Consolidation

• Cancellation Criteria for Federal Perkins Loan: Federal Perkins Loan borrower-please consult this list prior to consolidation.
• Federal Perkins Loan Teacher Cancellation information
• Federal Stafford Loan Forgiveness Program information
• Stafford loans in repayment status that were not previously consolidated and that were first disbursed between July 1, 1998, and June 30, 2006, would potentially be eligible to receive an approximate 4.21 percent interest rate.  Stafford loans in grace, deferment, or in-school status that were not previously consolidated and that were first disbursed between July 1, 1998, and June 30, 2006, would potentially be eligible to receive an approximate 3.61 percent interest rate.  Loans that are in an in-school status, however, cannot be consolidated.
   
  The interest rate on a Consolidation loan is calculated based on a weighted average of all of the loans being consolidated rounded up to the next highest 1/8 percent, not to exceed 8.25 percent.  Borrowers should be advised that because of this calculation, the final interest rate on their Consolidation loan may vary.

Student Financial Services
Created: September 9, 2007
Modified: July 10, 2008