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    		•

    Incorrect Answer

    The answer is false. If you have any combination of:

    • Stafford Loans
    • Guaranteed Student Loans
    • and Direct Loans

    the loans can only be consolidated through the Federal Direct Loan Program.

    If you have any questions, call the Office of Financial Aid at (217)581-3714, or contact us by e-mail.

    Back to the previous section of the Exit Counseling web site for review...

    Section E: Loan Consolidation

    Loan Consolidation

    One way to make repayment easier is through loan consolidation. Rather than making multiple monthly payments for each of your loans, consolidation allows you to make one payment which covers all loans. Federal Direct Loans can ONLY be consolidated into Direct Subsidized or Unsubsidized Consolidation Loans.

    Any of the following loan programs can be combined into one Direct Subsidized Consolidation Loan:

    • Direct Subsidized Loans,
    • Subsidized Federal Stafford Loans,
    • Guaranteed Student Loans (GSL's),
    • Federal Insured Student Loans (FISL's),
    • Federal Perkins Loans,
    • National Direct Student Loans,
    • National Defense Student Loans,
    • Subsidized Federal Consolidation Loans,
    • other Direct Subsidized Consolidation Loans.

    In addition to the Direct Subsidized Consolidation Loans, the following loan programs can be combined into one Direct Unsubsidized Consolidation Loan:

    • Direct Unsubsidized Loans,
    • Unsubsidized Federal Stafford Loans,
    • Federal Supplemental Loans for Students (SLS),
    • Auxiliary Loans to Assist Students (ALAS),
    • Health Professions Student Loans,
    • Health Education Assistance Loans (HEAL),
    • Federal Consolidation Loans,
    • Loans for Disadvantaged Students,
    • Nursing Student Loans,
    • other Direct Unsubsidized Consolidation Loans.

    Married couples with two or more of these types of loans may consolidate all of their loans into one Direct Consolidation Loan. By doing so, both parties are responsible for repaying the total consolidation loan, even they should become separated or divorced.

    Prepaying Student Loans

    Students have the option to prepay all or part of the unpaid balance of a student loan at any time without penalty.

    Look through the glossary...

    To move on to the next section, answer the following question correctly.

    True or False ?

    If you have Stafford Loans, Guaranteed Student Loans, and Federal Direct Loans, you can consolidate your loans through your lender.
    [ ] True [ ] False
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    Please e-mail Financial Aid for further assistance.
    East Wing, Student Services Bldg - (217) 581-3713

    Last updated: October 27, 2003

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