If you borrowed before July of 2010, you may need to consolidate your loans in order to qualify for certain student loan repayment benefits, such as Public Service Loan Forgiveness and some income-driven repayment plans.

If you’re interested in the best student loan repayment benefits, you’ll want to have Direct Loans.

Representative example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 35.7% per annum would result in a representative rate of 35.7% APR, monthly repayments of £322.17 and a total amount repayable of £11,598.12.

Representative example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 39.9% per annum would result in a representative rate of 39.9% APR, monthly repayments of £335.25 and a total amount repayable of £12,069.00.

Representative example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 6.2% per annum would result in a representative rate of 6.2% APR, monthly repayments of £228.27 and a total amount repayable of £8,217.72.

Representative example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 6.3% per annum and a fee of £21.00 would result in a representative rate of 6.7% APR, monthly repayments of £229.88 and a total amount repayable of £8,275.68.

Representative example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 36.9% per annum would result in a representative rate of 43.8% APR, monthly repayments of £347.30 and a total amount repayable of £12,502.80.The main way the programs differ is in who made you the loan in the first place.Most of the benefits in the Direct Loan Program are available in the FFEL Program.Representative example: Assumed borrowing of £7,500 over 36 months at a fixed rate of 49.9% per annum would result in a representative rate of 49.9% APR, monthly repayments of £365.97 and a total amount repayable of £13,174.92.Warning: Late repayments can cause you serious money problems. u Switch Limited is a credit broker, not a lender, for consumer credit products.Consolidating your loans can increase the amount of interest that accrues on your loans, so if you’re not interested in these programs, you may not want to consolidate.

## You must have an account to comment. Please register or login here!