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By reorganizing loans under a single repayment umbrella, some of the loans may shift from the higher interest terms they originally carried, to more favorable rates offered through consolidation.
Perkins Loans feature special benefits and perks that are not always recommended for consolidation.
The advantages realized by student who participate in the Federal Direct Consolidation Loan Program are several.
Loan Consolidation applies to outstanding federal debt, whether Perkins, Stafford or Federal Direct Loans.
Perkins Loans stand apart, in some ways, from the other federal student loan programs.
Over the course of a student’s post-secondary education, he or she may enter into multiple loan arrangements, with private lenders, as well as the Department of Education.
Perkins borrowers may have multiple outstanding loans, but many students also carry federal Stafford Loans, and others issued through the Direct Loan Program.
Students with multiple federal loans are increasingly concerned about how they will meet repayment obligations after graduation.
The good news for college students, and graduates carrying multiple individual student loans, is that the Department of Education operates an established program allowing more than one loan to be bundled together under a single, renegotiated repayment contract.
Select, economically disadvantaged students are eligible for additional loans through the Perkins program.
The aid is designed to increase college access for the neediest groups of students.
Perkins Loans fill gaps left after other financial aid is expended.