Federal Consolidation Loan Application and Promissory Note - Federal Family Education Loan Program

Federal Consolidation Loan Application and Promissory Note - Federal Family Education Loan Program is a 8-page legal document that was released by the U.S. Department of Education and used nation-wide.

FAQ

Q: What is the Federal Family Education Loan Program?
A: The Federal Family Education Loan Program (FFELP) is a program that provides loans to students and parents to help pay for higher education.

Q: What is a Federal Consolidation Loan?
A: A Federal Consolidation Loan is a loan that combines multiple federal student loans into a single loan with one monthly payment.

Q: How can I apply for a Federal Consolidation Loan?
A: You can apply for a Federal Consolidation Loan by completing the application and promissory note provided by the lender.

Q: Who is eligible for a Federal Consolidation Loan?
A: Most federal student loans are eligible for consolidation, including Direct Loans, FFELP loans, and Perkins Loans.

Q: What are the benefits of a Federal Consolidation Loan?
A: The benefits of a Federal Consolidation Loan include a single monthly payment, potentially lower monthly payments, and the ability to switch to an income-driven repayment plan.

Q: Can I consolidate my private student loans with a Federal Consolidation Loan?
A: No, private student loans are not eligible for consolidation through the Federal Consolidation Loan program.

Q: Is there a deadline to apply for a Federal Consolidation Loan?
A: There is no specific deadline to apply for a Federal Consolidation Loan, but it is generally recommended to consolidate your loans as soon as possible.

Q: What happens after I submit my Federal Consolidation Loan application?
A: After you submit your application, your lender will review your information and provide you with a loan consolidation offer. You will then need to review and sign the promissory note to finalize the consolidation.

Q: Can I choose my lender for a Federal Consolidation Loan?
A: No, you cannot choose your lender for a Federal Consolidation Loan. Your loans will be assigned to a loan servicer by the U.S. Department of Education.

Q: What should I do if I have questions about my Federal Consolidation Loan?
A: If you have questions about your Federal Consolidation Loan, you should contact your loan servicer for assistance.