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You are also ineligible to consolidate if your loans have been reduced to judgment (unless you vacate the judgment) or if there is a wage garnishment order against you. The fixed rate is based on the weighted average of the interest rates on the loan at the time of consolidation, rounded up to the nearest one-eighth of a percentage point.The interest rate must not exceed 8.25% for consolidation loans prior to July 2013.In most cases when you are consolidating out of default, the lender will add collection costs to the new loan balance.This should be no more than 18.5% of the outstanding principal and interest.Leaving out your Direct Loans will preserve the benefits on those loans.WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.If you apply using Studentloans.gov, you will need to sign in using your personal identifiers and PIN. You are required to select from the choices listed by the Department of Education). If you do not contact them within 15 days, they will assume the information is correct and will process the consolidation.

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You can also download the paper application and mail it to the Department. You should review this information carefully and contact the Department if there are any problems.If you still want to consolidate, you don’t have to include all of your eligible loans.The Department gives this example: If you have both Direct Loans and other types of federal student loans, and you have been making payments toward public service loan forgiveness on your Direct Loans, you should not consolidate your Direct Loans along with your other loans.YOU NEVER HAVE TO PAY FOR HELP WITH YOUR STUDENT LOANS.The Department generally requires all borrowers to apply for Direct Loan consolidation using the web site. Before the Department will complete the process, they will send you a summary sheet that lists the loans that will be included in the consolidation.

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