direct consolidationĀ loan

A federal loan made by the U.S. Department of Education that allows you to combine one or more federal student loans into one new loan. As a result of consolidation, you will only have to make one monthly payment on your federal loans and the amount of time you have to repay your loan will be extended. Visit www.studentloans.gov for more information and application materials.

See also: loan

More terms in: Financial Aid and Billing