed as income if your federal student loans are not fully repaid at the end of the repayment period.

The calculation is a weighted average dollar savings across loan terms and assumes no change in interest rates, on-time payments, enrollment in ACH, and no pre-payment of loans.

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Consolidating Federal Student Loans Through the Federal Government You can consolidate your federal student loans through a Direct Consolidation Loan from the federal government.

A Direct Consolidation Loan lets you combine all your federal student loans into one federal loan.

When you consolidate your federal student loans, you combine many federal student loans into a new federal loan.

But when you “consolidate” private student loans or both federal and private student loans, you are actually refinancing them.

Loan approvals are based on your financial history and are not guaranteed like a Direct Consolidation Loan.

Private loan refinancing also means you can’t use a federal income-driven repayment plan or a loan forgiveness program.

Drawbacks of Consolidating Federal Student Loans A Direct Consolidation Loan makes sense if you want to use an income-driven repayment plan or participate in a loan forgiveness program.