Consolidating graduate plus loans
Student Loans that can be consolidated Not all federal student loans can be consolidated, and there are limitations.
Additional considerations Federal loans may have higher interest rates than private loans, but they include a variety of repayment plans.
Student borrowers will be notified (by Direct Loans) if the application is denied, the reason for the denial, and the name of the credit bureau from which the denial was obtained. Once the university receives the FAFSA, we will determine if the student is eligible for federal, state and or institutional aid.
Important: We encourage students considering the Direct Graduate PLUS Loan to complete the entire application process well in advance of the start of the academic year.
In all cases, the consolidated student loan may have new terms, such as a lower monthly payment, but it may have a longer repayment period, which could mean paying more over the life of the consolidated loans.
Refinancing benefits Refinancing student debt means applying for a loan through a private lender, like Laurel Road, who pays down your student loan(s) and replaces it with the refinanced loan, which includes new terms.
Refinancing student loans can make sense if you are confident in your work prospects.
The terms are not as flexible as those that come with federal loan consolidation – the amount you agree to pay every month does not change. (The amount may change if you decide to refinance your student loan again.) Student Debt and Parent Plus Loans Parents can refinance their PLUS loans and may get benefits, like lower interest rates, which can lower their costs over the life of the loan.
Please note: Students planning to apply for a PLUS loan for the summer must complete an additional institutional application at the beginning of the summer term.