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Your Perkins and nursing loans can be consolidated with your direct loans through the U.S Department of Education.

As long as you know you will not be eligible for cancellation benefits this may be an option for you.

Benefits of consolidation include

One lender and one monthly payment

By consolidating your federal loans into one loan you will have just one lender and one monthly payment. This could simplify the management of your educational loans.

Flexible Repayment Options

You can select from several different repayment options, including an income-based repayment plan. Repayment terms range from 10 to 30 years. A longer repayment period will reduce your monthly payment amount but will also increase the overall cost of the loan. You can switch repayment plans at anytime.

Lower Monthly Payments

A direct consolidation loan may ease the strain on a borrower's budget by lowering the borrower's overall monthly payment. The minimum monthly payment on a direct consolidation loan may be lower than the combined payments charged on a borrower's Federal education loans.

No Fees

There are no fees or prepayment penalties associated with federal direct consolidation loans. No co-signers or credit checks are required for consolidation of Stafford and Perkins loans, although PLUS Loans included in the consolidation are subject to a check for adverse credit history.

Varied Deferment Options

Borrowers with consolidation loans may qualify for renewed deferment benefits. If borrowers have exhausted the deferment options on their current federal education loans, a consolidation loan may renew those deferment options.

Bring Defaulted Loans Current

Loan consolidation is a fresh start for any loans that may be in default. Once a defaulted loan is consolidated it will be part of your new consolidated loan. You will still be responsible for any collection costs and late fees incurred, but once your defaulted loan is paid through consolidation it will be reported to the credit bureaus as such.

Any consolidated loans are paid in full with D'Youville and consolidated into your direct loans, eliminating that loan payment.

Learn More

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Tip: You may need to add your Perkins or Nursing loan to your consolidation manually. Please contact 716-829-7642 to obtain the necessary information.

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